A masonry contractor is responsible for installing various masonry materials including stone, brick, and concrete, around a home or commercial building,. Masonry is typically used on patios, siding, driveways, veneer and retaining walls. It is a highly laborious job that poses risks to the masonry contractor, as well as the property he is providing work for. Risks range from bodily injury to damaged property, all of which should be covered by proper business insurance for masonry contractors.
Types of Masonry Contractors Insurance
There are many different types of masonry contractor’s insurance policies that will cover each additional risk you are exposed to. The following are the main insurance policies you should be aware of:
Whether your masonry contractor’s business location consists of an office, yard for material, storage facility for equipment, vehicles, and supplies, you’re exposed to risks of property damage. Damage to your property, such as from a natural disaster or extreme weather conditions, is covered by property insurance.
Masonry Contractor’s Inland Marine Insurance
Inland marine insurance is in place to protect your masonry contractor business from damage or loss to tools or equipment while driving from one place to another. Since you’ll be driving with equipment and tools, which may include such things as cranes and scaffolding, an accident can occur during transit that may cause damage to your business property. If this were to happen, inland marine offers ample coverage.
As part of a general liability insurance policy, your masonry contractor business can also be protected from events occurring on your premises. For example, if a client comes in for a meeting to your business office, and trips over equipment laying near the entryway, the resulting medical or legal costs may be covered by premises liability.
Once the work is completed, the client might not be happy with the masonry services you provided. If the work isn’t what they hoped or there was some type of error or damage done, then the client can turn around and sue your company for damages. As part of a general liability policy, completed operations would help cover the costs of damages should this occur.
Builders risk coverage is a type of property insurance for masonry contractors that will cover any damage to the building currently being built. For example, if you are building masonry walls, and part of that building is damaged, it will be covered by the builders risk insurance policy.
The liability policies for your Masonry Contractor business all have coverage limits that they will protect you against in the event of a claim against you. Umbrella liability insurance increases your liability limits for all of these risks under one policy. It will protect your masonry business against claims that exceed your primary policy limits.
Masonry Contractor’s Surety and Fidelity Contractor Bonds
Fidelity and surety bonds for contractors are similar to business insurance, in that they are a contract that promises to complete something for a set amount of money. With a fidelity bond, the client has insurance against theft or embezzlement by an employee, or other events that may cause a loss. A surety bond is a contract between the surety and the masonry contractor business that clearly outlines the work which is to be completed. If the client fails to pay for services rendered or the masonry contractor does not perform work that was promised, the surety is then responsible for damages or loss caused.
Equipment, materials, and supplies left at job sites may be subject to not only vandalism, but theft. Crime insurance is there to help cover these risks.
As the owner of a masonry contractors business, you no doubt employ at least one other person. All of your employees should be covered by workers compensation insurance. This will ensure any work-related injuries and the resulting medical costs are covered by insurance. You don’t need to be responsible for these costs, neither do your employees. For example, if an employee is unloading concrete slabs from a truck bed and gets a back injury, the medical costs and missed income is protected by worker’s comp.
By getting these masonry contractors insurance policies, you are giving your business the best chance at protecting the many different risks you and your business are subject to.