Contractors have a lot of moving pieces to juggle on a daily basis. From hiring employees to ensuring that all of the right materials get to the correct job sites, it’s understandable that some things, like environmental hazards, can fall through the cracks. Thankfully, there are insurance policies available to mitigate these risks, including environmental liability insurance.
Does your contracting business need to have this type of policy in place? The odds are highly likely that the answer to that question is yes. What to learn more? Here’s everything you need to know about environmental liability policies.
Site Pollutants Can Be Everywhere
There are many different types of pollutants or environmental hazards that can pop up at job sites. For example, if the house has an asbestos tiled floor or popcorn ceiling, or even old-fashioned asbestos insulation, then you risk exposing yourself and your employees to it. Other hazards, such as leaking sump pumps, puddles of sewage, and similar problems can occur on a job site, no matter the age of the house. Even a gallon of paint or stain, when spilled outside, can constitute an environmental issue, so you need to be prepared.
What Does This Insurance Cover?
The key word in the insurance policy’s name is “liability.” This means that any environmental harm, damage, or exposure that you, the contractor, could be responsible or held liable for is usually covered. This includes:
- Clean Up Costs – Environmental hazards will need to be cleaned up, even if you have to hire some professionals to do so. Things like sewage disposal and asbestos cleanup should be done by experts, as handling them without the right equipment can be even more expensive and dangerous. Thankfully, your insurance policy should cover the cleanup costs.
- Injuries – If one of your workers is injured on the job due to their exposure to chemicals, asbestos, or any other environmental issue, then your insurance should pay for their medical expenses. However, this might also be the case for your worker’s compensation insurance. It all depends on the circumstances.
- Property Damage – Anything that causes environmental harm will more than likely lead to property damage as well. A broken sewer pipe in a basement can lead to needing new flooring, or asbestos ceiling cleanup can lead to a newly drywalled and mudded ceiling. Insurance will often cover this as well.
What Types of Contractors Need Environmental Liability Insurance?
Do you need to have environmental liability insurance? Most contractors should have this type of policy in place. It can apply to landscapers, general contractors, plumbers, electricians, HVAC specialists, concrete and brick laying companies, carpenters, and more. If your business relies on getting things done for your clients on their own properties, then it’s always a smart idea to have environmental liability insurance. You don’t want to be caught without it.
Have Questions? Contact Charlotte Insurance
Want to learn more about environmental liability insurance for contractors? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan your business needs.