Concrete Business Insurance

An extensive concrete contractor insurance policy typically includes the following coverages:

• Commercial General Liability (CGL) Insurance: CGL, or general liability, is frequently referred to as ‘slip and fall’ insurance. That’s because it covers your business’s daily operations from third-party bodily injury or property damage claims or lawsuits that may result from negligence or accidents. If, for example, a passerby trips and is injured on a sidewalk you are paving or repairing, CGL may cover their medical expenses and provide you with financial support to defend yourself if they decide to sue.

• Commercial Property Insurance: Commercial property insurance protects your business’s office and surrounding property, its contents (like your furniture and computers), and inventory, such as the materials you use to create concrete. If your business property is damaged by fire, flood, or extreme weather, or if your office or equipment is vandalized or broken into by thieves and items are stolen, commercial property coverage may cover you for those losses or damages.

• Tools and Equipment Insurance: It’s vital to protect your cement and concrete business’s tools and equipment from damages resulting from fire, flood, vandalism, or theft, and that’s what tools and equipment insurance is designed to provide. From power tools, hand tools, and safety gear to heavy equipment like bulldozers or cement mixers, no concrete contractor or small business should go without this coverage.

• Errors and Omissions (E&O) Insurance: Mistakes and oversights can happen to anyone in any line of work at any time, and cement and concrete contractors are no exception. That’s why it’s wise to include E&O insurance in your policy. E&O covers your professional services if there are errors, negligent acts, or failure to deliver a service as promised. For example, if you are sued by a client or business partner for neglecting to perform a task entrusted to you or if you make a mistake on a project, E&O may cover your legal defence expenses. It also provides coverage for your media and advertising initiatives if you are sued for defamation.

• Pollution Liability Insurance: Cement paving and concrete-related work may involve different kinds of pollution or environmental damages that occur either gradually or suddenly. Pollution liability insurance provides you with financial support for clean-up costs for environmental damage, transportation-related exposures by your equipment and vehicles, emergency response costs, and coverage for civil fines.

• Commercial Auto Insurance: You undoubtedly have vehicles you use as part of your work, which calls for a commercial auto policy. Unlike private-passenger car insurance policies, a commercial auto policy is designed to protect any vehicle used to transport people, tools and equipment, and materials. It features the same basic coverages as your private car insurance policy, with higher coverage limits. You can add optional coverages to a basic commercial auto policy, including collision or upset coverage to cover the cost of accidents if you’re not at fault and comprehensive coverage for damage or loss to your vehicle because of severe weather, vandalism, and theft.

• Legal Expense Insurance: If you need legal representation, hiring a lawyer can get expensive quickly. Legal expense insurance is a more economical option. It provides you with funds to retain an experienced lawyer for many reasons, including tax audits, employment disputes, debt collection, and contract disputes. It also covers costs if you wish to pursue legal action against a company or individual for damaging your property or harming one of your employees.