Concrete contractors have many responsibilities and carry even more risks than responsibilities. You have the responsibility to secure the work area, preventing what the law calls an "attractive nuisance." You have the responsibility to get the job done when you said it would be done. You have the responsibility to ensure that the materials you use will remain stable and attractive for years. You have the responsibility to keep your employees and others on the site safe and secure.
But no matter how careful you are, no matter how experienced you may be, accidents do happen. And a lawsuit filed for bodily injury or property damage could be the end of your business.
Commercial Liability Insurance
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 which 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 commercial liability insurance is going to protect you in such cases by paying damages, defense costs, court costs, and awards or settlements for such suits.
You can get commercial liability insurance by itself or you can ask about a business owner's policy (BOP) for concrete contractors which includes commercial Liability insurance.
Commercial Property Insurance
Commercial property insurance is the coverage which can protect your concrete contracting business from such things as fire, burglary, wind damage, and other disasters that might damage your buildings or properties. Additionally, it can cover the personal property of your employees which are damaged in a covered event.
Business Owner's Policy (BOP)
Aside from commercial liability insurance and property insurance, a business owner's policy can also cover equipment breakdown, business interruption, and dishonest acts performed by your employees.
Looking Into Coverages
Most, if not all, of your clients, will require you to show proof of insurance before they even consider your bid, so these coverages are all something you need to look into.
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