- Joined
- Sep 10, 2007
- Messages
- 72
Good day all.
Coming from a consulting background in the oilfield, having WCB coverage for my business was absolutely essential. In most cases, you couldn`t even step foot on a rig site, a construction site or even get contracts without proof of WCB coverage. Naturally, when I moved out of the oilfield and into Real Estate Investing full time, I called up WCB and had them shift my coverage towards property management (Industry 089702, Owner of Renal Properties) and also cover me for my minor renovation jobs and one annual flip (Industry 040401, Construction/Renovations).
Now I`m sitting at my desk with a $1000 bill in hand, scratching my head hard with the other to determine if I really need WCB coverage at all! RE investing for the most part is quite passive and low risk. If I get hurt and cannot work, the money still comes in. As for the renovation side and the flip (just to help with short-term cash) I do 90% of the work myself and hire in qualified contractors for the `liability concerned jobs` like major electrical and plumbing. These contractors have their own coverage and as such, I don`t believe I need to cover them.
So, what is everyone else doing out there? Are you carrying coverage or am I just throwing money away? Right now it feels a lot like the latter than the former.
Cheers,
Grant
Coming from a consulting background in the oilfield, having WCB coverage for my business was absolutely essential. In most cases, you couldn`t even step foot on a rig site, a construction site or even get contracts without proof of WCB coverage. Naturally, when I moved out of the oilfield and into Real Estate Investing full time, I called up WCB and had them shift my coverage towards property management (Industry 089702, Owner of Renal Properties) and also cover me for my minor renovation jobs and one annual flip (Industry 040401, Construction/Renovations).
Now I`m sitting at my desk with a $1000 bill in hand, scratching my head hard with the other to determine if I really need WCB coverage at all! RE investing for the most part is quite passive and low risk. If I get hurt and cannot work, the money still comes in. As for the renovation side and the flip (just to help with short-term cash) I do 90% of the work myself and hire in qualified contractors for the `liability concerned jobs` like major electrical and plumbing. These contractors have their own coverage and as such, I don`t believe I need to cover them.
So, what is everyone else doing out there? Are you carrying coverage or am I just throwing money away? Right now it feels a lot like the latter than the former.
Cheers,
Grant