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You’ve worked hard to build an exceptional concrete construction business. But even the best concrete contractor might face a situation where a client accuses them of an error, and when that happens, your concrete construction insurance can come in handy!
There's no question about it — being a concrete contractor is hard work. From installing foundations, applying concrete finishes, and more, this is a labor-intensive career that requires a great deal of knowledge and skill.
But while you're working hard for your customers, who has your back if something unexpected happens?
That's where Simply Business comes in.
We're an online insurance platform that simplifies the process of finding personalized concrete contractor insurance. We can help you find the policy that protects you from the most significant risks you may encounter as a small business owner.
Ready to get the coverage you need?
Concrete contractor insurance can be customized to your unique business needs. It may contain a couple of policies that can protect you from the common risks and liabilities in your industry. When determining what insurance policies you may need, we recommend these two core policies as part of your comprehensive plan:
Do you conduct business out of a rented office building or space where customers meet you to discuss projects? If so, you might need to consider adding a general liability insurance policy to your plan. General liability (GL) insurance can cover the costs of third-party accidents, property damage, or bodily injury to a third party, such as a customer or vendor.
GL insurance is a foundational policy for a good reason: it can protect your business from significant claims and costs. Plus, with the average customer injury or damage claim clocking in at $30,000, it's no wonder GL is a popular policy for small businesses.
In other words, without general liability insurance, you may have to cover those costs with your own hard-earned money.
But how might general liability insurance work in a real-life scenario?
Let's say you've just wrapped up a big job for a customer. You feel confident in the work you provided, and you completed the project on time. However, not long after the project wraps, you find out that the concrete that was used was defective, and was not as strong as needed. Unfortunately, the structure that was built collapsed and damaged your customer’s car parked nearby.
So, what do you do?
If you have general liability insurance, your policy may cover the damages, as well as any legal fees if your customer takes you to court.
Here's what general liability insurance usually can cover:
General liability insurance usually does not cover:
If you have any full-time, part-time, or temporary employees on your team, workers compensation insurance may be required as part of your comprehensive insurance policy. This type of insurance can cover the costs related to employee injury or illness they sustain while working for you.
Many states require business owners who have employees to include workers compensation in their broader insurance policy. But every state varies; check to see your state's laws.
Not only is workers compensation necessary in terms of protecting your employees, but it also can be an essential part of protecting your business from major claims and expenses. It's estimated that the average work injury cost is $41,000, with 2018 chalking up $170.8 billion in claims.
With that being said, it's important to have workers compensation insurance as part of your overarching concrete contractors business insurance plan, even if you have just a few employees.
Workers compensation insurance for contractors can typically cover:
As a concrete contractor, you understand the value of hard work. But even if you give 100% to every job, you can still find yourself in a bad situation — like if a customer accuses you of a mistake.
Maybe you aren't sure if you need insurance for your concrete contractor business now. Perhaps you're still getting on your feet as a business owner, and adding another expense to your list sounds a bit daunting.
The reality is that business insurance can significantly reduce the risks you may face. Plus, your insurance premium can be minimal compared to what you could be at risk of shelling out if you were dealing with a claim or lawsuit. Remember that customers can file a claim against you or take you to court — even if you think you did everything right.
You can be as careful as possible, but that doesn't mean accidents and mistakes can't happen. Consider the most common incidents that can happen to small businesses, including their average costs:
Costs of that magnitude can be detrimental to a small business. However, if you have insurance for concrete contractors, your policy can cover some or all of the expenses resulting from a claim or lawsuit.
Did you know that 43% of small business owners have reported they've been threatened with or involved in a civil lawsuit? In other words, your customer could take you to court for claims of negligence or damages, even if you held up your project's end.
Don't risk your hard work, your reputation, and your money. At Simply Business, it's easy to get the right insurance plan for your business at the right price. Just answer a few questions about your business, and you can compare free quotes from top insurers.
Also, we can provide you with a certificate of insurance (COI), so you can show proof of insurance coverage to your customers, vendors, and more.
Because business insurance can be a bundle of several policies, you may be required to carry some coverage but not other coverage types.
For instance, perhaps your state requires you to carry workers compensation if you have employees, but not general liability insurance.
For the most part, your contractor business insurance premiums are tax-deductible by the IRS. We recommend speaking to an accountant if you have questions about your business's deductible expenses.
The amount of coverage your business may need will depend on a few components:
If you aren't sure what type of insurance coverage you need, don't worry, our licensed insurance agents are available to assist you.
If you're ready to check out your free quotes, it's a good idea to have the following information ready, to make the process as quick as possible:
It may, as your state may have different insurance requirements for concrete contractors than another state.
That's why our quote process is such a helpful part of designing your insurance plan. Our platform can narrow down the policies that will provide coverage to you in your state, based on your needs and location, and let you compare the prices and coverage limits of these policies.
Insurance for concrete contractors depends on the policies you need to meet your business's needs. If you opt for both core policies — general liability and workers compensation — your insurance plan can cover:
The cost of insurance for concrete contractors varies, depending on your business and its needs. In general, you can expect the price of your insurance premiums to be determined by:
Ready to see how much your concrete contractor insurance may cost? Just click here and get free quotes from top insurers across the country.
Simply Business is an online insurance brokerage that makes it easy to compare the best policies and quotes from top insurers. We're one of the fastest-growing online providers of small business insurance, which is why thousands of customers trust us to protect their businesses.
Why choose us? It's simple:
We're fast and affordable. You have a lot on your plate, and you don't have time to worry about your insurance coverage. Our policies are fast, affordable, and ready when you are.
We're flexible. Your business changes over time, so you need an insurance policy that can keep up. We're here to help make sure you're protected no matter what your business needs.
We understand your business's unique needs. You deserve an insurance policy that gets your business from the inside out. We can help you get that coverage.
You work hard to build your concrete contractor business, and you should have an insurance policy that protects that hard work.
This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.
*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.