When in the business of tearing down structures there is a need to protect company assets by insuring the business against any mishaps. Protecting employees, the public, clients and their property is a high priority. So what types of insurance do demolition contractors carry?
Employer’s Liability Insurance
Employer’s liability insurance is required in order to obtain a contractor’s license. This protects the employees against injury while on the job and is often packaged with workman’s compensation. This insurance pays the medical bills and the worker’s wages for missed time. This protects the company against litigation for an injury.
Public Liability Insurance
Public liability insurance protects the company from any damage or injury sustained by the client, the public or their property. Even when a demolition is well planned the unexpected can happen – something falls the wrong way or breaks into pieces and scatters. If property or a person is struck, this insurance handles making reparations to the injured party.
Contractors’ All-Risk Insurance
This insurance is comprehensive coverage. It will cover any damage or losses from a broad range of incidents and covers losses due to negligence, human errors, collapse, and natural disasters.
Motor Fleet Insurance
Most demolition companies have a fleet of vehicles. This insurance will cover all trucks, cars, and motorized vehicles in the company fleet against any liability due to an accident involving a company vehicle. This insurance is different from personal vehicle insurance, since your company assets are at risk, the liability is much higher for commercial vehicles.
Management Practices Liability Insurance
If an employee files a legal complaint against the company this is the insurance that will handle the defense expenses. The types of legal actions could include sexual harassment, wrongful termination, and discrimination.
Every business in today’s world uses computers to store information about their business and customers. If your computers are ever hacked and the company sustains losses due to confidential information being exposed, this insurance will cover the losses.
A successful company needs to be protected against all issues that can arise that may lead to large financial losses. Planning ahead and having insurance in place to help with unexpected costs can protect your company assets and keep the company flourishing for many years.
Contact NC Dumpster for all your demolition needs.