Contractors have enjoyed a boom in recent years in many locations with housing developments and new businesses springing up in many locations. However, the building creates pollution putting the contractor at risk for a lawsuit. Not every project needs protection, but it is important to know when you do.
The prior owner of the property you are building on may have failed to disclose environmental waste. However, when you find it, there are steps you must take to handle that waste according to environmental laws. Asbestos is a common hazardous waste exposure underlying many construction projects.
Unfortunately, pollution liability insurance is no longer offered as part of a general liability policy. Having an additional policy through carriers like https://nsins.com/ can help protect your financial interests should an environmental hazard be discovered.
Cleaning up hazardous waste is expensive. It requires professionals using special equipment, suits and disposal methods to comply with regulatory laws at the federal and local level. Hazardous waste isn’t something that can be put in the local dump. A large project may have substantial amounts of hazardous waste. Pollution insurance helps cover those clean up costs.
Foregoing pollution liability insurance may put your business at risk right when profits are booming. Check with your insurance company to see what is covered in your commercial general liability policy and whether you need to add the additional coverage.