Insurance for Concrete Contractors: Quotes From $12/month

Similar to HVAC contractors and drywall contractors, you face a lot of uncertainties. Whether you are contracted for formwork, placement of steel reinforcement, batching, finishing, or curing, a lot could go wrong during a job. Several risks can happen, including:

• Employee injuries due to improper lifting and freak accidents

• Breakdown of tractors and other equipment

• Respiratory illnesses or infections

• Chemical burns

• Falls

• Injuries from falling objects

• Theft and damage of supplies

• Liability over the bodily injuries or property damage of third parties

• Negligence claims

You ought to purchase cheap business insurance for concrete contractors. This is custom-designed to address the specific risks that you might face while on the job. Your commercial concrete insurance package will offer these policies:

General Liability Insurance for Concrete Contractors

Concrete construction accidents are bound to happen at a site despite your best plans. Suppose someone slips and falls on a wet patch of concrete and gets tracked across your client's floor. While these could purely be accidental, the aggrieved party might file a claim citing bodily injury or property damage. Overall, concrete contractor general liability insurance covers the following:

• Third-party injuries

• Third-party property damage

• Libel and slander

• Product liability

If you are running a small concrete contracting business, you could bundle general liability insurance with commercial property insurance. This will be in a business owner's policy (BOP) which ensures more comprehensive coverage at a significantly lower cost.

Note, however, that there are prerequisites to qualifying for a BOP. Specifically, you have to:

• Have fewer than 100 employees

• Work from a small workspace

• Make less than $1 million in annual revenue

• Require less than 12 months of business interruption insurance

Professional Liability Insurance for Concrete Contractors

As a concrete contractor, you will be contracted to provide advice, consultancy, designs, inspection, and certification, similar to tile contractors and paving contractors. By virtue of this scope of work, you are exposed to allegations of poor advice, negligence, and misinformation.

To account for such claims, you are going to need professional indemnity insurance (PII), also referred to as an errors and omissions (E&O) policy. The latter provides cover for the legal costs and other expenses that'll arise as a result of such claims. If it is decided that compensation must be provided to the aggrieved party, professional liability insurance will also take care of this.

Cyber Liability Insurance for Concrete Contractors

As a concrete contractor, you handle sensitive information, including your customer's credit card information. This makes you susceptible to hacks and ransomware attacks. To protect your business and your reputation, it would be best that you add cyber liability to your insurance package. Also referred to as data breach insurance, this coverage for concrete contractors, electrical contractors, and other contractors pays for:

• Notification of affected customers

• Data recovery

• Data breach investigations

• Cyber extortion payments, including ransom

• Threat monitoring services

Efficacy Insurance for Concrete Contractors

Suppose you are subcontracted to install a precast flood defense wall or a pre-cast lintel that either fails to prevent the flooding of the client's wooden flows or collapses under water pressure. In such a scenario, you want to have efficacy insurance as part of the basic foundation of your insurance package as a concrete contractor.

Also commonly referred to as inefficiency insurance, this policy is meant to protect your business in the event the measure you suggested and implemented "fails to perform" as anticipated. It is prudent to mention that in most instances, you'll find the efficacy insurance included in a standard concrete business insurance policy. Still, it is best that you inquire from your insurer of choice, as some insurers do, in fact, exclude it.

Workers' Compensation Insurance for Concrete Contractors

As a concrete contractor, there's quite the likelihood that you've got employees working for you. Unfortunately, as with any other construction gig, concrete contracting has a high risk of injuries. The latter could place a tremendous financial burden on your business which is where workers' compensation insurance comes in.

The policy pays for the medical expenses and missed wages when one of your employees gets injured while on the job.

While you might have health insurance already, it might not cover site accidents wholly, which is why workers' compensation insurance is a must-have. Specifically, workers' compensation covers:

• Immediate medical costs

• Ongoing medical costs, such as physiotherapy

• Partial lost wages during the time that the employee is unable to work

Note that most insurers will include employer's liability insurance as part of their workers' compensation offering. The employer's liability policy for concrete contractors, general contractors, and masonry contractors covers your business in the event that an aggrieved employee sues you. The policy will cater to attorney's fees, court costs, and settlements.

Contractor's Tools and Equipment Insurance

Your tools and equipment are at the core of your concrete contracting. If anything were to happen to these, it could mean downtime or even closure of business. To cushion your business from the cost of repair or replacement of these contractor's tools and equipment, it would be best that you invest in a contractor's tools and equipment policy. This policy will cover the following:

• Equipment less than five years old

• Small trade tools

• Mobile tools and equipment

An insider tip when investing in insurance for concrete contractors would be to check whether the "ripping and tear'' exclusion is present within the policy you intend to purchase.

You find that many insurers will apply this exclusion with the aim of reducing their exposure. The issue is that, as with pre-cast products and screeds, concrete can be expensive to dig out and remove. To further protect yourself, you want to have your insurer add back the ripping and tear cover into your concrete contractor policy. Note that this will attract an additional premium.

Further, you'll find that to further reduce their exposure, insurers will exclude the cost of repair or rectification of a product from the concrete contractor insurance offering.

Latent Defect Insurance

An additional policy you must have as part of your standard insurance for concrete contractors is latent defect insurance. Consider this. Most of the issues that will arise with concrete application and construction take some time to materialize. This policy resolves this gap by then covering the cost of repairs or rebuilding in the event of structural issues months after the completion of a contract.

Builders Risk Insurance

Builders' risk insurance is useful for undertaking large-scale projects. You can use this type of concrete company insurance policy to cover costs if materials or structures get lost or damaged due to fire, explosions, theft, fire, winds, and other covered perils. Note that builders' risk insurance for concrete contractors and swimming pool contractors doesn’t cover damage caused by faulty design or workmanship.

Concrete Pumping Insurance

Concrete pumping insurance is a specialty coverage for concrete pumping contractors. General liability, pollution liability, commercial property, and equipment breakdown insurance are all included in a concrete pumping insurance program. Liability coverage limits of concrete pump insurance range from $1 million-$10 million. Concrete pump truck insurance is also included, which fuses equipment breakdown and commercial auto insurance.

Concrete Truck Insurance

Concrete truck insurance is a specialized cover for the mixer you use for work. This covers not only the vehicle but also the activities it does. Also known as concrete mixer insurance, policies you can get from this are general liability, commercial auto, trailer interchange, and inland marine insurance. Sometimes, concrete agitator insurance might come with rental reimbursement coverage that covers expenses if you need to hire a mixer owned by another contractor.

Concrete Contractor Insurance Cost

Here's a breakdown of what you'll pay for the various policies you require as part of your concrete contractor insurance package:

The average concrete contractor insurance cost is $60 per month or $720 per year for a $1 million general liability insurance. The concrete contractor insurance cost will depend on several business factors. These include: 

• Number of employees 

• Prior claims history 

• Business assets and property owned 

• Business location 

• Size of your payroll 

To provide you with a better perspective, here's a breakdown of what you'd pay when working with the best concrete contractor insurance companies in the market:

It is prudent to mention that you can possibly find cheap concrete contractor insurance and ultimately save on your premiums. Here are a few tips to consider:

• Compare business insurance quotes 

• Bundle up your policies in a BOP 

• Implement a safety program 

• Classify your workers correctly for workers' compensation

Best Concrete Contractor Insurance Companies 

Being a concrete contractor is complicated enough without having to ponder over matters such as insurance coverage, loss of income, property damage, or legal expenses. As such, we've curated a list of the best concrete contractor insurance companies. Read to know their pros, cons, and rate for a $1 million general liability insurance. 

NEXT Concrete Contractor Insurance 

Pros 

• Best overall

• Get an online proof of insurance and send as a text message, email, or social media post

• Fastest general liability insurance for concrete contractors 

• Great customer service and reputation

• Issues an online proof of insurance instantly

• Outstanding value for money

• Bundle two or more insurance policies and get a 10% discount

Cons

• Couldn’t find any

NEXT insurance is your one-stop shop for your concrete contractor insurance policies. The provider has an easy-to-use online platform that makes it easy to instantly purchase a policy. 

If you are a small business owner that needs coverage fast and would prefer to manage your policies digitally, then NEXT is a great option for you. To get coverage, you are required to provide some business information. These include your annual sales, information on any property you own, the number of employees you have, the number of motor vehicles on your commercial fleet, and details of your prior insurance claims. 

Upon providing your details, NEXT will offer three coverage options-basic, premiere, and deluxe. Go for deluxe though it’s the most expensive. This offers general liability, professional liability, workers compensation, and commercial property insurance. You can also add commercial auto insurance. But note that this is underwritten by Progressive. 

Best for: Best overall; Fastest general liability insurance for concrete contractors 

Average cost: $40 per month 

Our rating: 9/10

CoverWallet Concrete Contractor Insurance

Pros

• Stable rates 

• Terrorism coverage can be added to general liability insurance

• Easy to name additional insureds on your policy

• Cancel a policy anytime without any charges

• Compare concrete contractor insurance quotes online 

Cons

• Not an insurance company but an insurance broker 

CoverWallet sells the concrete contractor insurance quotes of its partners. You can compare the features of coverage options through its online quotes comparison tool. 

This company’s concrete worker insurance packages typically offer general liability insurance, workers compensation insurance, and business owner’s policy. You can get professional liability and commercial auto insurance as add-ons with the help of a representative.

General liability insurance per occurrence and aggregate limit  is $1 million-$2 million. On the other hand, the property insurance coverage of the business owner’s policy is $50,000 minimum. 

Best for: Concrete contractor insurance quotes comparison online 

Average cost: $45 per month

Our rating: 10/10

Tivly Concrete Contractor Insurance

Pros

• Responsive customer service

• A partner of many reputable insurance companies

• Provides coverage even if your business profile is poor

• Call and compare concrete contractor insurance quotes over the phone 

Cons

• You need to call to get a quote 

Tivly covers you through its insurance program for construction companies and independent contractors. You can get general liability insurance, business interruption insurance, workers compensation insurance, commercial auto insurance, disability insurance, and commercial auto insurance from this. Performance bonds are also offered. Call Tivly now to compare concrete contractor insurance quotes over the phone and get covered. 

Best for: Comparing concrete contractor insurance quotes over the phone

Average cost: $47 per month

Our rating: 10/10

Thimble Concrete Contractor Insurance

Pros

• Quick to issue an estimate of your rates

• Short-term general liability insurance is available

• On-demand coverage

• Choose policy limits and deductibles

Cons

• Professional liability insurance isn’t available as a stand-alone policy

Thimble provides coverage through its contractor insurance package. Policies you get are general liability, professional liability insurance, and workers compensation insurance. Your general liability insurance from this company has a $1 million-$2 million per occurrence and aggregate limit. Moreover, you can decide to include equipment breakdown coverage and customer property coverage to the policy. 

Professional liability insurance has the same limits. Note that this is only available if you decide to get a general liability policy from Thimble. 

Best for: On-demand general liability insurance for concrete contractors

Average cost: $51 per month

Our rating: 9/10

Hiscox Concrete Contractor Insurance

Pros

• 14-day money-back guarantee 

• Worldwide coverage

• 5% discount if you get two or more insurance products

• Get insured online or with the help of an agent

Cons

• You need to upgrade general liability insurance for comprehensive protection 

Hiscox covers your business through its contractor insurance package for all kinds of contractors. Policies available are general liability, professional liability, workers compensation, cyber liability, and business owner’s policy. 

Best for: General liability insurance with worldwide coverage for concrete contractors

Average cost: $55 per month 

Our rating: 9/10

Travelers Concrete Contractor Insurance

Pros 

• Travelers has concrete contracting experts on board 

• Travelers provides online tools and innovative features for filing claims and managing your policies 

• Travelers has a good financial standing 

Cons

• Travelers lacks unique discounts 

• Concrete contractor insurance is not offered in Alaska, California, and Florida 

• Customer satisfaction rating needs improvement 

Travelers' concrete contractor insurance includes: 

• General liability

• Workers' compensation 

• Auto liability and physical damage 

• Umbrella 

As for how much you will pay for this policy, Travelers isn't forthcoming with information on the standard charge. You are, however, encouraged to get in contact and provide business information to get a custom quote. Travelers offers additional concrete contractor insurance options. These include: 

• Property coverage 

• Inland marine 

• Contract surety 

• CyberRisk

• Environmental liability insurance

• Owners' and contractors' protective liability 

• Commercial surety 

• Management and professional liability 

Best for: Online claims filing resources

Average cost: $60 per month 

Our rating: 9/10