The Specialty Hazardous Materials Insurance Guide
Hazardous Materials Insurance. This guide provides information on excess, surplus and specialty lines small business insurance policies and risks.
Here you can find basic descriptions of the specific industry risks or specialty coverage types available for Hazardous Materials Insurance.
For certain types of small businesses, particularly new ones - it is often very hard to know what types of commercial insurance is needed, what the risks are that should be covered - and where to find coverage.
We wanted to provide reference for specialty commercial insurance to help our readers get a better understanding of Hazardous Materials Insurance policies they might need to do business.
Learn about Specialty Hazardous Materials Insurance to better understand common risks, exposures and the types of commercial insurance coverage available to protect your small business and it's operations.
Hazardous Materials Insurance Types
Click on the links below to learn more about Specialty Hazardous Materials Insurance types and coverages:
- Asbestos Abatement Consultants Professional Liability Insurance
- Asbestos Abatement Contractors Insurance
- Asbestos And Lead Paint Abatement Bonds
- azardous Industries Monoline Workers Compensation Insurance
- Hazardous Material Haulers Insurance
- Hazardous Waste Storage And Disposal Facilities Insurance
- Lead Paint Contamination Insurance
- Lead Paint Removal Contractors Insurance
- Vessel Pollution Insurance
What Is Asbestos Abatement Consultants Professional Liability Insurance?
Asbestos abatement consultants determine if a property contains asbestos and suggests ways to best mitigate any asbestos exposures found. Their professional liability exposure arises from mistakes they make in the assessment process and in testing during and after completing a mitigation project. Exposures can also arise if suggested methods are not appropriate or are not effective. Carriers that insure asbestos abatement contractors may extend liability coverage to also apply to asbestos abatement consultants.
What Type Of Insurance Do Asbestos Abatement Contractors Need?
At one time, many public buildings, offices, and school buildings used asbestos materials in their construction because of their ability to reduce the spread of fire. Those once-touted products have since been found to be extremely toxic. As buildings that contain asbestos are remodeled, remediated, or demolished, contractors must first remove or contain any asbestos material in them before starting any other construction activities. Liability insurance coverage on specialized asbestos abatement contractors is extremely difficult to place.
What Are Asbestos And Lead Paint Abatement Bonds?
Contractors that work on public projects are required to provide surety bonds. Carriers that specialize in insuring asbestos and/or lead abatement contractors have expanded into the field of surety bonds for these contractors because they understand their exposures.
What Is Hazardous Industries Monoline Workers Compensation Insurance?
Hazardous industries tend to have severity issues as opposed to frequency issues. This makes them more difficult to underwrite profitably. Effective management and proactive loss prevention are the keys to successfully writing these risks. Examples of industries that fall into this category are logging, trucking, agribusiness, oil and gas, maritime, and many types of manufacturing and construction operations.
What Type Of Insurance Do Hazardous Material Haulers Need?
Coverage is available for businesses that transport hazardous materials. The Motor Carrier Coverage Form is normally used to cover auto liability and physical damage. General liability coverage may be modified to offer some pollution coverage and the MCS-90 endorsement is available for hazardous materials carried under the Motor Carrier Act.
What Type Of Insurance Do Hazardous Waste Storage And Disposal Facilities Need?
The Environmental Protection Agency (EPA) requires owners and operators of hazardous waste treatment, storage, or disposal facilities to either purchase insurance or provide other proof of their ability to pay for third-party damages caused by both sudden and not sudden occurrences of accidental pollution. Hazardous waste insurance covers companies actively involved in generating, processing, transporting, or disposing of hazardous waste. Coverages available include general liability, automobile liability, workers compensation, umbrella liability, and property. The Department of Transportation (DOT) MCS-90 endorsement required by the Motor Carrier Act is included where necessary. Commercial general liability usually has high limits and a wide range of deductibles. Coverage automatically includes any required EPA or state language by endorsement and certificate.
What Is Lead Paint Contamination Insurance?
This coverage can be written on a stand-alone basis or it can fill a gap in a general liability policy that excludes lead paint or pollution. Property managers, owners, landlords, and any party that controls the property is eligible to purchase this coverage. Varying per-claim and aggregate limits are available.
What Type Of Insurance Do Lead Paint Removal Contractors?
Lead additives were eliminated from paint used in residential and commercial applications in 1978. Many buildings painted before that date still have lead exposures because paint that chips exposes previous layers of paint. Lead paint removal contractors remove the lead paint so that it no longer poses a problem.
What Is Vessel Pollution Insurance?
Pollution caused by vessels, such as the Exxon Valdez incident in Prince William Sound in Alaska, can lead to extremely large losses. The vessel pollution coverage pays damages for leaks and spills of crude refined oil and other chemicals by ocean-going vessels that harm the environment. The United States Coast Guard (USCG) must approve any insurer that provides this coverage before coverage is placed with it. If an incident does occur, all clean-up must be conducted according to the Oil Pollution Act of 1990 and any subsequent revisions.
Hazardous Materials Insurance - The Bottom Line
We hope that the Hazardous Materials Insurance helps you to better understand the some of the specialty small business commercial insurance policies available for your business. To find out what types of coverage your unique business needs, speak to a professional commercial broker with experience in insuring businesses like yours.
Specialty Small Business Insurance Guide By Industry, Risk Or Policy Type
- Accident And Sickness / AD&D
- Aircraft And Airports
- Amusement Parks And Rides
- Animals And Birds
- Arts And Antiques
- Auctions And Farmers Markets
- Automobiles, Trucks And Recreational Vehicles
- Business Risks
- Clubs And Leisure Time Activities
- Community Service Organizations
- Dealers And Distributors
- Directors And Officers Liability
- Drugs And Alcohol
- Employee Protection
- Environmental Risks
- Errors And Omissions
- Farm Risks
- Financial Institutions And Services
- Firearm And Shooting
- Food And Restaurants
- Hazardous Materials
- Health Risks
- Hotels And Motels
- Inland Marine
- Insurance Services
- Machinery And Tools
- Medical Centers And Clinics
- Medical Malpractice
- Mobile And Modular Homes
- Motorcycle Risks
- Natural Disasters
- Nonprofit Agencies
- Oil And Chemical
- Physical Damage
- Prize Indemnification
- Product Liability
- Real Estate
- Retail Stores
- Schools And Education
- Security Risks And Equipment
- Service Businesses
- Sports And Hobbies
- Substandard Risks
- Weather Related
- Workers Comp
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.