As a concrete contractor, you should have various types of insurance policies. You can opt for General liability, commercial property, and workers’ compensation coverage. Errors and omissions insurance is also important. These policies can cover your company from any type of liability that may arise during the course of the construction. In addition, you should have an umbrella insurance policy. These policies are especially valuable for contractors who are exposed to numerous risks, such as the use of heavy lifting equipment and construction equipment.
While concrete contractors aren’t required to have workers’ compensation insurance, the policy can help protect them against unforeseen accidents. It is also recommended that concrete contractors purchase extra expense insurance, which reimburses them for expenses related to damaged central office equipment or temporary office space. A good insurance broker can assist you in finding the best policy for your needs. Choosing the right insurance policy for your concrete contractor business is crucial for protecting your future.
Although most states require employers to carry workers’ compensation insurance, the requirement may vary. In non-compulsory states, concrete contractors may have to show proof of coverage. It may be required of them by general contractors. If they do, they can ask for a waiver of subrogation. In addition to these benefits, workers’ compensation insurance for concrete contractors will provide them with peace of mind. In the event of an accident, they will receive compensation for lost wages, medical bills, and other expenses related to their injuries.
When you’re a concrete contractor, you’re probably not thinking about purchasing general liability insurance. It’s a good idea to have this kind of insurance, as it covers a number of situations that can go wrong. You can easily get into trouble when you mess up a project, and this type of insurance will cover the costs of fixing it if something goes wrong. However, you should make sure to check with your insurance agent before making a decision, as some companies are less than helpful when it comes to handling construction site accidents.
It’s important to carry liability coverage for your concrete contractors because a single lawsuit can put you out of business. This type of insurance is especially important for specialized concrete contractors, as they often have company owned vehicles or a fleet of heavy trucks. As you know, large trucks and other large vehicles can cause a lot of damage and injury if involved in an accident. Obtaining adequate liability insurance is also vital for protecting yourself from lawsuits that result from employment practices, which is an area of common negligence.
If you’re in the construction industry, you should consider obtaining commercial property insurance for your concrete business. Concrete businesses are high-risk businesses that often use flammable materials and heat. That means that there’s always a possibility that you’ll be exposed to fire or other perils on your jobsite. Luckily, commercial property insurance can help you replace, repair, or rebuild your damaged property. Read on to learn how you can find the right coverage for your needs.
If you’re a concrete contractor, you likely use a variety of vehicles. From your personal car to your equipment truck, your business probably uses various vehicles. Business auto insurance can cover damages caused by your company and your employees, as well as liability coverage for any resulting bodily injuries. You should also consider hiring auto insurance for employees who use their personal vehicles. Liability insurance can help protect your business both during and after a construction job.
Errors and omissions
Contractors need errors and omissions insurance to protect themselves from claims and lawsuits based on negligence and faulty advice. In other words, this type of insurance protects your business from the financial costs of a customer’s lawsuit if your contractor makes a mistake. For example, if you mistakenly use the wrong type of concrete for a driveway, the cost of repairing it could be extremely high. Luckily, the insurance policy can cover the costs of repairs.
In addition to protecting you against lawsuits, you should consider obtaining workers compensation insurance for your company. While many states require that non-owner contractors carry this coverage, clients often ask about it anyway. Not only do clients want to protect their employees, they also want to protect their equipment. After all, most concrete projects require expensive equipment. You need to protect your investment by carrying the right coverage for your concrete project.