Waterproofing services have proven their value to countless homes by now. But helping people protect their most valuable assets does need specialised equipment and employees, all of which can lead to somewhat high costs. This is the reason why waterproofing businesses need insurance plans that fit their particular set of demands.
What Kind of Services Do Waterproofing Businesses Offer?
There are numerous ways through which houses can be protected from water. One of the areas most commonly affected is the basement. Companies provide services that involve placing sealants in vulnerable areas, installing French drains, waterproofing installation and many more along the same lines. House foundations are given special attention when providing waterproof solutions, seeing how they are where problems typically start from. Mould can also be treated and then prevented by applying special materials to the affected areas.
What Does Waterproofing Insurance Cover?
There are various aspects that a waterproofing business needs in order to follow the law and run smoothly. Here are a few:
1. Equipment Insurance
Waterproofing requires specialised equipment on a daily basis, some of which can be quite pricey. More than that, some of it can be easily lost or stolen, making equipment coverage mandatory. This coverage can also be extended to include equipment and materials that have been installed in a customer’s home.
This covers a business in the event that injury or property damage occurs as a result of its services. It functions provided that the work is executed in compliance with the law, without negligence or any other faults to be found in the way the company acted.
This protects a company from being considered responsible for external actions. It comes in handy when there are claims of damage suffered as a result of following unsuited professional advice. The said company will only respond for its own practices in front of the law.
4. Employee Income Protection Insurance
As is the case with many other physical jobs, waterproofing does pose some risks for employees. The income protection insurance covers any employee that sustains injuries as a result of their work. Duration can be up to 5 years in the most severe cases, where recovery is slow. The monthly income provided can be up to 70% of the regular salary. This is done in order to provide the incentive for employees to return as soon as they can recover. Depending on the injury, large lump sums can also be provided. Legal and medical costs are also covered by the insurance policy.
5. Pollution Liability Insurance (Optional)
In order to be covered for the appearance of mould following your company’s waterproofing services, pollution liability insurance is necessary. Otherwise, payment for the customer’s damages is required if it is proven to be the result of your errors. Seeing how water damage is one of the most common threats to homes, it is important that the existence of companies who aim to fix this problem is fully covered.
We do exactly that at Digital Insurance Brokers Ni. Our aim is to let professionals focus on what they do best, while we take care of everything that involves insurance.