The Importance of Insurance for Concrete Contractors

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Concrete contractors are an integral part of any construction project. From installing precast concrete to constructing foundations, culverts, and guttering, any of these areas could result in issues that result in claims.

For any construction company, obtaining insurance is integral to the continuance of business operations. Some concrete contractors may argue that insurance is an added cost, especially in the early stages of setting up. However, it should be a necessary part of your financial spending.

Concrete insurance is a requirement in some states and with good reason. The construction industry has many unforeseeable things that result in claims against the contractors. If you’re undecided about getting insurance coverage, here are 4 reasons why you should call insurance agents for quotations on comprehensive coverage.

1. To Get Contracts

Due to the possible liabilities that can occur while working in construction projects, most clients these days don’t work with concrete contractors who lack insurance. Everybody is trying to limit their areas of exposure.

If you feel that getting concrete insurance is expensive, you should perhaps think of it as a necessary ‘cost of business’ because without this policy, you may miss out on many contracts. If getting a policy covers you and gives you a better chance of getting contracts, then that’s a win-win for you.

2. To Avoid Financial Ruin

After working so hard to get several contracts, the last thing you want is a client suing you for one reason or the other. Your employees may also suffer injuries on the job, leading to medical bills worth thousands of dollars. While you may be in good favor with your employees, they will still hold you legally responsible for such injuries.

Additionally, your project could suffer damages from outside sources. For example, you could be in the process of constructing a house, but then a tree falls on it and ruins it. Having an insurance policy would cover the cost of repairs.

As a concrete contractor, you must protect your business from the financial ruin caused by claims. With the insurance options available in the market, there’s no need to take such risks.

3. You Could Receive Reimbursement in Case of a Lawsuit

A concrete contractor with a general liability insurance coverage may be reimbursed if they participate in legal defense. Additionally, your insurance policy could also cover the legal fees in case of a lawsuit. This includes lawyer fees or any court fees that may accrue as a result.

4. You Cover Yourself against Monetary Judgments

In case a lawsuit is brought against you, and the plaintiff wins some of the monetary compensation, your insurance coverage could make that payment for you. One can never predict the kind of accidents or incidents that can occur on a project and neither can you predict the verdict of a lawsuit. You, therefore, need to be prepared with a comprehensive concrete insurance policy.

Comprehensive Concrete Insurance Isn’t a Luxury

As a concrete contractor, you should invest in a comprehensive cover. Insurance companies have several packages that fit the needs of your business, irrespective of the size. It could be the difference between falling into financial ruin and surviving monetary claims.