Calgary Concrete Contractors Insurance
Whether you're a general contractor, a subcontractor, or the owner of a concrete company, you need the best possible concrete contractors insurance to prevent you from having to pay out of pocket for expenses such as legal fees, medical expenses, property damage remediation, settlement costs and more in the event that something goes wrong. At Krywolt Insurance, we have specialized concrete contractors insurance packages that are designed to address the perils you specifically are most likely to encounter over the course of your career. There's no such thing as a one-size-fits-all solution for insurance, which is why Krywolt Insurance will assess your unique insurance needs and provide you with a comprehensive quote with no obligation.
Why Is Concrete Contractors Insurance Necessary?
The nature of the work performed by concrete contractors means they are exposed to some major litigation risks, as well as the potential for injury or damage that can lead to serious financial losses, and concrete company insurance offers necessary protection against unexpected expenses that could spell the end for your business. One example of this is the location where the work takes place. Concrete contractors don't have the luxury of working on their own commercial property, because concrete must be poured at the location the client has designated. There may be other types of contractors working at the business property at the same time, site security may not be up to par, and the location itself may have some built-in perils, like a nearby body of water that has the potential to cause problems. Suffice it to say that concrete contractors don't have the same level of control over their work sites as someone who works on their own property, and that means there is greater potential for financial loss related to theft, fire, natural disasters, and more.
That's just one example—there are many other reasons why it's important to invest in Calgary concrete contractors insurance. Because it's physical work that involves heavy machinery and materials that could be destructive if they're used incorrectly, there is always the potential to cause accidental third-party bodily injury or third-party property damage. Regardless of how careful and conscientious you are, there's just no way to prevent or avoid every little mishap, accident, or mistake that could lead to being forced to defend yourself in a court of law, and the cost of litigation is typically more than your average person can afford without putting a massive strain on their budget. With the right Calgary concrete contractors insurance in place, you don't have to worry about those types of problems and more because you can rely on your insurance company to provide you with compensation to cover unexpected costs up to the coverage limits on your concrete contractors insurance policy.
Who Should Have Concrete Contractors Insurance?
Every type of concrete contractor or concrete business in Calgary needs comprehensive Calgary concrete contractors insurance, whether it's for one independent contractor or a large company with many employees because every one of them is exposed to risks that can be mitigated by concrete contractors insurance or concrete company insurance. That includes concrete professionals who deliver services such as:
- Footing and foundation building
- Cast-in-place concrete construction
- Gutter and curb construction
- Construction of flat surfaces such as driveways, walkways, and parking lots
- Damaged concrete repair
Business owners in the construction industry will benefit a lot from this type of insurance coverage.
What Types of Coverage are Available for Concrete Company Insurance?
Insurance coverage packages are designed to address the particular needs of the policyholder, so there's lots of room for variation when it comes to the coverage types that are included on any given concrete contractors insurance policy. That being said, there are a few types of basic and very necessary coverage that are included on most commercial business insurance policies, such as commercial general liability and commercial property insurance, and of course, concrete contractors insurance is no exception to that rule. Here is more information about the various types of coverage that are most recommended for Calgary concrete contractors insurance.
Commercial General Liability (CGL)
Commercial general liability is a cornerstone of any business insurance policy. This important, much-needed type of insurance offers liability coverage for situations in which you or one of your employees are accused of causing third-party bodily injury or third-party property damage, and legal action is brought against you. The commercial general liability portion of your concrete contractors insurance provides you with insurance compensation to cover the cost of hiring an attorney, court fees, and settlement costs for medical bills or replacement of damaged business property should you be found liable by the court. It may also apply to other related costs, such as legal mediation.
Commercial Auto Insurance
Since you have to work at numerous different locations depending on what your clients need done and where, it stands to reason that you have at least one commercial vehicle for that purpose, and naturally, it needs to be covered by auto insurance. As a concrete contractor or someone that offers concrete service, you likely have a specialized vehicle that is specifically made to carry concrete. But even if you just use your personal vehicle to get to and from job sites, it must be covered by commercial auto insurance. If you were to get into a collision on your way to the grocery store, the accident would fall under your personal car insurance. But if you got into a collision while moving between job sites, it would be covered by your commercial vehicle insurance because you're using the company vehicle for commercial purposes at the time of the incident.
Builder's Risk Coverage
Builder's risk insurance is a critical piece of the puzzle for most types of contractors, including concrete contractors. In an ideal world, you could show up, get the job done quickly and easily, and move on to the next. But of course, it doesn't work like that—construction projects take far longer than a single day, so in most cases, you'll be on a job site for multiple days or weeks. The longer your materials, tools, and equipment are at a site, the greater the risk that something could happen to them.
For example, you could arrive at a job site one morning and discover that a building on the property suffered a lightning strike, burning down and taking your equipment and materials with it. Or, you could leave tools and construction equipment in a supposedly secure place on the site, only to have them stolen or vandalized. In those types of scenarios, the builder's risk coverage would get you the insurance compensation necessary to replace building materials and damaged, destroyed, or missing equipment. It could also apply to the cost of clearing away debris from the incident or architectural costs necessary to restore the damaged work that you've already completed.
Pollution Liability Insurance
Concrete is not inherently damaging to the environment—but it still has the potential to cause environmental damage if it's in the wrong place, and you may need to work with toxic admixtures and chemicals that can pollute the environment if they're not properly contained. Pollution legal liability insurance is a highly-recommended addition to any concrete contractors insurance policy. It covers the expenses that can arise from either a sudden or slow pollution event, such as a slow chemical leak or sudden spillage of pollutants.
For example, you tell one of your employees to take care of cleaning and fueling your heavy equipment at a job site, and they carelessly let fuel or cleaning chemicals spill all over the soil. The property owner threatens you with a lawsuit to recoup clean-up costs, and your pollution liability insurance covers the expense of cleaning up the spilled contaminants. A polluting event can lead to a massive slate of expenses ranging from fines and civil penalties to emergency response fees, clean-up costs, and much more. With pollution liability as part of your Calgary concrete contractors insurance policy, you can get financial assistance from your insurance provider to cover expenses related to the polluting event up to the limits on your policy.
Additional Calgary Concrete Contractors Insurance Coverage
Frequently Asked Questions About Concrete Contractors Insurance
Do you have questions about Calgary concrete contractors insurance? Give our knowledgeable brokers a call at 403-879-8660—we're happy to answer any questions you may have quickly and easily so you have what you need to make an informed decision about your commercial insurance coverage. As insurance brokers, we focus on what's best for our clients. That means you can trust us to find coverage that is best suited to your unique insurance requirements. You can also find our replies to a few frequently asked questions below.
Is Concrete Contractors Insurance Legally Mandatory?
No, it's not—in fact, business or commercial insurance is not mandatory for most professions in Canada, with the obvious exception of commercial auto insurance. But just because you're not legally required to have concrete contractors insurance, that doesn't mean you don't need it. In all likelihood, you don't have tens of thousands of dollars all the way up to multi-millions of dollars that you wouldn't miss if you had to pay out of pocket for unexpected expenses such as hiring an attorney to defend you in court.
It's easy to assume you won't need insurance coverage because you'll simply be careful to follow the rules and regulations, but that's not realistic. Accidents happen, and events can occur that are completely outside of your control, leaving you to pick up the pieces. That just compounds a devastating, stressful situation by piling on serious financial setbacks that could bring your career to an end or severely hurt your business success. Why put yourself through that when affordable protection is available in the form of a comprehensive Calgary concrete contractors insurance policy?
Do Contractors Need Certificates of Insurance?
This is another good reason why you need to have comprehensive concrete contractors insurance. Most clients, general contractors, and companies will simply refuse to work with someone who can't or won't provide proof that they are properly insured. The proof they're looking for is a certificate of insurance (COI) that explains the coverage, limits, and terms of your Calgary concrete contractors insurance. If you can't produce a valid, up-to-date certificate of insurance to show to potential clients or employers, they simply won't hire you. That means you'll be leaving lucrative contracts on the table to be snapped up by your competitors who do have proof of concrete contractors insurance coverage.
How Much Does Calgary Concrete Contractors Insurance Cost?
While it's understandable that you want to know right now how much you can expect to pay for Calgary concrete contractors insurance, there's no way to give you a quote without knowing more about you, how you operate your business and other important factors that determine your risk exposures and how much it will cost you for concrete company insurance. That is determined by factors such as:
- How your business is run
- Coverage options
- Annual revenue
- Number of employees
- Location of business
- Past claims history
If you need more information about cost, no problem—call 403-879-8660 today to speak with the friendly brokers at Krywolt Insurance and tell them more about your Calgary concrete contractors insurance needs. We'll search out the best possible options for you and deliver an affordable quote for comprehensive concrete contractors insurance coverage.
