Blacktop Contractor Insurance

What to Know about Blacktop Contractor Insurance

The coverage you need to keep your business safe.

Blacktop Contractor Insurance

Blacktop contractors are part of the specialized trades industry, and face a wide range of risks that can be financially devastating. Worker injuries, property damage, and lawsuits can threaten your assets and the long-term financial strength of your business.

Blacktop contractor insurance can help you mitigate your risks and protect your business. You need an experienced independent insurance agent to help you assess your risks and find the right business insurance policies from highly rated insurers.

Why Do You Need Blacktop Contractor Insurance?

Blacktop installation is a long, arduous, and tedious process that requires professional expertise while using a variety of heavy trucks and equipment to install several layers of surface. 

Blacktop contractors face numerous risks. Your employees can be injured while working, or your office or workshop could be damaged by vandalism, theft, or a severe weather event. What’s more, your expensive tools and equipment could be lost or stolen while you’re working at a customer site, and your employees can be involved in auto accidents while traveling from job to job.

Blacktop contractor insurance helps you mitigate the costs related to employee injuries, equipment and materials damage, motor vehicle accidents, and more. Because every blacktop contractor is unique, your insurance needs will be determined based on the size of your company, the number of employees you have, and the type of work that you do.

General Liability Insurance for Blacktop Contractors

Your commercial general liability (CGL) policy protects you in the event of third-party lawsuits, with coverage for attorney fees, court costs, settlements, and judgments up to the limits of your policy. CGL insurance would respond when a customer claims you damaged their property while installing a blacktop driveway, or when a vendor trips and falls while making a delivery at your office or workshop.

One of the biggest liability risks you face is causing some type of injury or damage while using a forklift or some other type of mobile equipment, like bulldozers, graders and backhoes.

Most bodily injury or property damage claims that arise out of the use of mobile equipment will be covered by your CGL policy. However, your CGL policy will likely exclude coverage if an accident happens while one of these vehicles is being driven on public roads. In these cases, the claim would be covered under your commercial auto insurance policy.

Commercial Vehicle Insurance for Blacktop Contractors

It’s a necessity for blacktop contractors to own multiple trucks or other vehicles to transport tools, equipment, and workers to and from job sites. You may also use dump trucks and other mobile equipment to do some of your work.

  • If you own trucks or other vehicles, commercial auto insurance covers your owned vehicles and drivers in the event of an accident or other vehicle damage that occurs. 

Your commercial vehicle insurance should also cover mobile equipment (forklifts, bulldozers, etc.) if they are driven on public roads.

You may want to talk to your independent insurance agent about your need for commercial umbrella insurance as well.

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Property Insurance for Blacktop Contractors

Blacktop contractors need to protect their valuable property and equipment.

  • Commercial property insurance: This covers your office space, warehouse, workshop, or other buildings and their contents for losses due to fire, theft, vandalism, weather events, and more.
  • Business interruption insurance: Typically included in property insurance, this reimburses you for lost income and helps pay for certain ongoing expenses if you are temporarily unable to operate due to a covered loss (fire, storm, etc.).
  • Inland marine insurance: This is another form of property insurance that protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites.

Why Do You Need Workers’ Compensation Insurance?

You need workers’ compensation insurance to help employees who are injured on the job. Installing blacktop driveways and parking lots can be dangerous for your employees. They may be required to use dangerous tools and equipment while working in unsafe environments. Your employees may be exposed to falls, cuts, abrasions, back injuries, and other unsafe conditions.

Workers’ compensation insurance provides coverage for medical expenses and lost wages for injured workers. Business owners are required to carry workers’ compensation insurance to protect their employees. Specific coverage requirements vary by state.

Do Blacktop Contractors Need Contractors Bonds?

You may need to purchase one or several contractors bonds for your business, depending on the types of jobs that you take (e.g., residential or commercial). Contractors bonds are often essential for finding, securing, and performing work for many types of projects that you might work on. They may be required by a customer in order for your bid to be accepted, and they typically guarantee some aspect of the bidding process and the contract. 

There are a variety of different types of surety bonds, including bid bonds, performance bonds, payment bonds, license and permit bonds, and maintenance bonds. Every bond is unique and tailored to a specific project.

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How Much Does Blacktop Contractor Insurance Cost?

In general, insurance costs for blacktop contractors will vary depending on the size of your business, the number of employees you have, the amount and value of your tools, equipment, and inventory, the location of your business, and other variables.

An independent insurance agent can guide you though your options so you get coverage that meets your needs and budget.

Benefits of an Independent Agent

Independent agents can work with numerous, reputable insurance companies who specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Find and Compare Quotes for Blacktop Installer Insurance

Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.

Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.

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TrustedChoice.com Article | Reviewed by Paul Martin

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