If you've searched the web for information on business insurance, than you know there's an overwhelming amount of info out there. What you could use is a simple breakdown of the insurance plans you need to know. Here it is.
This page is a guide to the six policies that all small waste treatment businesses need to know…
General Liability Insurance for Septic Tank Installation and Service Companies
General Liability Insurance protects your business from lawsuits related to many of its common liabilities. General Liability Insurance can help your business pay for lawsuits filed by third parties (customers, clients, vendors, contracts, and other non-employees).
General Liability Insurance doesn't protect your business from all third-party lawsuits, only the ones where the third party claims your business…
- Damaged their property.
- Injured them.
- Caused an advertising injury.
- Committed slander / libel.
Let's say that one of your septic tanks malfunctions and the drainage field isn't working properly. If your client gets upset that you've damaged their property with this smelly drainage field, General Liability Insurance can help your business pay for a property damage lawsuit, paying for court costs, legal fees, lawyer's expenses, and any expensive settlement or judgment.
As a business that works in construction / installation and deals with potentially dangerous and harmful sewage, your business has a lot of general liability risk exposure. Make sure to protect your business with General Liability Insurance.
License Bonds and Permit Bonds for Water Treatment, Sump Pump, Septic Tank, and Wastewater Treatment Professionals
License Bonds and Permit Bonds are government-required surety bonds that you may need to purchase in order to secure licenses and permits.
Municipal governments will often require your business to purchase Permit Bonds when it applies for a construction / building permit. Often, each building permit will have a different required amount of coverage you'll need to purchase in the Permit Bond.
State governments will often require you to purchase a License Bond before giving you a contractor's license or other professional license like a plumber's or electrician's. In addition to passing your state tests and paying your license fees, you'll usually be required to purchase a license bond.
The government requires you to purchase these bonds to cover its liabilities from licensing or permitting your work. When it signs off on your work, the government also accepts some liability. Because of this, your customers can sue the government (in addition to you) if anything goes wrong.
Property Insurance for Septic Tank Installation and Service Companies
Property Insurance protects your commercial property when it is lost or damaged by…
- Covered weather events / natural disasters.
Your covered property includes your…
- Building / office space.
If a fire starts in your office, Property Insurance can pay for the ruined equipment, tools, and other property inside. If the fire spreads to your neighbor's offices, Property Insurance can also pay for their damaged property. Property Insurance will protect your offices and property even if you only rent them.
Some Property Insurance policies also include Business Interruption Coverage, which can pay for your business to relocate to temporary offices when your old ones are damaged.
If you run your business out of your home, your Homeowner's policy may not cover your commercial property. Many policies don't. That means that if your tools are stolen from your garage, your Homeowner's Insurance may not cover the cost of replacing them. For more about the difference between commercial Property Insurance and personal policies, look at this infographic.
Business Owner's Policies for Sump Pump, Septic Tank, and Wastewater Treatment Professionals
Business Owner's Policies (or BOPs for short) package your General Liability Insurance and Property Insurance into one policy'and they can save you money.
These policies are not available to all small business, but qualifying small businesses can often get their General Liability Insurance and Property Insurance for less than buying them separately.
So how do you qualify for these cost savings? Insurance companies sell these policies to "lower-risk" small business who…
- Don't need Business Interruption Coverage for more than 12 months.
- Don't work in dangerous or high-risk industries.
- Don't work in large offices / premises / workplaces.
Fill out our quick online insurance application, and our insurance agents will figure out if you qualify to save money with a BOP.
Workers' Compensation Insurance for Sump Pump, Septic Tank, and Wastewater Treatment Professionals
Workers' Compensation Insurance (commonly shortened to Worker's Comp or Workman's Comp) pays for both the medical and legal costs of workplace injuries and illnesses. Among other expenses, Worker's Comp can pay for…
- Lawsuits (lawyer's fees, judgments, and court costs).
- Medical expenses.
- Wages for employees recovering and unable to work.
- Funeral costs.
- Support payments to families of deceased employees.
If an employee hurts their back lowering a septic tank into a hole they've dug out, your business can be liable. But when your employee needs surgery, MRIs, or extended recovery time, Worker's Comp can pay for it. When an employee sues your business, Workman's Comp can cover that as well. These lawsuits and medical bills are more than enough to bankrupt many small businesses.
Umbrella Insurance Boosts Coverage for Septic Tank Installation and Service Companies
Umbrella Insurance pays for lawsuits that exceed the limits of three policies…
- General Liability Insurance.
- Worker's Compensation Insurance.
- Commercial Auto Liability Insurance (usually purchased as part of General Liability).
Umbrella Insurance premiums are frequently affordable'a few hundred dollars each year'but they can offer $1 million worth of excess coverage to the policies listed above.
If a lawsuit costs more than your limits, Umbrella Insurance can be used to pay for the excess. For instance, when a General Liability lawsuit winds up costing your business $1.3 million dollars, but your GLI policy limit is $750,000, Umbrella Insurance can pay for the $550,000 gap.
Umbrella Insurance is usually sold in increments of $1 million. You can use this coverage to pay for any lawsuits until you use up your $1 million limit.
Insureon: Custom-Built Small Business Insurance for Septic Tank, Sump Pump, Home Sewage System, and Other Waste Treatment Businesses
Insureon has insured over 30,000 small businesses. There are a couple of things that we do differently that have made us so successful with small businesses.
We train each agent to specialize in particular industries, which means the agent you work with will be an expert in small business insurance for septic tank and waste treatment professionals. That saves your business time. Your agent will know the kinds of property your business has and the amounts of Property Insurance you'll need to cover it. Your agent will also be familiar with many of the common liabilities your industry faces and how to address them with liability insurance policies.
Insureon also offers fast and helpful customer service. We streamline the application process, so you can fill out our online application and be covered usually within 15 minutes. See for yourself: fill out our simple online insurance application.