Why do concrete businesses need insurance coverage?
If a customer's property is damaged during a pour, it could bury your business in debt. Concrete contractor insurance can help cover legal fees, medical payments, the cost of replacing stolen equipment, and other financial losses.
Find affordable coverage
Concrete construction businesses can save money while meeting their insurance needs by comparing quotes from top insurers.
Fill out Insureon's easy online application to get free quotes and advice from a licensed insurance agent.
What types of insurance do concrete contractors need?
These insurance policies cover common risks of concrete contracting businesses.
General liability insurance
General liability covers basic third-party risks, such as lawsuits over concrete tracked across a client’s floor. Bundle it with commercial property for savings in a business owner’s policy (BOP).
- Slip-and-fall accidents
- Damaged customer property
- Product liability insurance
Business owner's policy
A BOP bundles general liability coverage and commercial property insurance at a discount. It's often the most cost-effective type of insurance for concrete contractors.
- Accidents that injure clients
- Client property damage
- Damage to your building or its contents
Workers’ compensation insurance
Most states require workers’ comp for concrete businesses that have employees. It also protects sole proprietors from work-related injury medical bills health insurance may deny.
- Employee medical expenses
- Disability benefits
- Employee bodily injury lawsuits
Commercial auto insurance
This policy covers third-party injuries and property damage caused by concrete company vehicles. Each state sets its own requirements for auto liability coverage.
- Injuries caused to another person
- Physical damage and collision coverage
- Vehicle vandalism and theft
Inland marine insurance
This policy can pay for repair or replacement of a concrete contractor’s tools if they are lost, stolen, or damaged. It's also called tools and equipment insurance.
- Hand tools and power tools
- Equipment that travels to jobsites
- Personal protective equipment (PPE)
Professional liability insurance
This policy covers legal costs when a concrete contractor is sued for a mistake or oversight. It's also called errors and omissions insurance (E&O).
- Accusations of negligence
- Failure to finish a project on time
- Undelivered services
How much does insurance cost for concrete businesses?
A concrete contractor who works independently will pay less for insurance than a larger business.
Average concrete contractor insurance costs include:
- General liability: $119 per month
- Inland marine: $42 per month
- Workers' comp: $240 per month
Factors that affect premiums include:
- Services offered
- Business property and equipment
- Business income
- Types of insurance purchased
- Coverage limits and deductibles
How do I get concrete business insurance?
It's easy to get business insurance as a concrete company or contractor if you have your company information on hand. Our application will ask for basic facts about your company, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance (COI) with Insureon in three easy steps:
- Complete our free online application.
- Compare insurance quotes and choose policies.
- Pay for your policy and download a certificate.
Insureon's licensed agents work with top-rated U.S. insurance providers to find the most affordable coverage that fits your concrete business, whether you work as a contractor, subcontractor, or employer.
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Common questions about concrete contractor insurance
Take a look at answers to a few frequently asked questions (FAQs) about concrete company business insurance.
Are concrete contractors required to carry a license, bond, or permit?
Typically, it will be up to your state, county, and city laws as to whether you need a license to perform concrete work in your area. You may have to carry a special concrete license, or it could be included in a general contractor license.
When applying for a concrete contractor license, you may be required to secure a contractor general liability policy or surety bond. Additionally, even if not mandated, a client might request that you carry a bond. It's also a nice selling point for your business to be bonded and insured.
Depending on the size of your concrete project, you may need a permit, as they're usually needed for larger jobs. To determine if you need a permit, it's best to check with your local government regulations.
What other coverage should concrete businesses carry?
While general liability and workers' compensation offer significant protection for your concrete contracting company, it doesn't safeguard you from every risk. Some additional types of coverage to consider include:
- Cyber insurance helps small business owners recover financially from cyberattacks and data breaches. It's recommended for any business that stores customer data.
- Contractors pollution liability (CPL) insurance protects contractors against legal costs related to pollution, such as a lawsuit about construction site run-off that pollutes a stream.
- Commercial property insurance covers your building and its contents, such as tools, computers, and furnishings. It protects against financial losses from fires, storms, and burglaries.
- Business personal property (BPP) coverage can be added to your general liability policy to protect business property kept at a designated location, though you may not have a building.
- Inland marine insurance offers protection for tools and equipment while they're in transit or stored at a jobsite, since commercial property insurance only covers items at your business address. Types of inland marine coverage include contractor's tools and equipment insurance and installation floater insurance for materials awaiting installation.
- Commercial umbrella insurance boosts the coverage of your general liability, commercial auto, and employer's liability insurance once they reach the limit on a claim.
- Builder's risk insurance, also called course of construction insurance, helps pay for damage to a structure in progress and construction materials.
- Mobile equipment endorsement insures concrete pumps, backhoes, cement mixers, and other construction industry vehicles not covered by standard auto insurance.
How do I get cheap concrete contractors insurance?
Concrete contractors and other construction businesses can save on their premiums by comparing quotes from different insurance companies. With Insureon, you can get free quotes from top-rated insurance carriers by filling out one easy application.
A few other ways to save are:
- Bundling policies. One of the most popular options for low-risk businesses is a business owner's policy (BOP), which pairs your liability policy with property insurance.
- Customizing coverage. By choosing lower limits, a higher deductible, or certain coverage options, you can save on your premium.
- Focusing on safety. Ensuring there are fewer accidents on the job ultimately means fewer liability claims, which helps lower your insurance costs.
Learn more about how to find cheap concrete contractor's insurance.