Concrete Contractors Insurance
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.
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What Is Concrete Constractors Insurance?
Concrete Constractors Insurance is a insurance plan that provides liability coverage to Concrete Constractors businesses. This type of insurance will cover an accident involving a third party if it occurs on a site you are working on.
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.
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Instant Free QuoteConcrete Constractors 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 Contractors 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. Here are some of the factors that might weigh in on determining the cost of your Concrete Constractors insurance rate.
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The Sales of your business.
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The experience of your business.
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The size of your business.
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The location of your business.
Concrete Constractors Insurance Rates And Coverage
This table displays typical rates and coverage for Concrete Constractors General Liability for $1 Million/$2 Million Policy.
| State | Coverage | Guard | Liberty Mutual | Tokio Marine | SIS | Next Insurance |
|---|---|---|---|---|---|---|
| IL | 1M/2M | $2982 | $2955 | $2933 | $2748 | $3139 |
| IN | 1M/2M | $2934 | $2917 | $2845 | $2748 | $3101 |
| CA | 1M/2M | $3060 | $3043 | $2933 | $2781 | $3151 |
| PA | 1M/2M | $2958 | $2941 | $2933 | $2748 | $3101 |
| WA | 1M/2M | $2922 | $2911 | $2931 | $2748 | $3115 |
| GA | 1M/2M | $2922 | $2909 | $2815 | $2748 | $3115 |
| CO | 1M/2M | $2922 | $2917 | $2815 | $2748 | $3101 |
| TX | 1M/2M | $2922 | $2917 | $2831 | $2748 | $3101 |
Annual premium above includes unlimited certificates of insurance.
Rating assumes 150,000 gross revenues for Concrete/general contracting with 10% subcontractor costs.
Premium are subject to underwriting approval and financing charges may apply.
Key Insurance Policies For Concrete Contractors
General Liability
This 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.
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 Auto
If 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
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.
Worker’s Compensation
If 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.
Commercial Property Insurance
Commercial 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.
Surety Bonds
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.
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 Bonds
These 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.
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.
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Frequently Asked Questions (FAQ)
The following are common questions about Concrete Contractors Insurance.
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.
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.
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