Demolition Contractors Insurance New Jersey. Demolition contractors are in the business of tearing down roofs and walls. This type of work involves heavy machinery and falling objects, which could put them, their employees, and anyone they work with or who is near the jobsite, at risk of serious injuries. Like any other business, there are also a number of other liabilities that demolition contractors could face.
Demolition contractors (or wrecking) dismantle buildings, structures, machinery, or equipment. Techniques employed vary according to local codes, the type of building or structure being demolished, and the exposure to adjacent properties. Limited demolition work used for remodeling projects may be done with only hand tools (called "tear-out"). On a larger scale, work may be done with a wrecking ball swung from a crane or with explosives, including implosion that generates gravitational collapse of a building.
Rough sorting of material may take place, particularly if the insured engages in salvage operations on the equipment, machinery, or building materials. One major concern is the exposure to and the removal or containment of asbestos and lead from older buildings, requiring the wrecking operation to be carefully done in compliance with environmental standards for removal and disposal.
If you are a NJ demolition contractor, it's important to safeguard yourself from the perils that could arise. In addition to following safety protocols and offering training courses, carrying the right type of demolition contractors insurance New Jersey coverage is an absolute must.
Demolition contractors insurance New Jersey protects your business from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
There are a number of incidents that can arise on the jobsite. A third-party or an employee could become seriously injured. A mistake can be made during a demolition project. Your equipment could become damaged. These are just some examples of the type of incidents that could occur, and serious financial repercussions could be associated with all of them. You could be held liable for injuries and be required to pay for medical care, or you might be facing a lawsuit, for example.
Depending on the severity of the situation, the liabilities that are associated with your business could end up putting you in a serious financial situation. To avoid having to pay for costs out of your own pocket and potentially going bankrupt or going out of business completely, it's absolutely essential for you to have the right demolition contractors insurance New Jersey coverage. With the right policy, you can protect yourself from financial perils.
What type of demolition contractors insurance New Jersey policies should wrecking contractors carry? Below, we highlight some of the most critical types of coverages you should have:
Premises liability exposures are extremely high, both at the contractor's premises where explosives are stored and at any site using blasting material. Demolition and wrecking operations may attract crowds of onlookers. There must be barriers in place to protect the curious. The buildings or structures must be carefully combed for people prior to any destruction. Lack of proper storage on premises or improperly set explosives at the jobsite may result in severe bodily injury, loss of life, and major structural damage, either directly or by shock waves.
The noise from detonation may result in serious hearing impairment. The presence of fuels, flammables, and combustibles at the jobsite poses a significant hazard control challenge. Building services, if not disconnected properly, may result in fumes, gas or water leaks, and shock hazards, as well as interruption of utility services to adjacent properties. The collapse of a structure, intentionally or prematurely, may cause vibration damage to adjacent premises.
The areas around the buildings and the structures nearby should be reviewed and evaluated prior to any destruction to prevent damage and claims for damage predating the demolition. Salvage may involve cutting, compacting, or crushing, which presents fire or explosion hazards. Extraordinary measures must be taken to prevent the entry of unauthorized persons to the insured's premises or jobsite, as explosives are highly attractive to thieves and terrorists.
To control access to the jobsite, the contractor may employ spotters or guards, install gates and barbed wire, post signs, or contact occupants of adjacent properties directly. Equipment and piles of debris are attractive nuisances. All equipment must be disabled when not in operation to prevent untrained individuals from using it. Debris piles must be barricaded to prevent climbing. Fencing must be in place with appropriate warning signs to prevent trespassing. Security guards should be provided as necessary.
Completed operations exposures may be limited in barren unoccupied areas. If there are neighboring buildings or residences, claims may be brought for latent or cumulative structural damage that may not appear until long after the explosives have been detonated.
Environmental impairment liability exposures are high from the storage, use, and disposal of explosives and resulting waste and debris from demolition sites. Lead or stored fuels may contaminate soil and groundwater supplies. The release of dust or methane gases may impair air quality. Friable asbestos (asbestos insulation that crumbles easily and becomes airborne) may pose a serious risk. Proper written procedures and documentation of both the transportation and disposal process is important.
Workers compensation exposure is severe due to the handling and use of explosives. An unplanned detonation can result in severe injury or death to multiple workers at once from fire and explosion. Injury or death can occur from falls, being struck by falling objects, or an attempted robbery. Common hazards include slips and falls, foreign objects in the eye, hearing impairment from noise, cuts and puncture wounds from drilling, bites from insects or vermin, exposure to pollutants and weather conditions, concussions from blasting operations, and back injuries from lifting during loading, unloading, and setup. As operations are often conducted in remote areas, it may be difficult to transport an injured worker to a medical facility to receive prompt treatment.
Property exposures at the contractor's own location are usually limited to an office and storage of equipment and vehicles. The contractor often handles salvage, which may be stored inside or outside. If explosives are stored on premises, there is potential for a severe loss from fire and explosion unless there are superior controls on inventory and access to the explosives' storage areas. Storage must be in accordance with all state and federal regulations.
Local fire departments must be notified and a plan of control and evacuation should be in place. Explosives are target items for thieves and terrorists. Appropriate security measures must be in place including lighting and physical barriers to prevent unauthorized access. Thorough background checks by the ATF or Homeland Security should be done on every employee.
Crime exposure is from employee dishonesty. Background checks should be conducted prior to hiring any employee. All orders, billing, and disbursements must be handled as separate duties and annual external audits conducted. All items should be physically inventoried on a regular basis to prevent theft. If there are explosives, a procedure must be in place to monitor who has access to the explosives and to record all activities.
Inland marine exposures include accounts receivable if the contractor bills customers for services, contractors' equipment, goods in transit, and valuable papers and records for customers', regulators', and vendors' information. If explosives or salvage is transported, drivers must have a Haz-Mat license and be experienced in transport. The vehicle must be properly marked. A variety of drilling equipment is necessary to set the explosives.
The insured may own materials used to set up fences and blockades. If the contractor is responsible for removal of the debris, additional types of equipment may be needed, such as front-end loaders. Equipment on the site may be dropped from heights, strike utility piping, or wires either underground or within the building being demolished. When jobsites are in rural areas or on uneven ground, collision or overturn can occur. Any type of equipment may be damaged or destroyed during blasting operations.
Some equipment, such as cranes, may be leased, rented, or borrowed for a particular job. If equipment, machinery, tools, or supplies are left at jobsites, they may be susceptible to theft and vandalism. Equipment should be secured and rendered inoperable when not in use. Detonating devices, as well as explosives, may be a target for thieves.
Commercial auto exposures are high. Workers, equipment and supplies are regularly transported to and from jobsites. The transport of explosives demands extreme care by drivers due to the potential for fire, explosion, collision, overturn, and theft. Drivers should have Haz-Mat licenses and be fully aware of dangers involved with transporting explosives in populated areas. Transport of any salvage is difficult and requires proper loading to prevent overturn or overflow.
The absence of detailed training and procedures in the event of overturn or spill may indicate a serious morale hazard. All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained and the records kept in a central location.
As a NJ demolition contractor, it's important to make sure that you are properly protected from the financial that could arise as a result of the many liabilities that your business faces. To find out more about what type of insurance policies you should carry, how much coverage you should invest in, and if there are any specialized policies that are designed specifically for demolition contractors, speak to a reputable insurance broker.
If you are considering opening a business in NJ, it is important to be aware of the economic status of that location. It is also important that you are aware of the regulations related to the commercial insurance that you are required to carry.
If you are thinking about starting a business in the State of New Jersey, keep on reading to find out some key information about the economic status of the state, as well as the rules for commercial insurance. With this information, you will be able to put your best foot forward so that you can make the best choices in the Garden State.
Currently, New Jersey is ranked 46th in the country in terms of its economic position as compared to other state. While the economic growth may be slower in this state than in other locations, this is largely due to the high taxes. Nevertheless, there are still opportunities for entrepreneurs.
There are several industries that are expected to see growth in NJ in the 2019 calendar year. Some of these industries include:
The New Jersey Department of Banking and Insurance regulates the insurance industry In NJ. Just like most states in the country, New Jersey business owners are legally required to carry workers comp insurance. If you employ any type of staff, whether it's full-time or part-time, or hourly or salaries, you must carry this type of coverage. You must also provide your employees with disability coverage in the event that they are injured or become ill on the job. Additionally, New Jersey business owners are legally required to carry commercial auto insurance if they use a vehicle to conduct any type of business.
Commercial liability insurance and commercial property insurance are not required in this state; however, it is still a wise idea for business owners to invest in these types of policies. They can offset the costs that are associated with property loss or with any lawsuits that may arise as a result of doing business.
Learn about construction contractors insurance, including how much the premium costs and what is covered - and how business insurance can help protect your construction business from lawsuits.
Construction contractors have substantial needs for many types of insurance coverage. Most would point to the importance of coverage for completed operations, premises liability coverage during construction operations at jobsites and professional or design errors and omissions insurance.
Such coverages can be provided only when the interests of the contractor and of the property owner are understood; particularly the contractual obligations assumed by the contractor. Next in significance is the workers compensation exposure followed by business automobile. Inland marine coverage for expensive mobile equipment, supplies, other tools of the trade and builders' risk can be vital.
Liability coverage is needed by a construction contractor in order to obtain most jobs. In addition, if a contractor wants to stay in business, it must be obtained to protect it from lawsuits due to its premises operations, off-site locations and products/completed operations exposures. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to meets its obligations for particular jobs.
Many construction contractors do not have the usual location-specific buildings and business personal property exposures. Their business property is more mobile and, therefore, better covered with inland marine coverage forms. However, for those larger construction contractors that own buildings and/or maintain business inventory there are many coverage forms and choices available to them.
Construction contractors use their vehicles to get to and from their workplaces and jobsites. They also use vehicles to transport equipment and inventory to those locations. It is important to cover the liability of these vehicles for injury or damage they may cause, as well as to provide coverage for damage to the vehicles themselves.
Employers are required to provide coverage for injuries sustained by their employees while on the job. Construction contractors must comply with these requirements but some try to avoid them by hiring subcontractors. These subcontractors may actually operate and qualify as employees. The relationship between a contractor and its subcontractors must be carefully evaluated in order to determine if workers compensation coverage is still needed.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Surety Bonds, Accounts Receivable, Builders' Risk, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Umbrella Liability, Business Automobile Liability and Physical Damage, Hired and Nonowned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Contractors' Equipment, Goods in Transit, Installation Floater, Cyber Liability, Employment-related Practices Liability, Environmental Impairment Liability, Stop Gap Liability, Unmanned Aerial Vehicles (UAV) (Drones).
Request a free Demolition Contractors Insurance New Jersey quote in Asbury Park, Atlantic, Bayonne, Beachwood, Bellmawr, Bergenfield, Bound Brook, Bridgeton, Camden, Carteret, Cliffside Park, Clifton, Collingswood, Dover, Dumont, East Orange, Eatontown, Edgewater, Elizabeth, Elmwood Park, Englewood, Fair Lawn, Fairview, Florham Park, Fort Lee, Franklin Lakes, Freehold, Garfield, Glassboro, Glen Rock, Gloucester, Guttenberg, Hackensack, Haddonfield, Hammonton, Harrison, Hasbrouck Heights, Hawthorne, Highland Park, Hillsdale, Hoboken, Hopatcong, Jersey, Keansburg, Kearny, Kinnelon, Lincoln Park, Linden, Lindenwold, Little Ferry, Lodi, Long Branch, Madison, Manville, Metuchen, Middlesex, Millville, Morristown, New Brunswick, New Milford, New Providence, Newark, North Arlington, North Plainfield, Oakland, Ocean, Palisades Park, Paramus, Passaic, Paterson, Perth Amboy, Phillipsburg, Pine Hill, Plainfield, Pleasantville, Point Pleasant, Pompton Lakes, Princeton, Rahway, Ramsey, Red Bank, Ridgefield Park, Ridgefield, Ridgewood, Ringwood, River Edge, Roselle Park, Roselle, Rutherford, Sayreville, Secaucus, Somers Point, Somerville, South Plainfield, South River, Summit, Tenafly, Tinton Falls, Totowa, Trenton, Union, Ventnor, Vineland, Wallington, Wanaque, West New York, Westfield, Westwood, Woodbury, Woodland Park and all other cities in NJ - The Garden State.
Also learn about New Jersey small business insurance requirements for general liability, business property, commercial auto & workers compensation including NJ business insurance costs. Call us (609) 277-2744.