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Why Should I Get Concrete Contractors Insurance?

If you’re a concrete contractor, we don’t need to tell you about the value of hard work – you live and breathe it. However, even if you give each job your all and have all the right measures in place, accidents can still happen, and there’s always a chance you’ll find yourself in a bad situation.

Maybe you’re just getting your concrete business off the ground, and adding another expense sounds daunting. If you think bypassing concrete contractor’s insurance is the way to save money, you could be setting yourself up for disaster in the future.

Don’t risk your reputation, hard work, or cash flow. FarmerBrown makes getting workers compensation insurance, general liability insurance, and more straightforward.

Key Insurance for Concrete Contractors

General Liability

This covers many of the possible situations you face as a concrete contractor. It covers property damage and injuries you may cause to third-parties while you are doing concrete contracting work. Since most of your work is going to come from general contractors they require that you carry at least a certain amount of liability coverage. Before they let you on the job site they will require you name them as an additional insured on your policy for the duration of the job.

Commercial Property 

This type of coverage protects the property that your Concrete or Cement Contracting business has if you operate out of a physical location. If you have a physical location you should have this coverage. It covers losses to the physical structure and any equipment or machinery stored there. If a covered loss damages the structure or the machinery/equipment stored inside, your commercial property insurance policy would help to cover the cost of any necessary repairs or replacements.

Commercial Auto

Your personal auto insurance policy will not cover any vehicles that are used in your business. This even excludes your personal vehicle if you are using it for business. If you use trucks, vans, or any other vehicles for your concrete contracting business, you will need to purchase commercial auto insurance. This type of policy protects third-party vehicles and other types of property that are damaged as a result of an accident caused by the driver of your commercial vehicles. For example, if an employee rear-ends another car while she is driving a work truck, your commercial auto insurance would help to cover the damages of the other vehicle.

Worker’s Compensation

If you have any employees you will also need to carry workers’ compensation insurance. This is the law in almost every State. This type of policy covers and work-related injuries or illnesses that your employees may sustain. For example, if a during the installation of a foundation a worker falls of the forms and breaks his arm, workers’ compensation:

• Will pay for any related medical expenses.
• It will also cover the wages he lost during recovery.
• It can also help to pay for any training she might need for a new job if she is unable to return to work as a result of her work-related injuries.
• It can assist with legal defense fees, should the employee take legal action.
• It will also prevent you be fined large amounts for failure to have Worker’s Compensation.

Inland Marine Coverage

Inland marine insurance is coverage that covers your equipment while at the job site or in transit. For example, a Concrete Contractors Insurance inland marine policy will cover theft of mixers and other equipment from a job site. Because concrete and cement contractors typically work off site, they often find inland marine coverage is essential. Concrete and Cement businesses usually purchase inland marine insurance to cover their equipment.

Surety Bonds

At FarmerBrown.Com we can handle all your bond needs quickly and hassle free. There are 3 main situation that Concrete and Cement Contractors will need bonds:

1. License and Permit Bonds:

   Many Cities will require you to obtain a bond before a permit or license will be issued;

2. Payment and Performance Bonds:

   General Contractors or Property owners may require that you obtain these bonds before you start a large project. If your credit is above 700 these are relatively easy to get for jobs under $400,000. The cost is 3% of the contract price.

3. Employee Dishonesty Bonds:

   These bonds protect your clients from theft by your employees while you are doing work. For example you are putting a new driveway in for a client. A new employee sees a brand new generator in the garage. He decides to help himself to it. In this situation your Concrete Contractors Insurance will not cover the loss. If you have a bond you can file a claim for coverage.

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