Business Insurance for a Concrete Company

As a concrete business, you have many obligations and expectations to fulfill. What type of insurance does a concrete company need?

Protect Your Assets

Property insurance is important. Many businesses like this operate in a building, either leased or owned. Protect that asset with property insurance.

You also have equipment you use at that location and onsite. All your equipment needs property insurance as well. Equipment insurance can help minimize the loss from a theft, for example. If you have vehicles you use to operate your business, commercial auto insurance is necessary. Be sure to update your policy to match the specific types of assets you own as they change.

Minimize Liability Risks

Concrete companies face many risks that they pose to others. A general liability insurance policy is a good start to guard against this risk. However, most companies need more than this.

• Professional liability insurance extends your basic coverage. It provides a higher limit for any advice or guidance you offer.

• Bonding is a form of insurance for the concrete company. It helps give your clients some peace of mind to encourage them to work with you.

• Employee liability insurance is necessary to protect against employee mistakes and dishonesty.

• Most businesses like this need workers' compensation insurance to cover employee injury.

Discuss all types of liability risks with your business insurance company. It pays to have a comprehensive policy in place to minimize the risk of financial loss. A small accident can leave a construction or concrete company unable to move forward.

A Business Owners Policy, or BOP, is one form of coverage to start with for most concrete companies. It provides basic coverage and encompasses your property and liability needs. You may need to expand this coverage, though. Doing so gives you more protection and safeguards your investments.

Do not operate without proper business insurance. A simple accident or mistake could make you liable for significant risks. Your agent will help you to choose coverage that best meets your needs. And, as your company grows, your coverage should grow and change as well. For more information on business insurance, our online resources can provide assistance.