The work of a demolition contractor can be exciting and challenging — but it's also fraught with danger. Even if you take every possible precaution, there's always the risk of an accident that can cause damage to nearby buildings or even lead to severe injuries or death. Without an adequate amount of demolition contractor's insurance coverage, you could risk losing everything if you're deemed responsible for the accident.
If you operate within the five boroughs of New York City or on Long Island or the surrounding areas, Kokkoris Insurance Services can provide a comprehensive demolition contractor's insurance plan that will mitigate your risk.
What Is Demolition Contractor's Insurance?
Demolition coverage is a form of commercial property insurance you can purchase as a stand-alone policy or as part of an overall business plan. This insurance can offer protection for the following:
- Liability: Demolition contractor liability insurance covers injuries or property damage due to the negligent acts of the contractor during a demolition project. The policy can pay for general, compensatory and punitive damages and associated legal costs resulting from a lawsuit.
- Worker's compensation: Demolition insurance may also provide payments to employees who are injured on the job as stipulated by New York's worker's compensation laws.
- Lost revenue: A plan may pay the demolition contractor for lost revenues that can result from job owner or labor disputes.
- Debris removal: A demolition contractor's policy can include a provision for debris removal insurance coverage that pays for the transportation of debris resulting from an insured peril away from the site. Examples include removing charred wood caused by a structure fire.
- Labor Law §240(1) issues: This law stipulates that contractors in New York must take appropriate safety measures to protect workers engaged in activities such as building demolition, erection, painting, altering and repairing. Demolition insurance can provide coverage for contractors involved in disputes with their labor force regarding the law.
What Are the Benefits for Your Company?
As a contractor, demolition coverage can provide a host of benefits for your business including:
- Preventing a substantial financial loss or even ruination due to a liability lawsuit
- Helping to alleviate issues and disputes that could damage your reputation within the industry
- Protecting your projects' profitability by limiting potential revenue losses
- Allowing you to bid on and land more jobs — you'll be able to comply with legal and client requirements when bidding on demolition jobs, increasing the likelihood of being awarded the contract
- Having the peace of mind of knowing you're ready for a "worst case" scenario
Why Choose Kokkoris Insurance Services as Your New York Demolition Coverage Provider?
At Kokkoris Insurance Services, we'll work with you to develop a customized demolition contractor's insurance program that addresses your business's most vulnerable areas — and fits your budget. Our dedicated team will also provide a level of service and support that our competitors cannot match. And with our digital office, you'll have 24/7/365 access to your policy and account information.
Contact us to get a free evaluation of your existing demolition coverage and a no-obligation quote today.
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