Here Is a Guide to Help You Understand Demolition Insurance
The demolition industry is on an uptrend with the rapidly expanding market generating over $6.7 billion in 2019. With a workforce of over 24,000 technicians working with potentially dangerous drilling and blasting equipment, you need to get the right demolition insurance. This cover is an invaluable asset that protects your business as well as your employees.
Why Get Demolition Contractor Insurance?
Finding the right cover for your demolition business is vital in safeguarding your assets and growing your company. Manual and mechanical tearing down of old buildings involve considerable risk. With the continuous drilling and blasting, accidents will inevitably happen within the worksite. You ought to be prepared for such kinds of incidents with a proper demolition contractor insurance program.
Know Your Risks
Before you begin your search for an insurance agency, you must understand the risks involved with your demolition style. You can assess possible risks associated with a specific project before signing the insurance cover. Some of the perils include:
- Unplanned structure collapse or over demolition
- Employee falls and accidents
- Falling objects
- Exposure to toxic chemicals or other harmful substances during the demolition
Understanding the possible risks enables you to pick a customized policy tailored to your needs.
Common Covers Under Demolition Insurance
No cover program is a ‘one-size-fits-all’ policy. Every insurance agency has its covers that can be customized to fit the kind of demolition contract that you undertake. Most municipal contracts require a contractor to provide evidence of insurance before approving the site for demolition.
Commercial General Liability Insurance
The insurance service protects your business if you physically injure a person or cause damage to someone’s property. The movement of the bulldozers and excavators as they level the site may damage structures belonging to the neighboring community. The insurance may help cover the costs of repairs.
Besides, a good liability cover may offer compensation against bodily injuries to third parties. Your demolition equipment may injure a bystander walking by the construction site leading to costly lawsuits.
Workman’s Compensation
The high-risk factor associated with working on a demolition site necessitates a cover for your employees. The liability policy provides funds for medical expenses that the technician incur when seeking treatment. As the demolition industry records a higher rate of injury than many other professions, demolition contractors require coverage for their staff. Additionally, most policies cover lost wages when the worker is out of employment. Finding a good policy cover may help safeguard your team in case of injuries within the site.
Commercial Property Insurance
The insurance services offer protection for your mobile equipment present on the client’s site. The insurance protects the loaders, bulldozers, excavators among other valuables against theft and accidental damage. The demolition insurance may also include a commercial auto insurance coverage that protects against injury or damage to someone else while driving the business vehicles. It helps avoid lawsuits following damage caused by your dump truck or bulldozers to third parties.
In Conclusion
Demolition insurance is vital for any demolition contractor that wants to protect their business assets. A comprehensive custom cover may help shield your business from costly lawsuits and legal fees. A demolition contractor insurance program allows you to keep your employees safe and attract more clients.