General Liability Insurance for Concrete Contractors
According to current government statistics, the concrete and cement contractors is booming. It is an over $40 billion dollar a year industry that employs hundreds of thousands of people. A record amount of cement was poured in the United States last year. There is also a positive trend upward. In an industry this large, there is plenty of competition. To get work in this field you need to stay competitive and keep costs down. One way is to obtain Concrete Contractors Insurance at an affordable price. However, cost should not be your only concern. You also need to have a policy that has the coverage you need.
In the sections below, I will reveal some industry insider secrets that will allow you snatch business from your competitors. Following these simple secrets, you will increase your sales by as much as 23%!!!!
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“This is a ballpark quote and is subject to application/underwriting review. This is not an offer of insurance in any way.”At Contractors Liability, our highly skilled agents will work with you to get an all-encompassing plan formulated to get you the policies you need and keep you competitive in the concrete and cement market.
Concrete Contractor General Liability Rates for $1 Million/$2 Million Policy
|Policy Type||Trade||State||Coverage||Guard||Liberty Mutual||Tokio Marine||SIS||Next Insurance|
|General Liability||Concrete Contractor||IL||1M/2M||$2982||$2955||$2933||$2748||$3139|
|General Liability||Concrete Contractor||IN||1M/2M||$2934||$2917||$2845||$2748||$3101|
|General Liability||Concrete Contractor||CA||1M/2M||$3060||$3043||$2933||$2781||$3151|
|General Liability||Concrete Contractor||PA||1M/2M||$2958||$2941||$2933||$2748||$3101|
|General Liability||Concrete Contractor||WA||1M/2M||$2922||$2911||$2831||$2748||$3115|
|General Liability||Concrete Contractor||GA||1M/2M||$2922||$2909||$2815||$2748||$3115|
|General Liability||Concrete Contractor||CO||1M/2M||$2922||$2917||$2815||$2748||$3101|
|General Liability||Concrete Contractor||TX||1M/2M||$2922||$2917||$2831||$2748||$3101|
How Much Does Concrete Contractors Insurance Cost?The first question that springs to mind is how much does Concrete Contractors Insurance cost? The average price of a standard $1,000,000/$2,000,000 General Liability policy for small concrete contractors is about $80 per month, but is based on location, size, payroll, sales, and experience. As you can see, this is probably less than you spend each month on coffee. Your business and personal assets need protection. Why take the risk of possibly losing everything you have by operating without insurance? A basic General Liability policy for concrete contractors can be obtained quickly and easily. With the cost so small for the protection offered by a General Liability policy, getting coverage is a no brainer.
Key Insurance Policies for Concrete Contractors
General LiabilityThis is the bare minimum coverage you must have. General Liability Insurance provides concrete contractors protection from losses from their work. It covers property damage and injuries you may cause to third parties while you are doing concrete contracting work. Usually, most concrete contractors work comes from general contractors. As a rule, they require at a minimum that you have general liability coverage. These general contractors will not let you on the job site until you provide them with a certificate of insurance naming them as an additional insured on your policy.
EXPERT ADVICE: Just like general contractors, if you work with subcontractors, you must be named as an additional insured on their policies. If you fail to collect certificates of insurance from your subcontractors, you will not be able to deduct these amounts from your sales. The insurance company will then base your premium on these higher figures. As a result, your premium will be higher. If these subcontractors are not insured, any claim that may arise will go against your insurance. This will also increase the cost of obtaining concrete contractors insurance in the future. .
Commercial Property InsuranceCommercial Property insurance protects the property that your concrete or cement contracting business has. 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 peril cause damages the building or the machinery/equipment stored inside, your commercial property insurance policy would help to cover the cost of any necessary repairs or replacements.
Commercial AutoIf you operate vehicles in your concrete or cement contracting business, you need Commercial Auto Insurance. Your personal auto insurance policy will not cover any vehicles that are used in your business. This excludes your personal vehicle if you are using it for business. If you use vehicles for your concrete contracting business, you will need to purchase commercial auto insurance. This type of policy protects you against bodily injury claims from third parties. It will also cover vehicles and other types of property that are damaged as a result of an accident the driver of the cause of your commercial vehicle For example, if an employee runs a red light while she is driving a work truck, and hits another car, your commercial auto insurance would help to cover the damages of the other vehicle and any personal injuries up to the policy’s limit.
Worker’s CompensationIf 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 pouring of a load of concrete, the truck’s chute swings and hits an employee you will be covered. Workers’ compensation will:
- Pay for any related medical expenses.
- Cover wages lost during recovery
- Pay for any retraining if the employee is not able to return to their old position
- It can assist with legal fees, should the employee decide to sue.
- Assist with legal fees should the employee decide to sue
Surety BondsAt ContractorsLiability.Com we can handle all your bond needs quickly. There are 3 main situations that Concrete and Cement Contractors will need bonds:
License and Permit Bonds:Many cities will require you to obtain a bond before a permit or license will be issued. Curb cutting and street cutting bonds are also very commonly needed.
Payment and Performance Bonds:Contractors, governmental projects, 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. Larger jobs are usually less than 3% but the actual cost will be based on a careful review of the contractor’s business and personal financial statements.
EXPERT ADVICE: Do not forget to include the cost of the bond in your bid. If after the contract is awarded and an owner wants you to provide a bond check the specs of the original project. If there was no Payment and Performance bond mentioned make sure you pass this cost on to the owner.
Employee Dishonesty BondsThese 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 iPad in the homeowner’s car and decides he could use 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.
EXPERT ADVICE: Before talking about a job to a client spend a few dollars to get a laminated copy of your bond and insurance to show your potential client. You will look more professional and separate yourself from your competitors. You can ask them did the other concrete contractors they got or will get quotes from to have a bond and insurance. Even if your quote is higher most homeowners will choose the licensed and bond contractor versus one that is not. This will result in more work. More work means more money
Why Choose Contractors Liability For Your Concrete Contractors Insurance?There are many insurance agencies out there, and you might be tempted to go with the one you see constantly advertised on television or even one that is closer to home for your Concrete Contractors Insurance. However, if you want the best policy at an affordable price, you need to work with specialized agents like ours. Along with our customer satisfaction guarantee, we:
- Work with A-rated insurance companies, to get you service that you can trust;
- Provide you with customer service, tailored to your needs from a licensed insurance agent;
- Create a customized General Liability Insurance policy that fits with your needs;
- Provide a number of different financing options for all budgets;
- Provide you with the lowest price for the best coverage out of any of our competitors.
Why you should choose Us?
Our goal is to be a trusted advisor, deliver great customer service and provide excellent value.