Hazardous Materials Removal Worker Insurance – Cost and Coverage

Whenever you budget the expenses of your business, hazardous materials removal worker insurance must be included in the list because you can’t always know exactly what is going to happen in the future.

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With the protection provided by liability insurance and all the other sorts of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.

Like any business owner, for your hazardous materials removal worker enterprise, you must consider how much financial danger you are taking on.

Business Insurance for hazardous materials removal worker

If your hazardous materials removal worker business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a final wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions. 

In this article, we are giving very general guidelines for small businesses to highlight what the main kinds of insurance that you need are, and where possible, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your hazardous materials removal worker business?

What this means, for any hazardous materials removal worker business owner, is that if some customer claims that your actions caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your hazardous materials removal worker business is not protected by laws in the same way as states are, where laws can place a “cap” on the maximum level of liability.

In some states, like Montana, there are specific monetary levels that limit the amount a judge can award in any case against the state.

In a court case, it’s purely the right of the jury to award whatever amount they deem appropriate, even sometimes giving a claimant more than they have claimed.

When you are running your hazardous materials removal worker operations, you can’t escape responsibility for the results of your actions.

Even more importantly, unless you have spent in advance the money necessary to have your business running as a limited liability company, all of that liability belongs to you as a person.

What does hazardous materials removal worker insurance protect you from?

For your hazardous materials removal worker business, the most important types of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.

As well there are some official kinds of insurance that various states require.

In the next few paragraphs, we will describe the most important points any hazardous materials removal worker business owner should consider when negotiating the insurance needed.

The main types of insurance for your hazardous materials removal worker businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any hazardous materials removal worker business is dealing directly with other people, and that means you always have the danger that some accident can happen to them bodily or else something of theirs can be damaged.

In such a case, they can require compensation.

General liability insurance policy for your hazardous materials removal worker business covers you against claims coming from injury to visitors or damage to their property.

It protects your hazardous materials removal worker business from the claims themselves and as well to any resulting court costs and legal fees of the lawsuits.

In many cases, it should help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.

The usual level of general liability insurance for your hazardous materials removal worker business would be with a cap of $1 million for a single claim and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your hazardous materials removal worker insurance operations.

Professional liability insurance for your hazardous materials removal worker business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your hazardous materials removal worker business for them, you can quickly face a law suit.

Even if the case against you is judged in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.

Most small hazardous materials removal worker business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.

See the table in the cost of hazardous materials removal worker insurance section below for average prices of professional liability insurance for your hazardous materials removal worker operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that what they received didn’t meet your description of function, or that your recommendation was basically incorrect.

You need to understand the particular laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held responsible for results caused by products claimed to be defective.

To cover yourself against any following lawsuit, you need Product liability insurance for hazardous materials removal worker

Only you can estimate exactly how much insurance you must have.

Best advice is to talk to experienced insurance agents, brokers or company representatives for support.

Commercial insurance

Commercial vehicle insurance for your hazardous materials removal worker business

Take care! – most policies for private vehicle insurance do not cover any happening like theft or accidental damage when the van is being used for business purposes.

The right way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a direct commercial vehicle insurance package.

Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is insured if your truck is involved in an accident.

Most states, other than Virginia and New Hampshire, mandate this type of insurance.

The required value of the insurance is calculated on the depreciated value of the vehicle, and your declared level of cover of contents. 

Tools and Equipment insurance

Since your hazardous materials removal worker business needs unique and expensive equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.

The gear may be subject to malicious damage, deliberate fire, theft, other such unexpected acts.

As well, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can destroy your whole business in one stroke.

Unless you can afford to immediately replace such unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy whatever needed to keep your hazardous materials removal worker business running.

It is hard to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your hazardous materials removal worker business’ equipment.

Commercial Property insurance

Any hazardous materials removal worker business that owns or rents space in a building needs a commercial property insurance policy.

If you own the space, you may already have a substantial capital investment, in addition to a big liability if there’s a mortgage.

Your physical building location should carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your hazardous materials removal worker business deals in areas of high risk, like California or South Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where intense cold snaps can cause damage to outer coverings of hazardous materials removal worker business premises, there is a need for more supplementary cover than in warmer climes.

Because the level of cover depends entirely on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of hazardous materials removal worker insurance section below to give some idea of the average prices per million dollars of property insurance for your hazardous materials removal worker business.

Temporary insurance by month, week or day for your hazardous materials removal worker business

Is your hazardous materials removal worker business working part-time or casually, or is the level of business variable?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for hazardous materials removal worker – are special policies where you can cover a specific period when you want to be covered.

By only paying for that period of cover, you will save by having lower premiums but still having identical risk cover.

The essential feature of short-term insurance is that you pay for the cover for a defined period – a specific date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of larger business activity, get the existing cover increased.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your hazardous materials removal worker business

You have the option to combine most of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP merges commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.

BOP insurance will cover you if any claims of injury or property damage are made.

It is often the right choice for small and medium-sized hazardous materials removal worker businesses, such as yours.

There are two limits that will rule whether BOP is suitable for your own business.

BOPs will not cover your professional liability or commercial vehicle cover.

Also, the size of your business will dictate whether you are allowed to take out BOP cover.

The usual business that is eligible for a BOP policy must have fewer than one hundred employees, and not more than five million dollars in annual revenue.

In addition, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your hazardous materials removal worker business employees

In most states, it is mandatory to have workers compensation insurance when your hazardous materials removal worker business has one or more employees.

Workers compensation insurance covers the operation against any costs that arise if an employee experiences an injury or becomes sick as a result of work.

The benefits provide for medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s requirements in this regard can leave you as the employer obliged to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only authorize coverage from the government-run monopoly state funds.

In these states, you cannot get your workers compensation obligations from private insurance corporations.

Workers compensation premiums are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every hazardous materials removal worker insurance need is unique, there are enough examples of usual quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.

Of course, you should always check with an agent what’s relevant for your business.

The list below is of annual premiums we have researched for the main types of insurance your hazardous materials removal worker businesses needs.

Types of insurance Price range
Equipment insurance $445 – $1375
Commercial insurance $850 – $2740
Commercial vehicle insurance $1530 – $3445
General liability insurance $670 – $1280
Product liability insurance $230 – $670
Public liability insurance $385 – $745

Cost of insurance for your hazardous materials removal worker operations depends on many different factors.

We have estimated these figures for small freelance hazardous materials removal worker businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Utah, they can be about 20%-30% cheaper.

The location and size and type of your hazardous materials removal worker business can have a big effect on the cost of different policies.

You should talk to professional insurance agents and brokers, or insurance company representatives.

Also you can let the internet do the work for you by looking for insurance companies near where your business is located.

Another good source of information is the local Better Business Bureau in your town.

FAQ

What is small business insurance for hazardous materials removal worker operations?

This is a wide term used to describe common insurance policies designed to protect hazardous materials removal worker business owners from risks like bodily injury, property damage, claims of negligence.

Does my hazardous materials removal worker business have to have insurance?

Some of the kinds of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.

Some other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small hazardous materials removal worker business insurance policy cover?

Liability insurance provides protection against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.

The specific cover will vary based on your own operations.

See the table in the costing section above for average prices of the recommended policies for hazardous materials removal worker insurance.

How much will hazardous materials removal worker business insurance cost?

In addition to the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.

You should consult with professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for hazardous materials removal worker, in the search box below, and follow the relevant links.

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