Waste Management Insurance
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What Insurance Do Waste Management Need?
A Fidelity Bond is an insurance product that protects your small business from any financial losses resulting from fraudulent or dishonest acts by employees. Where it's embezzlement, indentity theft or forgery, a Fidelity Bond will protect you from losses.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Pollution Liability Insurance, also called Environmental Insurance, protects businesses against unanticipated pollution risks that aren't covered by regular casualty and property policies.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Frequently Asked Questions
Why do Waste Management Services need insurance?
Businesses that work in waste related activities offer waste management and removal services, including beach cleaning, sewer cleanout services, acid waste treatment, hazardous waste disposal, portable toilet pumping, toilet renting, garbage pickup, trash collection, and landfill management.
Your business needs insurance as it helps cover the huge expenses that your business can face. These huge expenses could be property damage, a worker getting sick, or worse a lawsuit. These expenses will be covered by your insurance, therefore, you won't have to pay for these expenses.
What risks do Waste Related Activities face?
Below are the common risks Waste Related Activities can face:
Some of the neighbors are complaining that your waste related activities have been polluting their water. Your neighbors have filed a claim against your business.
A payroll manager has created false invoices to be paid to companies that are under his control. He has received kickbacks and been paid for personal goods and services using your business' money.
How much does Waste Management Insurance cost?
There is no fixed cost of insurance for waste management services as there are certain variables that define the cost of the insurance. For instance, the size of your business, the number of employees you have, and the coverage required greatly affect the cost of your insurance. Without taking these into account, below is the average cost of insurance policy for your waste related activities:
- General Liability insurance costs $500 in annual premiums.
- Workers Compensation costs $1300 in annual premiums.
- Fidelity Bond costs $600 in annual premiums.