Liability Insurance

Paving Contractors Insurance

Paving contractors work with heavy equipment and hot asphalt to level and clear roads, driveways, parking’s, streets, athletics courts to ensure they are level. The asphalt used could be either hot or cold, depending on the job, with the cold one mostly for simple temporary repairs. Depending on the operations, the asphalt and concrete can be transported to the site or mixed on locations using hot mix plants.

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As a paving contractor working on a driveway or parking, having paving contractor insurance protects you from the risks associated with having a paving business. It protects your business from claims and lawsuits. Sometimes with no fault of your own, damage can happen. However, defending yourself to clear your name will require legal fees.

Cost of Paving Contractor’s Insurance

Several factors are considered while getting general liability insurance for a small business. For example, the services offered for driveways or streets, the equipment used, location, number of employees, sales, and experience.

Types of Insurance for Paving Contractors

Commercial General liability

This insurance is mandatory for all business industries, and it includes paving contractors. It covers third-party injuries and property damage and legal fees. For example, you damage a client’s property while installing the driveway. The client decides to sue you; the commercial general liability insurance will cover the legal fees and repair costs.

Professional Liability

Also referred to as errors and omissions, the insurance protects your business from claims from your services—for example, failure to deliver a promised service or shoddy work. In a case where work is already done and starts falling apart after a few days, the client can sue. E&O insurance will cover the legal fees and damages awarded.

Inland Marine Insurance

The insurance protects contractor’s tools and equipment if they are lost, stolen, or damaged. It covers the cost or repair or replacement of the machinery. A paving contractor’s business requires movement from one location to another. The policy ensures your equipment is protected at all times.

Other Insurance coverage’s that are essential include

Worker’s compensation -it covers employee work-related injuries and illnesses. The policy covers medical costs, lost wages, and lawsuits.

Commercial Auto– The policy covers third-party injuries and property damage caused by the contractor’s business vehicles. It covers the damage to the vehicle, third-party injuries, and vehicle theft or vandalism.

Why Paving Contractor’s need Insurance

As a paving contractor, there are risks and hazards faced daily. The services you offer will expose you to certain risks. For example, operating machinery with hot asphalt can cause burn injuries, direct inhalation of the tar can be toxic, and the danger of getting knocked down by a vehicle while working can happen.

Oversights can also happen, and if something goes wrong as the business owner, you are liable for any mishaps. Paying for any of the costs out of pocket can cause financial damages to your business. That is why it is important to have a reliable insurer to advise on the right coverage that your business should have.

Know the right policy for your business and the coverage for your business. Having the right paving contractor’s insurance could determine the survival of your business in the event of any damage.

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