According to the U.S. Bureau of Labor Statistics, the job outlook for concrete workers is projected to increase by 29% for the next few years until 2022. As a concrete contractor, you are an integral part of any construction project. You pour foundations, sidewalks, parking lots, curbs, and much more. You work with a variety of materials such as concrete grout, shotcrete, and precast concrete.
Your job can also be quite dangerous because of the services you provide. You have to secure your work area and keep your employees safe and secure. You have the responsibility to ensure that the materials you use will remain stable and attractive for years. But no matter how careful you are, no matter how experienced you may be, accidents do happen. If someone files a lawsuit, it could be the end of your business. That's why concrete contractors need business insurance. But what insurance do you need? To learn more about concrete contractor insurance coverage, read our handy guide.
Concrete Contractors Insurance
Most—if not all—of your clients will require you to show proof of insurance (a certificate of insurance from your insurance company) before they even consider your bid, so these coverages are all something you need to look into as part of your business insurance:
General Liability Insurance
Unfortunately, life is full of unseen and unplanned events. Having general liability insurance will protect your business from claims that include third-party bodily injury and property damage that can occur while you are on the job site. It also includes products and completed operations, so if something happens down the line you aren't held responsible.
What if, for whatever reason, one year after you finish the job, the client contacts you to tell you that the concrete is crumbling and they need it fixed? What if a group of teenagers decides to "party" at your worksite and two of them get drunk and into a fistfight resulting in injuries that require hospitalization? What if children decide to write their names in your wet concrete and make a huge mess of your work? What if the weight of your cement mixer causes damage to newly-laid pipelines beneath the surface?
In each of these examples, your general liability insurance policy is going to protect you in such cases by paying damages, defense costs, court costs, and awards or settlements for such suits.
Commercial Property Insurance
Commercial property insurance covers the physical assets of the business. It can protect your concrete contracting business by covering the cost to replace or repair your building. Insurance companies typically cover damage from fire, burglary, wind damage, and other natural disasters that might damage your buildings or properties. Additionally, it can cover the personal property of your employees.
Business Owner's Policy
A business owner's policy (BOP) Is a type of specialized insurance that bundles general liability insurance, business property insurance, and business interruption coverage. But it often includes equipment breakdown coverage and dishonest acts performed by your employees. It's often a more affordable way to pay for the insurance coverage you need (versus buying each policy separately).
Workers’ Compensation Insurance
If you hire employees versus contractors, in most states you're required to get workers' compensation insurance. Workers' compensation coverage will cover a concrete contractor's lost wages and medical expenses if your employee is injured while working. Workers' compensation also offers protection to you against being sued for injuries. Many concrete contractors question the need for coverage—but what happens if an employee slips and falls on a construction site? A concrete contractor also works with heavy equipment. What happens if they are injured operating machinery?
Example: One of your employees is pouring a new driveway for a customer. They are breaking up and removing the old concrete. Unfortunately, the jack-hammer sends some loose concrete to fly up and hits your employee. You rush over to find your contractor has a broken nose. You rush him to the emergency room. Luckily, because you have workers compensation coverage, the insurance company will pay your employees medical expenses as well as pay for their lost wages while recuperating
Workers comp is often necessary to remain competitive in your industry. If an employee is offered benefits that will cover their medical expenses if they're injured, they'll take that position over one that doesn't. The concrete industry isn't without significant risk. Provide your employees with peace of mind.
Other Business Insurance Policies to Consider
A concrete contractor should also consider coverage for their truck, tools & equipment, and jobsite.
- Inland Marine Insurance: Also referred to as contractors tool and equipment insurance, inland marine covers any tools and equipment while in transit or stored at a job site. If it is not permanently attached to your vehicle, it is not covered by commercial auto insurance.
- Commercial Auto Insurance: If your concrete company owns a fleet of cement mixers or other trucks, you need to obtain a commercial auto policy. If one of your employees is driving a truck that injures someone else or destroys their property, you're held liable. Make sure your auto insurance covers personal injury as well.
- Builders Risk Insurance: This insurance is typically purchased by the project manager or head contractor as blanket coverage for a work site. You'll want to make sure any contractors or subcontractors are also covered under the policy.
How Much Does Insurance Coverage Cost for Concrete Businesses?
A basic general liability policy can start as low as $29 a month, according to Next Insurance. As you customize your coverage and add more insurance options, the price will increase. We always recommend speaking with an agent with experience in your industry. They can help you gather information and compare quotes from different insurance companies.
Get a Concrete Insurance Quote Today
Our goal at CommercialInsurance.Net is to protect concrete businesses like yours as efficiently as possible. Whether you're in the gathering information phase or seeking to learn more, our agents will gladly help you get a concrete insurance quote. Complete the form at the top of the page or give us a call at 877-907-5267. We'll help you find the insurance coverage your concrete company needs.
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