Concrete Contractors Liability Insurance
As a concrete contractor, you are responsible for a variety of tasks, like laying concrete foundations, paving sidewalks and driveways, building in-ground pools, and much more. Whether you primarily serve residential or commercial customers, having a concrete contractor business can be extremely profitable. However, it’s important to protect your business financially with concrete contractor general liability insurance.
General liability insurance for concrete contractors is a comprehensive policy that every business owner can benefit from. It includes many different types of coverage that provide valuable financial protection in the event of a loss. In addition, you might need to have this type of insurance in order to operate your business in certain states.
What Does Concrete Contractors General Liability Insurance Cover?
When you purchase a concrete contractor general liability insurance policy, you receive several different policies that can protect your business in various situations. These policies include:
General liability insurance provides financial protection in the event of a third-party bodily injury claim. If you are sued, it will cover your business’s legal fees, as well as a settlement or judgment with the injured person.
For example, imagine you lay concrete for a front walkway, and the homeowner slips in wet concrete because the area was not properly marked off. They fracture their wrist and sue your business for their medical bills. Fortunately, your general liability insurance policy would cover your legal fees.
Property damage liability insurance protects your business against third-party claims of property damage. This policy pays for your legal fees, plus repair costs if you are found to be at fault for the damage.
For instance, let’s say your concrete mixer starts leaking oil and it gets all over a client’s new driveway. The client asks your business to cover the cost of power washing the driveway to remove the oil stains. In this case, the property damage portion of your general liability insurance policy would pay for it.
Products and Completed Operations
After you finish a job, things can still go wrong. If you are found liable, the client might decide to sue your business for the damages, putting your business in financial jeopardy. However, concrete contractor general liability insurance includes products and completed operations coverage for this type of situation.
Imagine you lay the concrete for a new in-ground pool, and a few months later, the concrete begins to crack. The homeowner notifies you, and upon assessment, you believe that the issue was caused by improper mixing ratios during manufacturing. If the homeowner decided to sue your business for the damages, your insurance company would defend you in court and pay for your legal fees.
If someone gets injured on a job site, the medical payments portion of your concrete contractor liability insurance policy will pay for their medical expenses. Medical payments insurance will help cover the cost of things like ambulance rides, x-rays, surgery, hospital stays, and rehabilitation costs.
However, medical payments coverage has a relatively low policy limit, usually around $10,000. If the person’s medical bills exceed the policy limit, they may be able to receive additional compensation from your bodily injury liability insurance policy.
Personal and Advertising Injury
Personal and advertising injury insurance applies to lawsuits for libel, slander, or copyright infringement. These types of lawsuits often arise as a result of advertising or marketing mishaps.
Here’s an example. Imagine you are rebranding your concrete contractor business and you choose a new slogan. A few months later, however, you learn that another company uses the same slogan, and they decide to sue your business for copyright infringement. Your personal and advertising injury insurance would pay for the lawsuit.
Damage To Premises Rented To You
If you rent an office space where you meet with clients or rent a warehouse to store your tools and equipment, you can benefit from the portion of general liability insurance that covers damage to rented premises. For example, if a fire breaks out at your rented storage warehouse, your general liability insurance policy would pay for the repairs.
What Does Concrete Contractor General Liability Insurance Not Cover?
Although concrete contractor liability insurance covers many of the risks you might face as a business owner, it won’t cover everything. Here are a few things that general liability insurance does not cover:
- Intentional injuries or property damage
- Injuries to employees
- Tools and equipment
Every general liability insurance policy is slightly different, so it’s a good idea to review your policy details carefully. This will help you avoid a surprise in the event of a claim. If you have questions about your policy’s coverage, you can also speak with an agent from your insurance company.
How Much Is Concrete Contractor General Liability Insurance?
The cost of concrete contractor general liability insurance depends on a few factors. Unique variables, like your state, the number of employees you have, and your deductibles can all impact the premium. On average, the cost of concrete contractor general liability insurance starts at $25 per month.
Other Insurance For Concrete Contractor
In addition to general liability insurance, here are some other types of insurance that concrete contractors should consider purchasing:
Concrete Contractor General Liability Insurance FAQ
We’re big believers in keeping things simple, so ask us anything and we’ll answer honestly and without the jargon.
Why Do Concrete Contractors Need Insurance?
Concrete contractors need general liability insurance for a few reasons. First, things can go wrong on the job, even when you are following all the right safety precautions. General liability insurance protects your company and your clients, which makes your business more responsible and reliable in the eyes of potential customers. In addition, general liability insurance is a requirement in some areas.
What Are The Risks Facing Concrete Contractors?
Concrete contractors face many risks on the job. You work with heavy machinery and equipment, lift heavy objects, get exposed to chemicals when mixing concrete, and work in dusty conditions that can lead to poor lung health. In addition, concrete contractors may find themselves in situations where they have accidentally damaged property on a job site, or where a client has gotten injured as a result of their negligence.
Do Concrete Contractors Need General Liability Insurance?
General liability insurance is a requirement for concrete contractors in certain areas. You can check with your state or local municipality to see if this type of insurance is a requirement where you operate. Also, keep in mind that you may need general liability insurance to sign a lease on rented commercial office spaces and warehouses. Some clients also prefer to work with concrete contractors who hold this type of insurance, so it could help you win more business, even if it’s not a legal requirement.
How To Get Concrete Contractor General Liability Insurance?
If you are in the market for concrete contractor liability insurance, the process of purchasing a policy is simple. However, there are a few things you’ll need to consider before you move forward. Here are the steps you should follow:
Shop around: There are dozens of commercial insurance providers that sell general liability insurance for concrete contractors. Find a few companies that offer what you want, whether it’s a specific type of coverage, high coverage limits, discounts, or good customer service.
Choose your coverage limits: Next, you will want to figure out how much coverage you need. The more coverage you have, the better protected you are. However, higher coverage limits means higher premiums.
Get quotes: After you choose your coverage limits, get quotes from a few insurance companies. Then, you can compare the rates to see which provider will offer the lowest rate.
Buy your policy: The last step is to purchase your policy. Many insurance companies allow you to purchase coverage online, but you can also work with an agent if you prefer. Once you pay the first premium, your coverage will start.
Are Monthly Payments Available For Concrete Contractor Insurance?
We offer easy monthly payment plans with most of the polices. Usually a down payment is required to start. Payment plans may include 9 or 10 monthly options depending on the qualifying business.
What Are The Penalties To Cancel My Insurance Policy ?
USA Business Insurance Services doesn’t penalize customers for policy cancellations. When you cancel your Insurance, you are not required to pay penalties.