If you own a restoration company, you do your best to preserve your client’s property from the effects of water, mold, fire, and smoke damage. While you’re covering homeowners and businesses from devastating losses, who’s protecting your company in case something goes amiss? At Hawsey Insurance, we can help you find an insurance provider to cover the equipment, reputation, and financial well-being of your business.
Due to the hazards associated with abatement, restoration contractors face a greater risk than typical businesses. Regular general liability insurance may not cover the financial and legal hazards associated with your work. Additionally, you need insurance that covers subcontractors that you hire for various projects. Let’s take a closer look at the types of insurance available and which options provide you with the greatest protection.
Types of Restoration Contractor Coverage
You will probably need multiple types of insurance coverage for your remediation business. Examples of common coverages for your industry include:
- Bailee Coverage: When you restore a building damaged by fire or water, you may have to take control of the property until you finish the project. If your team cannot maintain the property’s integrity or causes more damages, your client may take you to court. Bailee coverage reimburses you for damages to the client’s property that occur as part of this process.
- Pollution and Mold Liability: While you perform water or fire restoration services, pollutants or mold could spread to other areas of the building, causing illness, injury, or property damage. There are different kinds of policies that can protect you from this risk.
- General Liability: General liability typically covers third party damages and injuries. This might include slip and falls on winter sidewalks or wet floors. However, there are many limitations to most liability policies, and they may often exclude mold damage.
- Errors and Omissions: This insurance protects you from professional mistakes made by you or your employees.
- Umbrella Insurance: All insurance policies come with limits on the total coverage. If damages exceed your policy limit, you may have to cover the rest out of pocket. Commercial umbrella insurance lets you extend your coverage up to millions of dollars beyond your regular liability or other commercial insurance.
Other Restoration Contractors Insurance Requirements
There are several other types of coverage, some imperative to businesses of all kinds, that you should discuss with your insurance agent:
- Workers Compensation
- Commercial Vehicle
- Inland Marine (for equipment)
- Commercial Property
- Business Interruption
Get a free quote on comprehensive insurance coverage when you call or contact us online.
We have three convenient locations: Madison, Jackson and Southaven. Contact Hawsey Insurance online today or call 601-856-7707 to find restoration contractor insurance today.