Let an Insurance Broker Decide The Best Demolition Contractors Insurance Program For Your Business
What Is Demolition Insurance?
There are two types of demolition insurance: one for property owners and one for contractors. While the first type is meant to cover the costs of demolishing a building that is already affected by damage beyond repair, a demolition contractors insurance program is referring to liability coverage for body injuries or property damage that can be caused by a demolition. The insurance is for contractors and covers things like medical costs for any individual passing by who have been injured and medical costs for employees who have been injured. Below is information with what you need to know about a Demolition Contractors Insurance Program.
Examples of Potential Risks a Demolition Insurance Policy Can Protect You Against
When the walls of a building fall, there are some risks for people who are around it. Unexpected things can happen. Whether these people are your customers, your employees or members of the public, the risks are similar for all of them. During a demolition process, harmful agents can be released, such as fumes, gases, dust and chemical spills. Some materials can contain asbestos. The demolition work can take place on contaminated soil. A typical example of an accident can be when a piece of material from the demolition hits one of the people who are passing by. The person can end up breaking one of the body parts. There are many other dangers and most of them can lead to high costs, damage claims and litigation trials if you as a contractor are unprotected.
Types of Demolition Insurance for Contractors
Various types of demolition insurance policies exist and some of them are more common. Employer’s liability insurance is a legal requirement in the majority of states. Whenever one or more of your workers suffer an accident, the policy can cover the medical expenses and other costs. Any loss of wages or compensations that the worker mentions can be covered. For protecting members of the public and customers, there is another type of coverage called public liability insurance. This is meant for cases like the one mentioned above as an example: the person who passes by and is hit by debris. Another type of insurance can be all-risk insurance, which can cover all risks except the ones that are specifically mentioned by the policy itself as excluded. Other types of demolition insurance for contractors exist, but these 3 can be considered the most important.
Why It Is Important to Get a Yearly Insurance Checkup?
Regardless of the business that you have, you are responsible for protecting your employees and other individuals who are involved in your business. Getting a yearly insurance checkup is extremely important, because you never know when something will happen to your employees or customers during a demolition. The right insurance policy can protect you in case something happens. You will be able to continue your business with confidence and focus on the things that are more important for your business.
How An Insurance Broker Can Help Contractors
Having the optimal type of Demolition Contractors Insurance Program is a must and an insurance broker can help you to get the best mix of coverage at affordable rates. A broker can bring peace of mind to any contractor by presenting all the best options for each particular case. This person is able to answer any question that you may have no matter if your business is new, or you have more experience.