Questions You Should Ask Before Renting or Leasing Space for Your Business
Questions You Should Ask Before Renting or Leasing Space for Your Business Whether you’re venturing out with your first small steps into the realm of
Looking for insurance for your paving business? As a contractor focusing on paving and asphalt, you understand the demand for your business, as well as the dangers. From the risk of injuries to accidents with machinery, keep reading to learn what insurance coverages contractors should consider.
As a contractor, there are a number of different factors that could affect how much you will pay for insurance coverage. Some of these include:
As a paving contractor, you rely on your equipment like rollers and compactors. Inland Marine insurance is a coverage that can provide financial protection for your business’s property that is transported over land or temporarily stored offsite. This coverage can help to protect a wide variety of property, such as equipment, products, parts, and even materials that are transported. If you are a business that has property that often moves from one location to another and/or which exceeds the coverage of a typical commercial property policy, you should consider inland marine insurance.
Workers’ compensation insurance can help protect your employees from accidents or illness caused by job duties. As a contractor, it goes without saying that your employees are vital to your business. Even with safety measures in place, paving and asphalt work can be dangerous. Depending on what state your business is located in, if you have employees, workers’ compensation may be a legal requirement.
As a business constantly transporting tools and materials to job sites, commercial auto insurance is a smart choice, even if you are leasing the vehicles. Commercial auto insurance policies typically have higher coverage limits than personal policies. Generally, commercial auto insurance covers things such as medical expenses for individuals who are injured in an accident involving your business vehicles, property damage from auto accidents, and damage to your business vehicles from certain covered weather events.
Sometimes called errors & omissions insurance, professional liability insurance can help protect you if a client believes that a mistake you made in connection with your professional services caused them harm and decides to sue you. In today’s legal landscape, it may make sense for your business to consider this coverage.
Whether your paving business focuses on residential or commercial, there are constant risks when working on someone else’s property, especially with machinery.
Commercial umbrella insurance can provide an extra layer of liability protection by covering costs that go beyond your other liability coverage limits (for example, medical bills from an auto accident) for covered claims. In other words, it picks up where your liability coverage stops.
A BOP, or business owner’s policy, typically bundles two common insurance coverages- general liability and commercial property. Usually these polices come with a cost savings compared to buying the coverages separately. Typically, it can help your business recover from events like thefts and fires.
While you are working hard to build your paving business, you should also make sure the insurance coverage that you have is appropriate for your business model. Insurance coverage needs will vary for different contractors. If you are looking to compare quotes, reach out to one of our local offices today. We work with dozens of different insurance carriers, from national names to local companies.
Whether your paving company has never offered employee benefits or you are looking for a more comprehensive plan, we can work with our carriers to offer you health insurance plan options. If you are looking to offer vision and dental benefits for your employees, we would be happy to discuss options with you. We have partnerships with the nation’s leading carriers as well as regional insurers to offer a variety of plans. We’ve helped thousands of businesses throughout the Northeast provide benefits for their employees, and would be happy to work with your business.
Even with prevention measures in place, pollution is still possible. As a paving contractor, you should take note that pollution coverage is a common exclusion in most general liability policies. Oftentimes you can purchase a separate pollution liability policy.
Before reaching out for a quote, it is helpful to gather some information about your business to save time. Your local insurance agent will likely ask you for the following, although they may ask for more information:
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.
Questions You Should Ask Before Renting or Leasing Space for Your Business Whether you’re venturing out with your first small steps into the realm of
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