When walls come down, unplanned circumstances may arise. In order to safely face those risks, Oregon demolition contractors must carry the proper insurance to protect themselves, their clients, the property, and the public.
There are several types of demolition insurance, some more common than others. That’s because there are different risks at different job sites. Just as quality Portland building demolition experts never begin work without thoroughly surveying the property, they should never begin projects without the right insurance.
Employer’s Liability Insurance
This isn’t just recommended; in most states, it’s a legal requirement. Employer’s Liability Insurance is often packaged with workers’ compensation. Should an employee or contractor suffer a work related accident, employer’s liability insurance covers medical and legal costs. With this type of insurance, an injured employee’s medical bills and/or loss of wages will be covered without any need for any litigation. If a worker feels his or her injuries have not been fully covered, additional employer’s liability insurance provides funds for additional legal costs. With this form of insurance, demolition owners can operate with confidence, knowing that their firm will not suffer hefty legal fees after an unforeseen incident during an industrial demolition job.
Public Liability Insurance
Demolition employers also need to protect themselves from any possible injuries sustained by customers or members of the public. As a humorous example, in the television series Parks & Recreation the character Andy Dwyer fell into a large city construction pit and broke his legs. Andy could have sued the city for not putting up barriers around the hazardous pit. However, if the city of Pawnee purchased Public Liability Insurance, the costs of Andy’s medical bills would have been compensated. Additionally, this type of indemnity can also cover the property damage costs. Let’s say a roofing company retiled your roof, but failed to use proper weather protection, causing serious water damage. Public Liability Insurance will take care of the building owner’s repair costs, plus any legal expenses.
Contractors’ All-Risk Insurance
This type of demolition insurance ensures all parties are protected against any and all losses or damages incurred at a construction site, unless it is specifically excluded under the policy. Think of it, for the most part, as an all-inclusive indemnity, which includes both employer’s liability and public liability. Contractors’ all risk insurance covers all physical damage to projects under construction, including those caused by human errors, negligence, collapse, and natural disasters. It’s a comprehensive insurance solution that covers a wide range of risks under a single policy.
Management Practices Liability Insurance
This form of liability insurance can cover defense costs incurred when employees file legal action following what they deem to be unfair treatment. The most common types of claims covered under this type of policy include: wrongful termination, discrimination, sexual harassment, and retaliation. Additional wrongful workplace conducts may also be covered, such as defamation, failure to promote, and negligent evaluation.
In today’s high-tech world, it can be useful to have a fairly new type of business protection: cyber insurance. Demolition companies may store clients’ confidential business information, which may be hacked. Alternatively, internal data could be hacked, leading to losses. Cyber insurance is a preventative measures that helps companies mitigate potential losses from online security breaches.
Fees for Intervention Insurance
This kind of insurance is used when a government inspector notifies a company that there has been a violation of health and safety law. The business can be held liable for the inspector’s fees until the issues have been resolved. There is usually no cap for how much the health inspector charges, so fees for intervention insurance can cover such unforeseen charges.
Motor Fleet Insurance
Demolition work requires the use of large, specialized machines and vehicles. Crews need to be covered under comprehensive motor fleet insurance to account for any possible accidents. This type of insurance provides liability for collisions in company owned vehicles, including any accidents involving or caused by others.
Legal Expenses Insurance
Should any legal action be brought by or against the policyholder, legal expenses insurance ensures all court costs will be paid promptly. Financial assistance with litigation allows for the legal process to be the main focus — and to be finished efficiently.
The Bottom Line
Elder Demolition is committed to providing high quality, safe industrial demolition services. A large part of our work depends on consistent, inclusive coverage that brings peace of mind to the company, client, and general public. Contact us to learn more about how our insurance policies protect clients of our Portland building demolition services.