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21 May Insurance for Demolition Companies
Insurance for Demolition Companies
Demolition involves a lot of physical risks, both to individuals on or near the site of the building as well as the surrounding physical property, and any single building demolition incident could come at a high cost. Make sure you mitigate the risks to your own business by having general liability coverage with limits that match the scale of your business.
How will your demolition services business benefit from general liability insurance?
- General liability coverage covers a wide range of legal fees and settlements. While different elements of insurance cover different risks, general liability coverage protects your business from the widest range of risks. Adding general liability to you demolition insurance will also help with the cost of legal proceedings related to claims rather than just the potential settlements themselves, and the protection extends to all of your employees.
- Not having general liability coverage will damage your business’s growth. The demolition industry in the United States is continuing to grow, and most of the stable lucrative contracts are with the government or large construction companies. As part of their standard operating procedures, these entities are increasingly demanding proof of liability coverage and will not work with demolition companies that don’t have adequate insurance. Additionally, paying expensive property claims and injury settlements out of pocket can cause your company to stagnate without capital growth or even make it go bankrupt.
Demolition sites range from isolated buildings to portions of an ongoing construction project, so keep your business’s assets safe from third-party claims and settlement costs that can happen in either scenario with general liability coverage. If you want insurance coverage that matches the risks your demolition company faces or you want the additional limits that make you more likely to win government contracts, contact Evolution Insurance Brokers here.