Restoration and Remediation Insurance

The type of policy you need should be tailored to your business needs. However, a custom restoration and remediation insurance policy for contractors typically includes the following coverages:

• Commercial General Liability (CGL) Insurance: The foundation of almost any business insurance policy, CGL is designed to cover your daily operations. Specifically, it provides financial support for third-party bodily injury or property damage claims or lawsuits related to your business’s activities or caused by negligence or an accident. For example, if you accidentally damage a homeowner’s possessions while removing mould from their walls and floors, CGL is designed to cover the cost of those damages. Or if a customer visits your office trips, falls, and is injured, you could be held liable for their injury. CGL provides funds to pay for a person’s medical expenses or damages to their properties resulting from your work, your legal defence fees if sued, and compensation that’s awarded to a plaintiff by the court.

• Pollution Liability Insurance: The work restoration and remediation contractors do often involve pollution-related hazards that may inadvertently cause environmental or property damage or trigger an illness in a third party resulting in a bodily injury claim. For instance, if you miss removing mould spores inside the walls of a house that later results in the homeowner suffering a respiratory illness, they could sue you for third-party bodily injury and property damage. Pollution liability insurance covers the costs associated with the homeowner’s medical expenses and the necessary repairs and cleanup.

• Tools and Equipment Insurance: Your tools and equipment are essential to doing the work you do. Tools and equipment coverage reimburses you to repair or replace your transportable tools and equipment if they are damaged by fire or flood, or are lost, stolen, or vandalized.

• Errors and Omissions (E&O) Insurance: Your customers rely on your advice and services. E&O insurance, also known as professional liability insurance, provides coverage for your services and products. It includes financial support if a customer claims or sues you for negligence, misconduct, errors, or failing to provide a service.

• Commercial Auto Insurance: No doubt you have at least one utility van to travel to your customers’ locations. That calls for commercial auto coverage to protect your vehicle and yourself from third-party bodily injury or property damages if you’re involved in a collision, or if your van, truck, car, and trailer you use for business are stolen, vandalized, or damaged by extreme weather.

• Commercial Property Insurance: Commercial property insurance, or business contents insurance, covers your office, its furnishings, fixtures, electronics and office equipment if damaged or destroyed by flood, fire, extreme weather, vandalism, or if stolen because of a break-and-enter. It also includes coverage for your inventory and merchandise.