As an independent contractor, you carry
insurance to protect yourself against financial liability from your work. Many
jobs require contractors to show that they have a pollution liability policy, which
will pay for bodily injury and property damage claims, as well as the expenses of
cleaning up toxic waste materials –costs that a standard general liability policy
does not cover, and could run into
millions.
Any
contractor whose business involves risks of hazardous waste exposure, such as
asbestos abatement or waste depository, needs pollution liability insurance. This policy will protect you from liability both
during the job and if there's any problem from hazardous waste materials at a
later date ("completed operations" coverage).
Pollution
liability insurance could also be valuable if you own an industrial site that
you believe is free of hazardous waste. The inspection you had performed on the
property before you bought it might have missed some underlying hazardous substance
that could create liability exposure down the road.
If you have a pollution-related
incident at a job site or from one of your completed operations, it's is too
late to buy pollution liability. You can purchase this coverage from a number
of insurance companies. The premium will depend on the amount of the policy, the
deductible you choose, and whether you buy it on a stand-alone basis or in
combination with other types of commercial insurance.
Before deciding whether to purchase pollution
liability, be sure that you have the information you need to make the right
choice. As always, we'd be happy to offer our advice at any time – just give us
a call.