Insurance for Concrete Contractors
Contractors Insurance is an award-winning commercial insurance brokerage located in Ontario. Through the years, we have helped numerous contractors in getting personalized commercial insurance with exemplary coverage.
If your business’s main service involves building or renovating concrete structures, then you need concrete contractors insurance to protect you from industry-related risks. Our expert team can assess your business and put together an insurance plan that will fully protect you in the face of unforeseen events.
Our dedicated team doesn’t stop at giving you personalized insurance for concrete contractors. We provide assistance at every step of your insurance journey—from negotiating premiums to filing claims. You’ll never face the nuances of commercial insurance alone.
What Is Concrete Contractors Insurance?
Concrete contractors insurance is a term used for an insurance plan or insurance bundle that is specifically put together for concrete contracting businesses. Though this term is sometimes interchangeably used with commercial general liability (CGL) insurance for concrete contractors, the scope of coverage doesn’t have to end there. Concrete contractors insurance also refers to insurance bundles—with additional coverage—that are meant to target a wider scope of risks.
Here are some policies typically bundled in personalized concrete contractors insurance:
Commercial General Liability Insurance
Commercial general liability (CGL) insurance is vital for businesses that do concrete work because of the increased risk of third-party injury/property damage that comes with the job. There is an ever-present risk of falling tools/materials, concrete slabs falling from cranes, and so on. In addition, if the finished concrete structure fails, it can also cause third-party injury and property damage.
Commercial general liability, as part of your concrete contractors insurance bundle, will cover the medical, legal, and repair expenses if any of the following unforeseen events happen:
- Third-party injuries or property damage while the concrete structure is being built or renovated;
- Third-party injuries or property damage due to errors in workmanship;
- Third-party injuries that occur within business premises; and
- Advertising or reputational injuries (i.e. libel, slander, and copyright infringement).
Commercial Auto Insurance
Whether you have commercial vehicles for transporting employees or trucks for carrying materials and equipment, commercial auto insurance protects your fleet.
As part of your concrete contractors insurance bundle, this additional policy covers medical, legal, repair, or replacement costs in the following instances:
- Injuries and property damage caused by commercial vehicle accidents;
- Theft of commercial vehicles; and
- Vandalism on your commercial vehicles.
Commercial Property Insurance
Does your concrete contracting business have headquarters, offices, or storage areas? If so, then it is highly likely that you are keeping valuable tools, equipment, documents, computers, and so on in these physical locations.
Commercial property insurance will not only protect your commercial property and stored assets therein—but it will also protect you in case of business interruption.
Include commercial property insurance in your personalized concrete contractors insurance bundle to be protected from financial loss in case of the following events:
- Theft or vandalism;
- Natural disasters that damage the property or limit its accessibility; and
- Business interruption due to the above causes, which result in lost income.
Workers’ Compensation Insurance
Cement masons and concrete finishers face various risks when working with concrete, moving amidst busy construction sites, and working from heights. Falling slabs, falling equipment, chemical burns, and health problems from inhaling concrete dust are some of the common risks these skilled tradespeople face.
Therefore, concrete contracting companies need reliable workers’ compensation insurance that offers the following:
- Coverage for ongoing treatment costs for a work-related injury or illness;
- Compensation for lost wages while recovering;
- Disability benefits; and
- Coverage for funeral expenses.
Who Can Benefit From Concrete Contractors Insurance Coverage?
Concrete contractors insurance is recommended for all concrete contractors. This applies to both small businesses and larger companies. Tailor-fit insurance for concrete contractors is essential to protect your business from unforeseen events and consequent financial losses.
Why Is It Important for Concrete Contractors to Have Insurance?
Concrete contractors renovate or build structures like walls, decks, sidewalks, islands, patios, roofs, and so on. Some concrete contractors also offer extensive home building services, large-scale commercial concrete services, and municipal concrete services.
Ultimately, concrete contractors face various risks because the job tasks may involve:
- Working from heights;
- Working with high-powered tools and equipment;
- Working amidst busy, large-scale construction sites with moving heavy equipment;
- Working on projects that are close to third-party property and the general public; and
- Working with cement dust which can cause respiratory issues and wet cement that can cause chemical burns.
In addition to the above, faulty concrete workmanship can cause extensive damage and injuries. To provide protection from the above industry-related risks, insurance for concrete contractors is a must.
Concrete Contractors Insurance Claims Examples
Claims Example #1
A miscalculation by your employee leads to the eventual caving in of a repaired concrete roof. One resident is injured and a few personal properties are damaged by the accident.
The client successfully sues the company for bodily injury and property damage. Commercial general liability will pay for settlement fees amounting to $1,450,000.
Claims Example #2
On the way to a project site, your commercial vehicle gets into an accident that damages the unit as well as the other driver’s car.
If your business gets sued, commercial auto insurance will cover the legal fees and repair fees for both vehicles amounting to $20,000.
Claims Example #3
One of your employees is struck by a construction vehicle while working on a construction site. He sustains a fracture and won’t be able to work for two months.
Workers’ compensation insurance will cover lost income during recovery as well as medical costs amounting to $26,000.
Count on the Leading Provider of Insurance for Concrete Contractors
Here at Contractors Insurance, you can count on our customer-centric service for all of your insurance needs. When you bring your business to us, you can look forward to these benefits:
Personalized Insurance Plans
Are you tired of expensive plans with unnecessary riders? Let us help! We can create a customized insurance plan that protects your business in the most cost-effective way.
Utmost Transparency on Coverage and Limitations
Jargon and ambiguities often dominate the world of commercial insurance. At Contractors Insurance, we aim to do things differently. Therefore, we are 100% transparent when we take on your business. We’ll walk you through your policy’s details, such as when a claim is triggered and policy exclusions.
Thorough and Straightforward Insurance Education
Every client is a partner to us. You’ll have all the information you need to make informed decisions about insurance for concrete contractors. Our objective information and expert recommendations will always be available to you.
Frequently Asked Questions About Insurance for Concrete Contractors
On average, insurance for concrete contractors starts at around $45 per month for a coverage limit of two million dollars. Additional coverage can result in higher premiums.
Ready to Get the Coverage You Need?
Ensure the success of your business and get peace of mind with concrete contractors insurance that you can always count on. Contact our team today or get started with a quick quote!