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From bodily injuries to exposure to asbestos, debris removal contractors are exposed to a great level of risk on a daily basis that can lead to legal and financial complications.
With debris removal insurance, you can safeguard your business from lawsuits and claims that most often than not can only be resolved with financial compensation.
Why Do Debris Removal Contractors Need Insurance?
Contractors who undertake debris removal work are exposed to a great amount of risk on a daily basis. Unfortunate events and accidents do happen, and the only real way to protect your debris removal business from claims and lawsuits is by getting a debris removal insurance policy in place.
For example, you could find yourself at fault for damage to your customer's property or face allegations of negligence that lead to bodily injuries. In such circumstances, your client or the person injured can sue you and request financial compensation to settle the lawsuit.
In other cases, the claim can come from within the company. If you employ people, and one of them gets sick or injured while on the job, your company can be held responsible. When you have debris removal insurance, rather than paying out of pocket for the injuries and medical bills that your employee has sustained, the insurance will cover it all.
Depending on the state you operate out of, the law there might require you to have debris contractors insurance so that you can legally start trading, in which case you will have no choice but to get insured.
Whatever the case might be, demolition and debris removal insurance is always recommended as accidents are not a matter of if but when they will happen.
What Types of Insurance Do Debris Removal Contractors Need?
Debris removal contractors can benefit from a wide variety of policies to protect their business, staff, and clients. The level of cover you get will vary depending on the size of your business, the number of staff you employ, the number of company vehicles your business possesses, the state you work in, the clients you serve, and more.
For more information on the recommended insurance policies for your debris removal business, please take a look below.
How Much Does Debris Removal Insurance Cost?
Debris removal contractors pay on average around $70 per month for general liability insurance. This totals $825 a year and provides your business with cover related to property damage and bodily injuries.
For worker's compensation insurance, you can expect to pay around $270 per month or $3240 per year. This type of policy will keep your staff protected in case they fall sick or get injured while on the job. It will cover their wages, medical bills, and even rehabilitation if necessary.
On average, commercial auto insurance costs debris removal contractors around $150, which totals $1,800 per year. This type of insurance will protect your company vehicles, your employees, and any third party in case of an accident.
For contractors' tools and equipment, you can expect to pay around $15 per month or $180 per year. This policy will cover you in case your equipment gets damaged or stolen while on the job.
Typical Debris Removal Contractor Insurance Claims
Like any contracting business, debris removal contractors are also exposed to risks, which in some cases result in insurance claims. The typical debris removal insurance claims revolve around:
- Bodily injuries or even death resulting from unfortunate accidents
- Property damage due to accidents or negligence while working
- Theft or damage to tools and equipment
In more rare cases, debris removal contractors also make claims for non-paying clients and accidents involving company vehicles.