Footing and Foundation Concrete Contractor Insurance

How to Find Footing and Foundation Concrete Contractor Insurance

Your guide to affordable business insurance

Residential Construction Site Foundation Walls. Find footing and foundation contractor insurance.

Concrete contractors who focus on the footing and foundation of buildings and homes offer a variety of concrete-related services with a focus on foundations. Whether your client is looking for pouring or repair services, before you head onto a job you need to make sure you're protected with business insurance

To find the right insurance, start with an independent insurance agent. They're experts in finding the necessary coverage for concrete contractors. 

What Risks Do Footing and Foundation Concrete Contractors Face?

Business insurance provides coverage in the event of an unexpected event that could lead to a major financial loss for you or your company. The right insurance will protect your property, employees, and materials you use. In particular, your footing and foundation concrete business faces the following potential business risks.

  • Employee injury or illness while working on a concrete job
  • Third-party injury or property damage on a job-site or company headquarters
  • Business property damage from wind, fire, smoke, vandalism, or similar events
  • Company-owned vehicle accidents
  • Poor workmanship or faulty foundation installation

Should any of the above occur, you need footing and foundation concrete contractor insurance to assure a mistake or unexpected event doesn't close your doors. 


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Footing and Foundation Concrete Contractors Need Liability Insurance

Liability insurance is crucial for contractors because it is required in most states in order to be a licensed contractor. Footing and foundation concrete contractors run the risk of multiple liability claims from third-party bodily injury or property damage to professional mistakes and auto accidents. 

Work with your agent to discuss the following liability options for your business.

  • Commercial general liability (CGL) insurance: Pays for liability claims related to third-party injury and property damage. This ranges from someone walking through your job site and tripping on equipment to accidentally destroying someone's yard while installing a foundation. 
  • Commercial auto liability insurance: Any company-owned vehicles including heavy trucks and cement mixers are covered under auto liability in the event of an accident, breakdown, or causing property damage.
  • Professional liability insurance: Footing and foundation concrete contractors are engineers. For this reason, you need a high limit of professional liability coverage in order to protect against any professional mistakes or errors that could lead to a liability claim.
  • Umbrella insurance coverage: Foundation work can involve high-value projects and construction areas. For some companies, the limits offered under general liability insurance are not high enough in the event that something goes wrong. Umbrella coverage offers coverage above and beyond your CGL limits. 

Most of the time, footing and foundation concrete contractors need as much liability insurance as they can get. Your agent can help you decide on policy limits. 

Do Footing and Foundation Concrete Contractors Need Property Insurance?

Independent contractors may not have a business building they call home, but property insurance comes in many different forms that you can most likely benefit from. 

  • Commercial property insurance: Covers your building, warehouse, office spaces, and any contents within the buildings if they're destroyed or damaged by fire, wind, hail, vandalism, or other similar losses.
  • Excess expense insurance: This is a form of business interruption insurance that helps pay for non-ordinary expenses in the event that your business is interrupted by a property loss from fire, wind, hail, or other events. The business interruption pays for general ongoing costs, but footing and foundation contractors most likely have non-ordinary expenses like needing to rent equipment, temporarily relocate into a trailer, or similar that would be covered under extra expenses.

Depending on how you operate your business and the size you may benefit from additional property coverage that your agent can assist you with.

Protect Your Tools and Equipment with Inland Marine Insurance

Without the proper tools and equipment, footing and foundation concrete contractors would have a hard time completing their work. You need insurance that covers your equipment whether it's in storage at your warehouse, in your vehicle, or on a job site. 

For this reason, you need inland marine insurance with add-ons to be fully protected. 

  • Inland marine insurance: Pays for any damage to your tools and equipment while they're in transit from your property to a job site. Should you be in an accident or a severe hail storm get in your way, inland marine pays to repair or replace your stuff.
  • Tools and equipment floater:  Since footing and foundation concrete contractors have a large number of tools and equipment, purchasing this floater will provide extra protection for your specialized equipment. Under this floater, you can pick a limit of coverage per equipment and it will provide coverage while in transit as well as on the job site while in use. 

Inland marine insurance is part of your property coverage that your independent agent can help you customize.

Additional Coverages for Footing and Foundation Concrete Contractors

In addition to the aforementioned coverage, footing and foundation concrete contractors should consider several other policies to assure you're fully covered.

  • Contractor bonds: Contractor bonds are not insurance coverage but are oftentimes required of contractors before starting a project. Bonds are a guarantee from the contractor that they will complete the project they're being hired for. Should the project not be complete, the client has the right to pursue the contractor to get their money back. 
  • Workers’ compensation: Pays for any costs associated with an injured or ill employee that occurs while on the job. This includes salaries, medical bills, and even lost wages for the company while the employee is out. Workers' compensation is required in most states. 
  • Employment practices liability coverage: Protects your company if an employee or former employee sues your business for engaging in an illegal practice such as harassment, discrimination, or wrongful termination.

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Benefits of an Independent Agent

In order to find the proper footing and foundation concrete contractor insurance, you need to work with an expert in the industry. An independent insurance agent has worked with a variety of contractors including those that specialize in concrete foundation work. They understand how much coverage you need and which policies will best serve you. 

Agents work with a variety of insurance companies including those that specialize in your type of business. They'll create a customized quote for you and review the policies, coverages, gaps, and limits with you one-on-one.

In the event that you need to file a claim, your agent will be there for you. They've helped numerous clients navigate the claim process and know how to make filing a claim seamless and successful.

Find and Compare Quotes for Footing and Foundation Concrete Contractors

Get a customized business insurance quote with an independent insurance agent today. Agents will chat with you, free of charge, and shop multiple quotes for you so that you don't have to.

After discussing options, you and your agent will pick a package that fits your business needs and has you feeling comfortable to move forward with your contractor work. 

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