There are a number of incidents that can occur on the job site. There may be a significant injury to a third party or an employee. During a demolition project, a mistake can be made. Your equipment can be harmed.
These are only some examples of the sort of accidents that might arise, and all of them could be associated with significant financial consequences.
You may be held responsible for accidents and forced to pay for medical treatment or possibly a lawsuit.
The liabilities that are associated with your company could end up putting you in a serious financial position, depending on the severity of the situation. It is absolutely important for you to have the right demolition contractors insurance policy to avoid having to pay for expenses out of your own pocket and potentially going bankrupt.
You can protect yourself from financial perils with the right policy.
What Type Of Insurance Do Wrecking Contractors Need?
What type of demolition contractors’ insurance policies should demolition contractors carry? Below, we highlight some of the most critical types of coverages you should have:
- Commercial General Liability: This type of insurance offers protection from third-party injuries and property damages. For instance, if a vendor makes a delivery to the job site and is hit by a falling object, commercial general liability insurance will help to cover the cost of any necessary medical care, as well as any legal fees that you could end up facing.
- Professional Liability: Even though your staff is highly trained, mistakes can happen. For example, a crew member might demolish something that wasn’t supposed to be touched. In that case, the property owner could sue you for negligence. Professional liability insurance will protect you from any legal fees that could arise in this type of situation. It could also help to pay for any repairs that may be needed.
- Workers’ Compensation: If you employ a crew, you are going to need to invest in workers compensation insurance. This type of policy will protect your employees in the event that they are injured on the job, or in the event that they develop a work-related illness. For example, if a piece of machinery malfunctions and an employee sustains an injury, workers comp insurance will help to pay for the medical care that he or she needs, any wages that he or she may lose while recuperating from the injury, and any legal action that the employee might take against you and your business.
- Commercial Equipment: There’s no doubt that you have various types of equipment that you use to get the job done. This type of equipment can come with some pretty hefty price tags. Should your equipment become damaged or stolen, you would need to replace it. Commercial equipment insurance can help to protect you from having to pay the exorbitant cost of replacing that machinery out of your own pocket.
- Commercial Auto: If you or your staff uses any vehicles for business-related reasons, commercial auto insurance is a must. This type of policy will protect you and your employees in the event that an accident occurs while operating a vehicle for work-related reasons.