What does Demolition Insurance cover?
Tearing down the structure of a building can present a high risk of third-party injuries and property damage. Therefore, it is important to have insurance coverage specifically designed for the risks you encounter and the equipment you own.
A comprehensive Demolition Insurance policy will typically include the following:
- Commercial General Liability Insurance: covers costs associated with common third-party liability risks, such as injuries or property damage.
- Tools and Equipment Insurance: covers the cost to repair or replace your tools and equipment due to damage from work accidents (includes vandalism) or loss (includes theft).
- Business property valued under $1,500 is classified as tools (sledgehammer), and anything over is considered equipment (bulldozer).
- Pollution Liability Insurance: covers third-party bodily injury, property damage, and environmental damage due to both gradual and sudden pollution events that occur on a covered job site.
Errors and Omissions Insurance: For businesses who provide any form of demolition consulting or assessments, this policy will provide financial coverage from lawsuits due to the rendering of or failure to render any professional services.
Commercial Auto Insurance: Provides financial coverage for any business-owned vehicles, as well as the employees who drive them, from accidents, damages, and theft.
Commercial Property Insurance: Coverage for physical loss or damage to your property (rented or owned) and its physical contents due to an external disaster, such as a fire, theft, or vandalism.
Who needs Demolition Insurance?
Regardless of the demolition services provided (residential or commercial), there may be risks of injuries and property damage, especially in worksites involving heavy machinery and explosives.
Insurance coverage will provide financial protection should you or your employees be named in a lawsuit.
We’ve insured more than 1,000 contractors. Some of our clients include:
- Asbestos Removal / Abatement Contractors
- Building Demolition
- Construction Demolition Companies
- Commercial Demolition Contractors
- Debris Removal Contractors
- Excavation Contractors
- Residential/House Demolition
How much does Demolition Insurance cost?
The cost of Demolition Insurance typically starts at $2500 for a Commercial General Liability Insurance policy with a $2M coverage limit.
There are several factors considered when determining a price for a Demolition Insurance policy, including:
- Number of Employees
- Project type (Commercial/Residential)
- Years of Experience
- Location
- Tools & Equipment Owned
- Annual and Projected Revenue
Getting insured is quick and easy!
Request a free quote to start your demolition contractor insurance application today.
Common scenarios where Demolition Insurance is useful
Problem: You were contracted to remove a section of your client’s home. During the demolition, a large piece of debris collapses and damages your client’s brand new Mercedes Benz.
Outcome: Your Commercial General Liability Insurance would cover the $72,000 cost to repair the vehicle.
Problem: A group of belligerent teenagers broke into your office, taking the keys to your bulldozer. Your bulldozer ends up destroyed and disposed of at the bottom of a nearby lake.
Outcome: Your Tools and Equipment Insurance covers the $250,000 cost to recover and repair your bulldozer.
Problem: During the demolition of an older commercial building, one of your sub-contractors accidentally struck an underground water pipe. The flooding ended up causing mold problems in the neighboring buildings.
Outcome: Your Pollution Liability Insurance policy covers the $750,000 worth of property damage and cleanup costs that resulted from the accident.
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