You operate a business. It may be construction-related. It could be an electrical or plumbing business. Your job is to protect your employees from exposure to risks. Asbestos is one of the biggest exposure risks. If exposure to asbestos occurs, your employees may face significant health challenges.
But, does this apply to your worker's compensation insurance or your business insurance coverage? What about exposure to the residents in the home? Could you be responsible for the losses of the family, too?
Does Business Insurance Cover Asbestos?
Many of today’s liability insurance plans list asbestos as an exclusion. This means the policy specifically states that it does not cover asbestos-related claims. This type of insurance limitation is very common. Read your policies to find if it's in or out of your coverage. If you just have general liability insurance, you may not have coverage.
However, you can often invest in pollution liability insurance. This type of policy provides protection from a variety of environmental and non-environmental claims. It is safe to say that if you work in this industry, it is very common for this type of exposure to occur. You need to safeguard against it. Since a traditional policy will not help you, a pollution liability insurance policy can. It may cost a bit more. And, you need to customize it to meet your needs.
Why Is This So Important?
Did you know that asbestos material entering the lungs can lead to the highly deadly condition called mesothelioma? This disease is very hard to detect. And, there are few treatments for it in its advanced stages. More so, if you have exposed asbestos material on the job site, you will likely face lawsuits. These will likely come from employees. Any other contractors on the site may file a claim. The property owners may file a claim. Even though you did not put it there, exposure like this is very commonly a legal matter.
It is best to take steps to protect yourself. You need to protect your business. Improve your business insurance to cover this type of risk. Pollution liability insurance is one way to do that. Discuss the type of work you do with your business owner. Talk about the risks of asbestos exposure. Then, find the right policy to provide you with the financial protection you need. Be sure to follow all guidelines for asbestos risks to avoid these claims, too. Let Mitchell & Mitchell agents help make sure you are fully protected, call 888.512.8878 to get started.
Also read: Contractors Workers Compensation Audit or The Importance of Getting Workers Compensation Certificates from Subcontractors