Insurance for Demolition Contractors
Contractors Insurance is one of the most trusted commercial insurance brokerage firms in Ontario. Our award-winning team specializes in putting together personalized insurance plans for various types of contracting businesses. Demolition contractors insurance is one of our specialties.
If you operate within this high-risk sector, our customized insurance for demolition contractors can give you the broad coverage you need so that your business is always well-protected.
Throughout our years of service, we’ve become well-known for our start-to-finish assistance. From negotiating premiums and updating insurance to following up on claims, we’re always ready to help!
What Is Demolition Contractors Insurance?
Demolition contractors insurance refers to a specialized type of commercial insurance that is set up specifically for demolition businesses. As with all types of contractor insurance bundles, commercial general liability (CGL) insurance is its foundation. Additional coverage can also be included on top of CGL insurance.
Some or all of the following coverages are typically bundled in demolition contractors insurance:
Commercial General Liability Insurance
When demolition work is being carried out, third-party individuals (such as the general public, suppliers, clients, and so on) need to be kept safe. The same goes for third party property. It’s difficult to predict what unforeseen accidents could happen in a line of work that handles explosives, heavy equipment, and heavy debris on a regular basis.
This is why commercial general liability insurance is crucial. It covers medical costs, repair/replacement costs, and legal costs associated with the following:
- Injuries to third-party individuals or third-party property damage caused by business operations;
- Injuries within business premises; and
- Advertising or reputational injuries (libel, slander, copyright infringement, and so on).
Commercial Auto Insurance
If your business has a fleet of cars, trucks, and so on, you need commercial auto insurance. This policy protects your business from financial loss in case accidents, vehicular damage, and consequent lawsuits arise.
Commercial auto insurance covers medical costs, repair/replacement costs, and legal costs for the following scenarios, respectively:
- Bodily injuries/property damage caused by an accident involving your commercial vehicles;
- Theft or vandalism involving your commercial vehicles; and
- Damage to your commercial vehicles due to a road accident.
Commercial Property Insurance
If you have an office, headquarters, and/or storage facility for your demolition business, then commercial property insurance is highly recommended. On top of protecting the space or building itself, this type of insurance protects your office equipment, tools, documents, and various other possessions within the premises.
Commercial property insurance covers the repair and replacement costs (as well as lost income during recovery) if your workplace is subjected to the following unforeseen scenarios:
- Theft or vandalism;
- Fire/explosive accidents; and
- Natural disasters that damage the property or limit its accessibility.
Demolition work presents numerous hazards for your company’s employees. Make sure to have a reliable workers’ compensation insurance policy set up that will compensate the following:
- Disability/death benefits;
- Lost wages during recovery; and
- Ongoing treatment costs.
Construction Equipment Insurance
Most demolition work relies on heavy equipment such as excavators, bulldozers, skid steer loaders, and/or compact track loaders. These types of equipment are typically not included in commercial property insurance alone.
Whether you rent or own such heavy mobile equipment, construction equipment insurance will cover the repair/replacement costs in the face of incidents such as:
- Equipment theft/vandalism; and
- Equipment damage by a covered peril.
Pollution Liability Insurance
Incidents like the accidental release of asbestos, large amounts of fine dust flying into residential areas, emitting loud noise, and so on are classified as pollution. These can become cases of pollution liabilities when they harm people or nearby wildlife.
The above cases are usually not included in CGL. Because demolition contractors are prone to various pollution liabilities, pollution liability coverage is needed to account for the following:
- Legal fees and damages associated with incidents of pollution; and
- Clean-up and emergency response costs.
Who Can Benefit From Demolition Contractors Insurance?
Demolition contractors insurance is recommended for any business that dismantles and clears structures, buildings, dwellings, walls, boulders, and so on. Regardless of the size of your business and the method/s of demolition you use (e.g. crane and ball demolition, implosion demolition, etc.), customized demolition contractors insurance will protect your business from various sources of financial loss.
Why Is It Important For Ontario Contractors to Have Demolition Insurance?
On any given day, competition is fierce in the demolition industry. One needs to secure the trust of clients so that projects keep coming in. Having extensive insurance coverage helps with this because it shows that your business takes the necessary precautions in this high-risk line of work. Another benefit of having reliable insurance is that you can have peace of mind and focus on running your demolition business.
Demolition Contractors Insurance Claim Examples
Claims Example #1
A building was not properly cleared of asbestos before it was demolished. A nearby resident becomes afflicted with mesothelioma.
The resident successfully sues. Pollution liability insurance, as part of your demolition contractors insurance bundle, will cover the legal/settlement fees amounting to an estimated $1.4 million.
Claims Example #2
One of your commercial vehicles gets involved in a road accident, damaging your vehicle and the other driver’s vehicle.
The other driver successfully sues. Your commercial auto insurance will cover the legal fees as well as the repair fees amounting to $24,000.
Claims Example #3
One of your employees is struck by heavy debris during a demolition. He sustains a fracture and will not be resuming duties for two months.
Workers’ compensation will cover medical costs and the cost of lost income during recovery totalling $14,800.
Leading Provider of Insurance for Demolition Contractors in Ontario
At Contractors Insurance, the needs of our clients always come first. In line with our aim to give the most hassle-free insurance experience, we seek to provide your business with the following benefits:
Personalized Insurance Plans
Put an end to unnecessary and costly riders. Our customized demolition contractors insurance is highly targeted to your needs—not just on an industry level but also considering the specific risks of your business and your preferences as a business owner.
Utmost Transparency on Coverage and Limitations
As soon as you bring us your business, we want you to know your insurance plan as well as we do. We’ll talk about both the inclusions and exclusions, what to do when a claim is triggered, and so on. If you would like to make any changes to the insurance that we set up for you, we’ll do everything we can to make it happen. You can always expect utmost transparency from Contractors Insurance.
Thorough and Straightforward Insurance Education
Our team will provide you with unbiased information and assistance every step of the way. In addition to our expert recommendations, we can also provide you with the information you need to make informed decisions about your business insurance moving forward.
Frequently Asked Questions About Demolition Contractors Insurance
The foundation of demolition contractors insurance is CGL coverage. Typically, CGL for demolition contractors costs around $200 per month for a coverage limit of $2 million.
Additional coverage (e.g. equipment insurance, pollution liability insurance, and so on) will add to this cost—but bundling your insurance will likely yield discounts.
In order to protect the general public, clients, suppliers, and other third-party individuals, Ontario demolition contractors are required to carry at least a commercial general liability (CGL) policy.
Ready to Get the Coverage You Need?
With our tailor-fit demolition contractors insurance, you are one step closer to securing the future of your business and having the peace of mind you deserve. Contact our team of insurance experts today or get started with a quick quote!