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.