If your business in concerned with waste management, you face a number of risk factors that most local businesses may not have to deal with. As a result, it is vital to have all these risk factors covered with a proper insurance policy, if you want to succeed in business and enjoy a bright future. For an example, let’s look at fictional septic tank company ZZL in Ontario.
A few years ago, Fred R started up ZZL Septic Services. He saw the need for septic contractors and services in his area, and before long he had several waste hauling trucks, excavating equipment, and employees with experience in the septic tank business. In fact, Fred’s company was the successful bidder for a new housing project in his neighborhood, and they installed more than 30 septic tanks.
The project proceeded with few problems and ZZL Septic moved on to better things. However a few years later, trouble arose. Some of the septic system were leaking and were contaminating a local canal and the canal led to a lake, which was frequently used for recreation. The reason for this was a design flaw and ZZL Septic was liable for all the damages, which were substantial.
Fred ‘s waste hauler insurance included errors and omission coverage and also environmental insurance, but this claim would be much more than his coverage. However, thanks to his insurance broker’s advice, Fred opted for much higher liability limits and also took out a large umbrella insurance policy. This demonstrates the importance of choosing the right insurance professionals for your business.
What is Waste Disposal Insurance?
Waste disposal coverage is designed to cover risks associated with waste management businesses. It includes insurance options that most businesses face, plus options that waste disposal businesses must consider.
Who Needs Waste Management Insurance?
Does your company dispose of waste materials? If so, you need insurance that is designed for businesses in the waste management industry. Here are some companies that need this coverage:
- Hazardous and non hazardous industrial waste disposal or hauling services
- Recycling operations
- Waste transfer stations
- Septic tank contractors
- Septic tank pumping services
- Private refuse disposal companies
- Mobile document shredding services – handling sensitive personal information comes with an element of risk.
What Kind of Waste Hauler Insurance Coverage Do I Need?
Most companies will require standard coverage options like:
- Commercial property insurance – businesses that rent their buildings need to consider renter’s insurance for building contents.
- Commercial general liability – protects your premises and company operations from issues like bodily injury lawsuits.
- Business vehicle liability – for company cars, trucks, and fleets
- Environmental liability – protects you if your work causes environmental issues that must be cleaned up.
What Options are Available with Waste Disposal Insurance?
Depending on the nature of your business, you may need to consider a variety of coverage options, such as:
- Business Interruption – this can be added to your existing insurance policy and it will reimburse you for covered issues that cause major loss of income.
- Non-owned equipment rental
- Errors and omissions – covers mistakes that you or your employees make that result in damages.
- Increased liability limits – this may include raising your current liability coverage or even taking out an umbrella insurance policy.
How to Get the Best Waste Management Insurance
When you take the time to check out many different companies, you will notice differences in coverage options and premiums. In fact, it can be difficult to find the right coverage if you know little about insurance. That is why it is a good reason to go with seasoned professionals like Bunnell Hitchon Insurance Brokers Inc. Our company has over 100 years of experience in insurance and we are not an insurance company. We are an independent insurance brokerage with a long list of insurance partners.
Why Insurance Brokers?
When you choose an insurance broker for your waste management insurance needs, you have someone looking out for your interests. Your broker does not work for an insurance company, he works for you. You do not have to bother with comparison shopping, as this work is done on your behalf. Your broker is also there with professional advice on loss prevention. This can make the difference between success and failure in business.
Your insurance professional at Bunnell Hitchon Insurance Brokers Inc. can provide you with affordable priced insurance product and some of the most flexible policies available. This gives you a policy that is customized for your specific needs. We are here for you all throughout the year and can be one of your most valuable business partners.
If you would like to speak to one of our insurance specialists about waste disposal insurance, call us today at 519-756-2200. Our toll free number is 888-318-2424, and in Toronto, Ontario, call 416-480-9888.