Fire and water restoration contractors often take on big, messy jobs. Something that seems simple can turn complicated quickly, with some jobs take weeks or even months to finish. This presents many different hazards and risks – particularly when it comes to pollutants, property liability, and the safety of workers. Not to mention, there are additional risks that come with business ownership, as well. At Myers Insurance Group, we can help you find viable and effective insurance solutions that minimize exposure to financial risk and help protect your bottom line.
Hazardous Environments, Big Risks
When it comes to fire and mold restoration, the same general liability insurance that is adequate for a retail shop may not be enough to protect your business, too. That is because there are many hazards associated with abatement, and one mistake could lead to costly consequences. Our job is to identify the risk and close any gaps in your coverage that could make you vulnerable to them. Whether you work directly for your clients, get insurance company referrals, or take on sub-contracted work, you may even need to provide proof of certain types of coverage before your bids will be considered.
Types of Fire and Water Restoration Contractor Coverage
Like all contractors, you will probably need multiple types of insurance coverage to protect your business against loss adequately. Examples of common coverages for your industry include:
Contractors working in fire and water restoration are often tasked with taking temporary control of a damaged property during the restoration process. If your team fails to maintain the integrity of the property or causes additional damage beyond what existed at the time you assumed control, you can be held liable. Bailee coverage helps safeguard you against liability for damages you cause while restoring the property.
Pollution and Mold Liability
If you perform fire or water restoration services that result in the development of pollutants or mold, you could be held liable for any subsequent third-party injury, illness, or property damage that occurs. Talk to your agent about coverage that can protect you against pollution and mold liability.
There are endless ways your business could become liable for third-party injuries or damages. Someone could slip on an icy step outside your office door, sending them to the hospital with a broken arm. General liability insurance might help cover the medical costs for an injury on your premises, or it could help pay for your legal fees and judgments against you if you lose your defense in a lawsuit.
Errors and Omissions
As a professional in your field, your customers expect you to advise them with their best interests and also correctly perform the job for which you were hired. Contractors E&O insurance can help protect your business if you are accused of negligence or professional mistakes that result in a customer’s loss.
General liability insurance is usually enough to cover damage claims, but sometimes litigation can result in much larger financial responsibilities. When your liability exceeds the limits of your coverage, you can either pay the excess damages out of pocket, or you can rely on your commercial umbrella coverage to cover the bill. Commercial umbrella insurance typically comes with millions of dollars in coverage, which is secondary to your primary insurance policies.
If you oversee a team of workers in your fire and water restoration business, you may need worker’s compensation insurance. This coverage helps pay for employee medical treatment when a worker is injured on the job or develops an illness as a result of exposure to unsafe substances at work. It can also compensate them for lost wages while they take off work to recover. Also, this no-fault coverage does not require confirmation of your liability as an employer. Instead, it helps protect your business by preventing employee litigation in many cases.
Most contractors have at least one truck they use for work. Commercial vehicle insurance can help protect your trucks against accident and non-collision damages, as well as help shield your business against accident-related liability.
Inland Marine insurance helps protect your expensive equipment against damage or loss while it is in transport over land between job sites.
It takes a lot of expensive equipment to perform property abatement and restoration services. Protect that equipment and the other physical assets your business owns, such as your office and its furnishings, with commercial property insurance. This coverage can help compensate you for the loss or damage of physical items and structures due to a covered event, such as explosion, vandalism, or wind. At Myers Insurance Group, we can help you choose a deductible and coverage amount so you can minimize the value of your loss after a covered event.
When a covered event prevents you from operating your business like usual, business interruption coverage can help compensate you for the loss of revenue. This coverage is often combined with property insurance and general liability coverage in a policy known as a Business Owners Policy (BOP Insurance).
Request a Fire/Water Restoration Contractor Insurance Quote
If you work to restore structures that have been physically damaged by fire or water, we want to help you get the coverage you need. Contact our office to request a consultation and get a customized insurance quote today. We look forward to serving you soon.