What Insurance Coverage Do Concrete Contractors Need?
It is not a secret that concrete contractors play an essential role in building our homes, businesses and even cities. Whether you have a business that specializes in driveways, sidewalks, high-rise apartments or backyards, you have experience in using this durable and versatile material. As you focus on working hard and growing your business, getting the right insurance policy will go a long way in protecting your investment. Additionally, being insured can help win you new business by making your venture look more legit in the eyes of potential clients. Concrete insurance provides the financial protection for your business if theft or an accident occurs. Similarly, when an individual gets injured in the course of business operations, the insurance covers for their treatment.
Concrete Insurance Policies for Contractors
Discussed below are some of the insurance coverages that most concrete contractors take. Read on to find out!
Commercial Auto Insurance
This is a type of insurance that protects your business venture if one of your employees or yourself causes injury to someone else while driving for business purposes or driving a business vehicle. The policy also protects vehicles owned by your firm from theft or damage. For instance, when your business truck is stolen, or when it crashes into another car on the way to a constructing job, the Commercial Auto Insurance will cover for you.
Commercial Property Insurance
This is a policy that provides protection to the properties owned by your business. The most common type of this policy is the Mobile Equipment Insurance.
This is an insurance policy that provides protection for mobile equipment commonly stored outside of your business premises or on client sites. The policy covers your construction equipment such as saws, mixers, testers and compactors from accidental damage and theft. All these could arise from perils like windstorm, car crashes or windstorm. For example, when a fire breaks out at a construction site leading to the destruction of your mixer stored on site, this policy covers that.
Commercial General Liability
It is a type of insurance that protects your business venture if you or your employees physically injure another individual or cause damage to a person’s property. A good number of clients prefer hiring concrete contractors that have commercial general liability insurance. In addition, many general contractors need concrete contractors to have this policy so as to be hired as subcontractors.
- Bodily Injury: This when an individual gets injured while on your concrete site. For instance, when a customer trips over a mixer left out by one of your employees, injuring him or herself. When that customer sues your business for medical expenses, this policy will cover for you.
- Property Damage: When you are doing the construction and accidentally spill some concrete which spoils your client’s tiles, he might want you to incur the repairing costs.
- Products and Completed Operations: Picture this, you completed your construction project several months ago. The concrete cracks and someone trips over it and gets injured. Consequently, they sue your business for damages. Having this insurance policy will help cover the cost.