Underground Tank Removal Service Insurance

Your Guide to Underground Tank Removal Service Insurance

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Underground Tank Removal Service Insurance

In many parts of the country, residents used oil for heating purposes. To store the oil, they utilized underground storage tanks made from bare steel. While this practice has been largely discontinued, the decommissioned tanks are still underground. Over time, the steel tanks corrode and develop cracks, allowing oil to leak into the surrounding soil, resulting in both environmental and public health problems. Many tanks are still left underground until the homeowner wishes to sell the home, when it becomes essential to remove it or face a diminished property value and additional difficulties selling the home.

Even if the home is not being sold, many homeowners choose to eventually remove the underground tanks to avoid further environmental damage. It is best that these removals are performed by highly specialized underground tank removal services.

If you own an underground tank removal service, you know the importance of business insurance. With appropriate underground tank removal service insurance, you can protect your business from property losses and lawsuits that result from your operations.

A local independent insurance agent can help you get the coverage that you need.

Why Do You Need Underground Tank Removal Service Insurance?

Underground tank removal involves obtaining required permits and then excavating the area, cleaning the tank, removing the tank's contents for recycling, extracting and disposing of the tank, and then filling the hole. The entire process can be dangerous, from damaging underground pipes and utility lines, to contaminating surrounding soil, and causing any kind of property damage or injuries to the homeowner, neighbors, or bystanders.

Something can go wrong at any time, and that’s why you should consider underground tank removal service insurance. It protects your business from catastrophic litigation costs after an accident and a large claim. A comprehensive business insurance program designed for underground tank removal services protects you from employee errors, public injuries, property damage, pollution claims, and more.

A local independent insurance agent can help you get the tailored underground tank removal service insurance you need.

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What Does Underground Tank Removal Insurance Cover?

Underground tank removal services are constantly exposed to the possibility of serious accidents due to the very nature of their work. The use of heavy equipment, the potential for underground damage, the exposure to the elements, and the labor-intensive nature of your work can all result in property damage, injuries, and serious financial losses. In the course of your work, you can cause damage to buried public utilities, encounter serious worker injuries, and cause damage or injuries to third parties.

Your valuable property (tools, equipment, escalator parts, etc.) is always at risk as well.

Underground tank removal service insurance should cover lawsuits and significant property losses. It provides the funds to pay for medical expenses, attorney fees, and repairing or replacing damaged property that you are responsible for. While your underground tank removal service insurance can’t prevent accidents and property losses from happening, it can protect you after a loss and help you survive for the long term.

What Are the Key Liability Insurance Policies for Underground Tank Removal Services?

Underground tank removal service insurance should include several types of liability coverage that protect you from negligence claims and lawsuits.

Commercial General Liability Insurance

Commercial general liability (CGL) insurance provides coverage for many of the liability exposures you face. It pays for medical expenses and property damage for third-party injuries and property damage caused by you or your employees. This may involve displacement and settlement of existing structures, disrupting utility service to neighboring residences or businesses, foundation damage, pipe leaks, and more.

CGL policies also usually include products-completed operations liability insurance that responds if you’re sued when work that you’ve completed is faulty and causes injuries to others. Completed operations insurance covers a contractor's liability for property damage or injuries to a third party once contracted operations cease. Contractors and manufacturers typically purchase additional or separate policies in amounts that have higher limits than what is provided in the CGL policy.

You’ll likely need proof of CGL coverage in order to be licensed by your state, as well as being able to submit bids and be chosen for work on any projects.

Excess Liability Coverage

Financial payouts for lawsuits often reach well over the $1 million limit on a typical CGL policy. Most of your customers will require you to have more coverage than that, or excess liability coverage in the form of a commercial umbrella policy. Commercial umbrella insurance provides liability limits above and beyond certain other liability policies (CGL, commercial auto) at a more affordable cost than increasing the limits of several individual policies.

Commercial Vehicle Insurance

Commercial vehicle insurance covers your owned vehicles and drivers in the event of an accident or other vehicle damage that occurs. Commercial auto insurance provides coverage for property damage and bodily injury liability claims, vehicle damage, and medical bills, as well as any costs related to lawsuits due to auto accidents involving your vehicles.

What Are the Key Property Insurance Policies for Underground Tank Removal Services?

Underground tank removal service insurance should include several types of property coverage that protect you from the costs associated with property losses.

Commercial property insurance covers your buildings, workspaces, and all kinds of commercial property including equipment, tools, office furniture, computers, and more if they’re damaged or destroyed by fire, smoke, theft, vandalism, or a weather event at your permanent premises.

Commercial property policies typically include business interruption coverage. It reimburses you for lost income and helps pay for certain ongoing expenses if you are temporarily unable to operate due to a covered loss (fire, weather, vandalism, etc.).

Extra expense coverage pays for non-ordinary expenses (e.g., buying or leasing equipment for a temporary site, paying overtime, hiring temp workers) that are above and beyond your normal operating costs if you can’t operate out of your usual location or if your equipment is damaged from a covered event.

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How Can You Protect Your Valuable Tools and Equipment?

You’ll also need coverage for your valuable tools and equipment while they’re in transit to and from job sites, and while they’re in use or stored at a site for the duration of a job.

  • Equipment physical damage coverage: The heavy equipment that you use in tank removal is expensive, and it costs a lot to repair or replace it. Equipment physical damage coverage covers the value of the equipment when it is damaged.
  • Inland marine insurance: Protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites.

Consider adding an installation floater to your inland marine coverage, which protects materials left at a job site to be installed but are damaged before you can do it.

In addition, a tools and equipment floater can normally be added to your inland marine coverage, as well. It covers any leased or owned specialized tools and equipment you use while they’re stored on the construction site. It can offer coverage for tools like hand tools, power tools, contractors’ gear (hard hats, goggles, etc.), and more. It can also cover equipment like compressors, generators, excavators, backhoes, and other equipment that you use.

What Other Insurance Policies Do Underground Tank Removal Services Need?

Underground tank removal services need a variety of other insurance policies to cover all of their unique risks.

An independent insurance agent can help you customize these policies to your unique needs.

What Are Contractors Bonds and Do You Need them?

Contractors bonds can be essential for finding, securing, and performing work. They are typically used to guarantee some aspect of the bidding process or building project and ensure the project owner that you are fully licensed, insured, and prepared to complete the project as promised.

Every type of bond is unique and tailored to a specific project. It’s likely that you’ll need various types of contractors bonds for most of the jobs that you do.

How Much Does Underground Tank Removal Service Insurance Cost?

Underground tank removal service insurance costs will vary depending on the size of your business, the number of employees you have, and how much business property (buildings, tools, and equipment) you have.

Insuring your business is complex. The types of coverage you need and can qualify for depends on several variables. You may need to find coverage through a specialty insurer who specializes in businesses like yours.

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Benefits of an Independent Agent

An independent insurance agent who has experience working with underground tank removal services and other similar businesses can help you decide the types and amounts of coverage that you need for your business. The choices you make will determine your cost of coverage.

Independent agents can work with numerous, reputable insurance companies who specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.

Find and Compare Quotes for Underground Tank Removal Service Insurance

Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.

Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.

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TrustedChoice.com Article | Reviewed by Paul Martin

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