Concrete Insurance

Damaging your customer's property during a pour or getting in a cement truck accident can cost your business dearly. When you have concrete insurance cover in place, you can safeguard your business from any financial liabilities that may result from lawsuits, medical bills, and more.

Insurance for concrete contractors is necessary to protect the business from potential lawsuits and other financial and legal liabilities that may arise while working.

For example, if a contractor accidentally damages a client's property, they could be held liable for the damage and may have to pay out of pocket for repairs. Having insurance in place can help protect the contractor from having to cover these costs themselves.

Additionally, if a contractor gets into an accident while driving a cement truck, they could be held liable for any injuries or damage that occurs to the staff in the vehicle as well as any third party involved. Insurance can help protect the contractor from having to pay these costs as well.

Aside from having your business covered from costly accidents, in some states, having insurance is a legal requirement before you can start trading as a concrete contractor.

Whatever the case may be, it's always a good idea to have insurance in place.

There are quite a few relevant insurance policies that would be ideal for concrete contractors. Generally speaking, the level of cover and the type of policies you take out will depend on the size of your company, the nature of the projects that you work on, whether or not your business employs any staff, the number of company vehicles, and more.

If you're interested in what the recommended concrete contractors insurance policies would be for your business, please take a look below.

The final cost of the concrete insurance policy that you end up paying will greatly depend on your business and its circumstances. This is because there are many different variables that can contribute to the cost.

However, as a general rule of thumb, you can expect to pay a median premium of around $70 per month or $825 a year for general liability insurance. Such policy will shield your contracting business from bodily damage claims by third parties, property damage, and more.

For worker's compensation insurance, you can expect to pay around $250 per month, which would total $3,000 per year. Such policy will cover your employees in case they have an accident at work or fall sick while on the job.

Commercial auto insurance policies are about $150 per month or $1800 per year. This policy will cover the costs associated with third-party property damage, vehicle damage caused by vandalism, theft, poor weather conditions, and more.

As for contractor's tools and equipment insurance, you can expect to pay around $15 per month or around $180 per year. This policy will cover your expensive tools and equipment in case they get damaged or stolen.

There are a few common types of claims that concrete contractors can face. Some of the most common ones include:

• Bodily injury or death caused by accidents while working
• Property damage caused by accidents while working
• Injury or death caused by third-party accidents
• Damage to company vehicles
• Theft of tools or equipment

In more rare cases, concrete contractors can also get into payment disputes with clients, in which case, having insurance will cover any losses that you may incur from clients that refuse to pay for a job.