Insurance for Concrete Contractors
Concrete contractors have a stressful business that involves tracking a number of projects, customers, employees and supplies all at once. This business is rewarding in that you get to meet so many people and be involved in a variety of different types of projects. You put a lot of effort into planning and starting your business, but are you prepared for when something goes wrong? The slightest accident or natural disaster can set your business back by years financially. Protect your investments by getting the right kinds of small business insurance in the right amounts.
General Liability For Concrete Contractors
General liability insurance is comprehensive in nature because it grows with your business. It is designed to help protect you from financial setbacks that can be caused by a variety of hazards.
General liability protects your company from paying damages to customers if they are injured in your workshop. It also provides coverage if your customer’s property is damaged. If one of your employee’s does not secure a wall molding properly, and the resulting accident damages the customer’s camper trailer, general liability will take care of those damages.
General liability can protect you from damages that arise due to products you sell or advertisements you run as well. General liability can be purchased as a standalone small business insurance policy and it is included in a Business Owners Policy (BOP).
Business Owners Policy (Bop)
In addition to general liability, a business owners insurance policy protects your company from losses of assets, equipment and structures.
If your small business keeps tools and equipment in a storage building or warehouse for example, the BOP will cover that structure. If the roof is damaged by hail the BOP will cover the cost of repairing or replacing it. If the building itself is damaged due to a natural disaster or local event, the BOP takes care of repairing and replacing the structure as needed.
If you are unable to use your primary business property for an extended period of time due to damages, the BOP may pay for temporary relocation business expenses.
The contents inside your business structures are protected by a BOP as well. If you have concrete stored inside your building and it is ruined due to rain and hail when the roof was damaged, a BOP covers the cost of replacing that material.
A BOP covers your physical business equipment when it is offsite as well. If a piece of machinery is at a job site when a tornado strikes and is damaged, the BOP pays for repairs.
Some of your business assets may be in intangible form. If you keep all of your company records in digital format for example, they can be damaged or destroyed by a power surge. Replacing or recovering these files can be expensive and time consuming. A BOP protects you from having to shoulder those expenses.
Commercial Automobile Insurance For Concrete Contractors
Commercial auto insurance protects your company from the financial hit of losing business vehicles in an accident. It also covers medical expenses for injuries sustained in auto accidents.
Workers Comp Insurance For Concrete Contractors
Workers comp insurance is required by law. It protects your employees when they are injured on the job. It pays the employee’s medical expenses from work-related injuries, and provides temporary or permanent disability when needed.