Concrete Contractors Insurance — Dependable Coverage for Your Business
Protect your concrete contracting business with tailored insurance solutions designed to cover industry-specific risks.
Whether you’re an independent contractor or managing a larger crew, our comprehensive insurance plans give you the peace of mind to focus on your projects without fear of costly setbacks.
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Why Concrete Contractors Need Insurance:
Concrete work comes with its own set of risks, and without the right insurance, a single incident could result in major financial losses. Concrete contractors insurance protects your business from:
- Concrete Contractor Insurance provides liability coverage for accidents involving third parties on job sites.
- Securing affordable insurance helps concrete contractors stay competitive and manage costs.
- It’s important to choose a policy that not only fits your budget but also offers the right level of coverage for your business.
- The concrete and cement industry generates over $40 billion annually and employs hundreds of thousands of workers.
- With the industry growing and competition increasing, having proper insurance is key to protecting your business and staying ahead.
What Is Concrete Contractor Insurance?
- Concrete Contractors Insurance is a specialized insurance plan that provides essential liability coverage for businesses in the concrete industry. This insurance protects your company from financial losses if an accident involving a third party occurs on a job site where your team is working.
- To succeed in this competitive field, it’s crucial to keep costs down while maintaining the right coverage. One way to achieve this is by securing Concrete Contractors Insurance at an affordable price that meets your business’s unique needs.
- While affordability is important, having a policy that provides comprehensive protection is equally critical. Ensuring that your coverage is adequate can protect your business from significant risks.
- According to recent government statistics, the concrete and cement industry is experiencing tremendous growth, generating over $40 billion annually and employing hundreds of thousands of people. With a record amount of cement poured in the U.S. last year, and a continued upward trend, competition in this booming industry is fierce.
- In an industry this large and competitive, having the right Concrete Contractors Insurance gives your business the protection and security needed to thrive.
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Coverage Options for Concrete Contractors
When it comes to Concrete Contractors Insurance, having the right coverage options is essential to protect your business from potential risks. Here are some key coverage options available for concrete contractors:
-
General Liability Insurance:
Covers third-party claims of bodily injury, property damage, and legal costs arising from accidents on the job site. -
Workers’ Compensation Insurance:
Protects your employees by covering medical expenses and lost wages if they are injured while working. -
Commercial Auto Insurance:
Insures the vehicles used in your business for transportation of materials, protecting against accidents and damages.
-
Tools and Equipment Insurance:
Covers the repair or replacement of tools and equipment that are lost, damaged, or stolen on a job site. -
Builders Risk Insurance:
Provides coverage for structures under construction, protecting against damage caused by fire, vandalism, or severe weather.
By choosing the right combination of these coverage options, concrete contractors can safeguard their businesses from common industry risks while maintaining peace of mind.
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.
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 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.
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.
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.
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.
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.
How Much Does General Liability Insurance Cost for General Contractors?
It is difficult to calculate the exact value of General Contractor General Liability Insurance because no two General Contractors do exactly the same type of work and the same amount of work. However, at ContractorsLiability.com we make sure your liability insurance requirements are being met.
These are the main factors in how Insurance companies determine your premium.
- Type of work being performed
- Amount of revenue of the company.
- The number of employees.
- Amount of coverage requested.
- The State where the company is located.
- The prior loss history(ie. Have there been insurance claims in the past 5 years).
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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 | $1085 | $1100 | $1115 | $1090 | $1105 |
| IN | 1M/2M | $1098 | $1102 | $1095 | $1110 | $1090 |
| CA | 1M/2M | $1535 | $1540 | $1550 | $1530 | $1545 |
| PA | 1M/2M | $1095 | $1088 | $1105 | $1110 | $1090 |
| WA | 1M/2M | $1105 | $1110 | $1090 | $1100 | $1098 |
| GA | 1M/2M | $1092 | $1100 | $1112 | $1095 | $1103 |
| CO | 1M/2M | $1538 | $1545 | $1525 | $1540 | $1550 |
| TX | 1M/2M | $1090 | $1085 | $1105 | $1110 | $1098 |
| LA | 1M/2M | $1540 | $1535 | $1555 | $1548 | $1530 |
| FL | 1M/2M | $1320 | $1315 | $1330 | $1325 | $1322 |
| NY | 1M/2M | $1650 | $1640 | $1665 | $1655 | $1648 |
Annual premium above includes unlimited certificates of insurance.
Rating assumes $50,000 – $100,000 gross revenues for Concrete/General contracting with 10% subcontractor costs.
Premium are subject to underwriting approval and financing charges may apply.
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Frequently Asked Questions
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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