Paving Contractors Insurance

Bodily injuries caused by handling hot asphalt, or heavy equipment getting damaged are some of the risks that paving contractors face on a daily basis.

With paving contractors' insurance, you can protect your business from financial liabilities arising from accidents, lawsuits, and claims.

Paving contractors handle heavy machinery, asphalt, and debris every day, which puts them at risk of being injured or getting into an accident while at work. In the event that something happens, having an insurance policy in place can help cover the costs and protect the company’s financial stability.

For instance, a visitor can get injured at a paving site due to an accident, or a client’s property gets damaged during renovations. The insurance policy can cover the costs associated with these risks should an accident happen. The costs that will be covered by paving contractors' insurance include medical bills, attorney fees, damages, and more.

Physical labor also puts employees at a higher risk of accidents. For instance, if an employee is injured while operating equipment, it would mean a financial burden for the business and loss of manpower.

Having an insurance policy can pay for the hospital bills of your employee, including emergency room expenses, physical rehabilitation, and partially cover the loss of wages for the employee. The insurance policy will also protect the business owner by helping pay for the cost of an attorney, and settlement fees.

For paving contractors, there are a variety of insurance policies to choose from. The level of coverage you get would depend on the services offered, such as residential or commercial services, the value of your tools and equipment, the number of company cars and employees under your business, the state you operate out of, and more.

To know more about the recommended insurance policies for paving contractors, please take a look below.

The costs of paving contractors' insurance will depend on many factors, such as the type of services offered, the location, or the level of coverage needed for your business.

On average, general liability insurance for paving contractors is less than $70 per month, totaling $825 per year. This policy will provide a level of protection for your business against third-party injuries, property injuries, and other claims.

If you have employees, you can expect to pay $275 per month on worker’s compensation insurance, which is a total of $3,295 per year. This insurance policy will cover the staff’s medical bills and wages lost while recovering from an illness or injury at work.

If you have company cars, you can expect to pay around $150 per month for commercial auto insurance, totaling around $1,830 per year. With this policy, your business and staff will be covered in case they get into a road accident.

Paving contractors can expect to pay less than $15 a month for contractor’s tools and equipment insurance, which will add to a total of $170 per year. This policy will provide coverage if a contractor’s tools and equipment are lost, stolen, or damaged.

Lastly, should you need professional liability insurance, you can expect to pay a premium of around $85 per month, or $1,000 a year. Also known as errors and omissions (E&O), this policy will provide protection for contractors, including legal fees against claims associated with mistakes, accusations of negligence, and more.

Employees working with toxic materials, hot asphalt, and heavy-duty machines are at high risk for encountering accidents and other hazards while at work.

In general, paving contractors make insurance claims regarding bodily injuries and/or loss of wages as a result of an accident, property damage, and in some cases, lawsuits resulting from mistakes or negligence.

Whatever the case may be, having the right paving contractors insurance will protect your business from financial liabilities.