Simple Tips to Get Liability Insurance for a Mold Remediation Contractor

| February 1, 2015

Mold remediation contractorsStrict environmental laws have forced mold remediation business to upgrade the cap limits on all liability insurance policies, and carriers are just now beginning reduce rates that were hiked in contingency. During the disruption phase some remediation business owners had no comprehensive insurance in place.

Preventing potential claims has become easier with liability insurance. These offer cost effective solutions. Earlier it was impossible to insure against environmental hazards but now it is all the easier with environmental insurance policy covering mold, fungus, and other microbial matter.  Owners now have access to a wide range of environmental coverage that includes bodily injury, remediation cost, defense cost, and property damage and business abatement.

Stop-loss coverage is specially designed for large mold remediation projects. There are various coverage available for property owners, consultants, and contractors. These come with a minimum premium of $5000, one-year policy term, claims-made forms and no coverage for previous disasters. More and more agencies are covering mold remediation for the proactive nature of the business. More risk more is the coverage option. Mold exclusions have been added to general liability insurance policies.

Contractors have to be aware of impending mold exclusions. The insurance providers have to inform the mold remediation contractors of newly uninsured exposures by providing environmental insurance that cover mold loss exposure. Moreover, insurance agencies offer tailor made solutions by providing the right coverage for mold remediation. Those companies that hold certifications with the American Indoor Air Quality will be happy to note that professional E&O insurance coverage including mold can be secured. It is not a group coverage and hence underwriting may be required.

While looking out for mold remediation insurance it is best to compared price from various insurance companies. Irrespective of the state you belong to, you can apply for mold insurance coverage online. Most insurance companies have a cross-border network that can provide instant help when it comes to mold remediation contractor insurance. Identify your needs and ensure that you put them across properly to the insurance provider. Get comprehensive coverage on mold removal and damage restoration from a reputed service provider.

The liability insurance package includes commercial general liability insurance for contractors’ pollution liability and professional liability insurance that covers mold and fungus related claims. It is best for the contractor to envision themselves as an Environmental Service provider for the sake of insurance purposes. Ensure that you deal with professional insurance companies. Always make an informed decision to avoid losses at a later stage. Remember insurance varies depending on the insurance amount, deductibles, past losses and revenue of the insured company.

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