Insurance for Concrete Contractors
Having the right coverage can help you recover from financial losses related to incidents of injuries, property damage, lawsuits, and more.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Cara Carlone is a licensed P&C agent with 20 years of experience. She has her P&C license in RI and TX and holds CPCU, API, and AINS designations.
Concrete contractors are responsible for applying concrete on construction projects, constructing foundations, and installing and finishing precast concrete, just to name a few of their many jobs. With so much responsibility resting on their shoulders, concrete contractors need the right protection. That's what makes having concrete contractor insurance so important.
If you're an independent concrete contractor or own a business that subcontracts this sort of work, you need a reliable concrete contractors insurance policy to protect your business interests. An independent insurance agent can help you get the necessary coverage. But first, here's an overview of insurance for concrete contractors, what it covers, and more.
What Is Concrete Contractors Insurance?
Insurance for concrete contractors is a special type of business insurance designed to meet the needs of workers in this industry. These policies consider multiple possible exposures, including liability, property damage, and more. An independent insurance agent can help ensure you get set up with the right types of coverage in a concrete contractor policy.
What Does Concrete Contractors Insurance Cover?
Many states mandate that you carry at least liability insurance to become a licensed contractor. Furthermore, anyone who hires you to do concrete contracting work is likely to require you to show them proof of liability coverage.
However, liability coverage is just one of the essential protections needed by successful contractors. Once it's complete, your concrete contractors insurance policy may include several or all of the following:
- Commercial general liability insurance: This covers expenses associated with lawsuits related to third-party claims of bodily injury or personal property damage caused by your business.
- Commercial auto liability insurance: This covers any company vehicles used by your business against incidents of liability, theft, and more.
- Builders risk insurance: This covers all business property on the site, including that owned by subcontractors, while a construction project is underway.
- Business interruption insurance: This covers your business against temporary closures due to a covered disaster like a fire by providing a continuation of revenue and employee wages during the shutdown.
- Inland marine insurance: This covers your business property while it's in transit to and from a job site from numerous possible hazards like theft and more.
- Employment practices liability insurance: This insurance protects your concrete contracting firm from financial losses if an employee or former employee sues it for claims of illegal practice such as harassment, discrimination, or wrongful termination.
- Commercial umbrella insurance: This provides you with excess liability coverage by increasing your existing liability coverage limits to $1 million or greater to help your business recover from larger lawsuits.
An independent insurance agent can help you assemble the right concrete contractor insurance policy for your unique business.
Why Workers' Compensation Insurance Is Critical for Concrete Contractor Businesses
There are a number of ways that concrete contractors could get injured on the job. They can be struck by construction equipment or falling objects, get injured while operating machinery such as excavators, or suffer muscle strains or hernias from heavy lifting, just to name a few.
Workers compensation insurance exempts your business from employee lawsuits by covering resultant medical expenses and a portion of lost wages if a worker gets injured or ill due to their job or work environment. Additionally, in the case of fatal accidents, workers' comp. can pay survivor benefits to the worker’s family. If your business is equipped with workers' comp, a deceased employee's family cannot press charges against it for the fatal incident.
Most states require employers in the construction field to carry workers compensation insurance if they have at least one employee. However, even if your concrete contracting firm is located in a state that does not, those who hire you for work are very likely to require proof that you carry this coverage. Having adequate workers' comp coverage for all your business's employees can help ensure your business avoids lawsuits and is able to secure legitimate contracting work.
Save on Business Insurance
Our independent agents shop around to find you the best coverage.
How Much Does Concrete Contractors Insurance Cost?
Concrete contractors insurance can vary in cost, depending on a number of different factors about your business. These can sometimes include:
- Your business's location
- Your business's size and annual revenue
- The number of employees you have
- The number of company vehicles you have
- The total value of your business's equipment and property
- Your business's claims history
An independent insurance agent can help you find the most affordable concrete contractors insurance available in your area.
An Independent Insurance Agent Can Help You Get Concrete Contractors Insurance
When you shop for insurance for your concrete contracting firm, you are likely to have a lot of questions about your numerous options and about how much coverage is enough. An independent insurance agent can provide the answers.
Independent insurance agents can help you build a reliable concrete contractors insurance policy designed to cover your business’s unique exposures. They can shop and compare quotes from multiple carriers to ultimately find you the policy that provides the right blend of coverage and cost.