Many independent contractors mistakenly believe that there are certain types of New Jersey business insurance policies they do not need to carry. They don’t always realize that they need to protect themselves against any claims of damage caused while on the job. New Jersey Pollution Liability Insurance is one of these policies that contractors often overlook. As we discussed in an earlier post, entitled “What Businesses Should Know About Pollution Liability”, pollution risks can impact almost any type of contracting business venture, from residential developments to shopping centers, commercial office parks, warehouses, manufacturers, and even Universities.
New Jersey pollution liability insurance is a coverage needed by any business that produces hazardous waste emissions during manufacturing. This can include the oil, agribusiness, construction, excavation businesses, waste depositories, and asbestos abatement contractors. The New Jersey pollution liability insurance policy covers bodily injury claims, property damage along with clean-up costs caused by contamination from toxic waste materials.
Before the mid-1980’s, contractors did not have to worry about purchasing separate New Jersey pollution liability insurance. Up until that time, it was covered under the standard New Jersey Commercial General Liability policy. However now, many construction jobs require you to have New Jersey pollution liability insurance and you will have to show proof of coverage before beginning said jobs.
The good news is, that a New Jersey Pollution Liability Insurance Policy will protect your financial interests in the event that an environmental clean-up becomes necessary, and will also cover your interests against lawsuits where a third party could be injured by a toxic substance produced as a result of your work.
So to answer the question of whether or not your business needs a New Jersey pollution liability insurance policy; if your business involves risks to hazardous waste exposure and even if you it doesn’t, pollution liability insurance is a good coverage to have. Why is that? The inspection you had performed on the property before you bought it may have missed some underlying hazardous waste which could be discovered years later, and violate an environmental law, which you will be held liable for.
At Tri-State Insurance Agency, we can answer your questions about pollution liability as well as New Jersey Business Insurance needs for a wide range of industries. Please contact us today for more information at (888) 990-0526.