Asbestos Insurance Explained – What’s Covered?
While asbestos may no longer be in active use in the construction industry, it can still be found in a broad range of properties around the UK. Given the inherent health risks that exposure to asbestos can lead to, this serves to underline the importance of qualified asbestos surveying, management, and removal professionals. However, these jobs come with their risks, and the compensation claims an asbestos management company can face can range from the tens of thousands of pounds to the millions. Naturally then, it’s important to have a comprehensive asbestos insurance policy in place. But what exactly does this cover? Our commercial insurance experts are on hand to explain.
Understanding Asbestos Insurance
Asbestos insurance is designed to offer financial protection to businesses involved in the removal or disturbance of asbestos-containing materials. This specialised insurance cover is crucial for contractors and management companies to mitigate risks associated with asbestos exposure and potential health-related lawsuits that can arise.
More specifically the different risks covered within asbestos contractors’ insurance can include:
Legal Expenses
The legal implications of asbestos removal can be significant, both for the contractors themselves as well as their clients and even third parties. When asbestos is disturbed, it can release tiny fibres into the air that can become lodged in an individual’s lungs, causing serious health problems such as cancer, mesothelioma, and asbestosis. With this in mind, professional asbestos contractors are required to undertake a number of precautions to prevent exposure. Unfortunately, as we all know too well, mistakes can happen – and when they do, the legal ramifications can be enormous.
Asbestos removal insurance and asbestos contractors’ insurance typically includes coverage for legal expenses, providing a financial safety net that allows businesses to defend themselves against claims. This coverage can be particularly important in mitigating the impact of costly legal battles on a contractor’s financial stability.
Professional Indemnity
Professional indemnity insurance is another critical component of asbestos insurance. This aspect of the policy protects contractors against claims of negligence or breach of duty arising from their professional services. Given the high stakes of working with asbestos, even a small oversight can lead to severe consequences. Professional indemnity insurance ensures that contractors are covered against claims that their work resulted in property damage or personal injury due to mishandling asbestos.
Bespoke Asbestos Insurance from Higos
At Higos, we understand that no two asbestos contractors or management companies are the same. More importantly, the risks they each face can be vastly different, and so the level of insurance coverage required can vary. With that in mind, we offer tailored asbestos insurance coverage to ensure you’re receiving the cover you need without paying for cover you don’t. Our specialist team will take the time to get to know your business, ensuring you have comprehensive protection for total peace of mind.
To learn more about our tailored landlord and asbestos insurance, get in touch today. As a Chartered insurance broker, we work with a wide range of leading insurance providers around the UK. Contact us on 01458 675631 for more information.