Demolition Insurance

Tearing down buildings presents 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 typically includes the following coverages:

• Commercial General Liability (CGL) Insurance: CGL provides financial cover for third-party bodily injury or property damage claims or lawsuits because of your demolition company’s regular activities. Whether an incident or accident takes place on your premises (such as a customer visiting your office and being injured in a fall) or a worksite, CGL is designed to pay compensatory damages and your legal defence fees if you’re sued.

• Pollution Liability Insurance: Demolition and deconstruction projects involve environmental hazards such as unsettling asbestos or creating dust and debris. Pollution liability coverage protects you from the cost of third-party bodily injury, property damage, and environmental damage resulting from your work whether sudden or gradual. It provides funds for civil fines, emergency cleanup costs, and assessments.

• Tools and Equipment Insurance: A form of property insurance, tools and equipment coverage provides funds to repair or replace your tools and equipment if they are damaged by fire, flood, or vandalism, or if they’re lost or stolen. However, this coverage does not account for damage to your tools and equipment due to wear and tear.

• Errors and Omissions (E&O) Insurance: Also known as professional liability insurance, E&O insurance protects your demolition company from allegations of misconduct, negligence, and errors as well as claims of financial loss resulting from your services or failure to deliver a service as agreed.

• Commercial Property Insurance: Commercial property insurance covers your office, warehouse, or storage compound as well as your business’s contents, furnishings, and inventory if damaged or destroyed by fire, flood, severe weather, vandalism, or theft.

• Commercial Auto Insurance: Commercial auto insurance is necessary for any vehicle used for business purposes that transports people, materials, packaged goods, and tools and equipment. At a minimum, it provides third-party liability protection if you’re in an accident, accident benefits for you and your passengers, as well as coverage if you’re involved in a hit-and-run collision.

• Legal Expense Insurance: Hiring and retaining a lawyer is expensive. Legal expense insurance provides funds to do so as well as access to legal advice with an experienced lawyer on a broad range of business-related issues. It also includes coverage for things such as tax protection, employment or contract disputes, debt recovery, and statutory licence protection.