Get Concrete Contractor Insurance for Financial Protection Against Risks

Protect the foundation of your business with concrete contractor insurance

Concrete contractors’ insurance is a type of insurance coverage specifically designed to protect individuals or businesses involved in concrete construction and contracting. This insurance provides financial protection against the most significant risks and liabilities that contractors and small business owners in the construction industry may face during their operations. Enhanced protection against covered claims and risks is one of the main reasons why concrete companies need insurance.

Coverage options that concrete and cement contractors need

No concrete business insurance program would be complete without general liability and commercial property insurance. General liability insurance offers protection in the event you damage someone’s property or someone is hurt on your property or a work site. Commercial property insurance also helps protect your building (whether owned or rented), storage facility, inventory, supplies, and more. For many concrete contractors, these coverages are often packaged together into a business owner’s insurance policy (BOP).

Purchase commercial auto insurance for all your vehicles.

Your concrete contractor business likely utilizes a variety of vehicles. For instance, this could include a company vehicle for traveling to the job site, trucks to carry equipment and crew, and even a large concrete mixer truck. Commercial auto insurance may pay for property damage or bodily injuries after an accident. Similarly, if any employee uses their own vehicle while on the job or if you rent vehicles periodically, consider including hired and non-owned auto insurance as well. A personal auto insurance policy typically does not cover any vehicles used for business purposes.

General liability insurance for enhanced protection.

General liability coverage protects contractors against third-party claims of bodily injury, property damage, or personal injury that may occur during the course of their work. A general liability insurance policy typically covers legal fees and medical bills associated with defending against such claims. In addition to legal fees, concrete insurance includes coverage for damage to third-party property caused by the contractor’s work and other claims arising from work they have completed.

Liability insurance helps protect you during and after the job.

Mistakes in your work could result in a minor inconvenience or become a matter of life and death. And, while not necessarily anyone’s fault, problems can arise if there’s something wrong with the materials you’ve used. Consequently, you need professional liability insurance that helps protect you in the event of an error. Also, consider completed operations insurance, which provides liability protection after the project is finished.

Protect your essential tools and equipment.

You simply cannot operate if you don’t have your tools and equipment in proper working order. Protect your business with tools and equipment insurance that may provide coverage for the replacement or repair of your specialized tools and machinery. Whether lost, stolen, or damaged, this insurance can help get you back to work with less downtime while waiting for items to be fixed.

What Does Concrete Contractor Insurance Cover?

Typically, concrete industry insurance policies may include commercial auto, business property, employment practice liability, general liability, and commercial umbrella insurance. Concrete company insurance may also cover financial losses related to business operations; medical costs due to work-related injuries; and untoward incidents that revolve around the handling and treatment of wet concrete. Lastly, builders risk and inland marine insurance, depending on the needs of your business and concrete workers.

Other concrete construction insurance coverage options

Insurance for concrete contractors typically includes several types of coverage, such as:

Workers’ Compensation Insurance: Contractors should carry workers’ compensation insurance for medical payments, financial losses due to the inability to work, and other benefits to employees who get injured or become ill while performing their duties.

Umbrella Liability Insurance: This provides additional liability coverage for concrete contracting work beyond the limits of other liability policies.

Professional Liability Insurance: Also known as errors and omissions insurance, this coverage protects contractors against claims of negligence or inadequate workmanship.

Commercial Property Insurance Policy: This provides coverage for the physical structures and contents of the business premises, including buildings, warehouses, offices, machinery, tools, raw materials, and finished products.

Having adequate insurance coverage is essential for concrete contractors to protect their businesses from unexpected financial losses due to accidents, injuries, property damage, or lawsuits.

Don’t skip other important business insurance policies.

Some business insurance policies benefit most organizations, even the most highly specialized. For instance, cyber liability insurance offers protection from the financial ramifications of data breaches and network hacks. Workers’ compensation insurance requirements exist in most places, but the importance of this coverage cannot be stressed enough for concrete contractors due to the physical nature of the work. Finally, if someone makes accusations of discriminatory practices or harassment, employment practice liability insurance may help pay for defense costs and settlements.

How Much Does Concrete Contractor Insurance Cost?

Concrete contracting business insurance costs can vary widely depending on several factors, including the size and scope of the business, the types of projects undertaken, the location of operations, the coverage limits desired, the deductible chosen, the claims history of the business, and other factors. The actual cost of concrete contractor business insurance can vary significantly based on individual circumstances. Loss history can also impact your insurance premium. If you’d like to get concrete contractors’ insurance cost breakdowns, request an instant quote from our experts today.