What You Need To Know About Demolition Insurance
Demolition contractors run into issues on every job that other types of contracting businesses normally never have to deal with. One wrong decision on a demolition site and the result could be disastrous. That is why it is so important for every demolition company to have the right amount and type of insurance in place to prevent financial disaster. With the help and guidance of an insurance professional, your demolition company can have the coverage it needs to meet those unexpected challenges each day.
Every business has liability insurance, and most contracting work requires a minimum amount of liability insurance to be in place before the work can begin. But with demolition companies, liability insurance becomes extremely valuable because of the challenges the industry presents. Along with standard business liability insurance, demolition companies should also consider carrying liability coverage for pollution control, blanket coverage, additional insured riders, completed operations coverage and contract wording compliance liability insurance.
When a demolition company and a job owner get into a dispute about how a contract is worded, the results could be extremely expensive. It is critically important that a demolition company have all of the liability coverage it needs in place to prevent suffering a financial collapse.
When your job gets shut down because of an unexpected exposed utility pipe, who pays for all of the lost time? Your demolition company may carry ongoing expenses for supervisory personnel, testing contractors, and equipment rental that are due even if your job is shut down. Business insurance will make sure that you can meet your financial obligations and worry more about the conditions that caused the job to be shut down, than in the financial impact to your company.
Worker’s Compensation Insurance
Demolition workers are put into harm’s way in just about every work situation. During a demolition project, a support beam could give way or a hazardous waste pool could be exposed that would lead to injuries to the workers. Your company needs to let its workers know that they are covered by having good worker’s compensation insurance in place to handle these unexpected events.
Whether it is a short-term injury or a long-term condition, your workers and your company will benefit from having reliable worker’s compensation insurance to utilize for their treatment and recovery. Every demolition company needs to have reliable worker’s compensation insurance in place before they allow their workers to set foot on a work site.
Specialized Vehicle Insurance
Many demolition companies rent or lease the large equipment they use, but there are still plenty of company pick-up trucks and work trailers that need specialized insurance. Demolition work exposes the company’s vehicles to a wide variety of potential problems, and it is important that the company have the right insurance in place to handle all of the possible issues.
It takes a professional insurance company to put together an insurance program that will offer a demolition company all of the coverage it needs to stay in business. With all of the challenges that a demolition company faces on every job, it is smart business to invest in good insurance that will protect the company and its workers at all times.