Granite Exterior Contractor Insurance

A Guide to Granite Exterior Contractor Insurance

Business insurance 101 for businesses like yours

Granite Exterior Contractor Insurance

Granite exterior contractors are specialized masonry contractors. They supply and install a variety of natural stone slabs (marble, granite, limestone, slate, etc.) and tiles on building exteriors.

Granite exterior contractor insurance is critical for protecting your business from financial losses when your property is damaged, your employees are injured, or you’re sued for some type of negligence. An independent insurance agent can help you assess the risks involved in your business, and help you get the business insurance that’s right for you and your budget.

Why Do You Need Granite Exterior Contractor Insurance?

Granite exterior contractors are highly specialized professionals. Some of the business risks that you face include the following difficulties.

  • Stolen tools and equipment
  • Liability claims arising from injuries or property damage that occurs at a job site
  • Fire, severe weather, or smoke that damages your office, warehouse, or storefront
  • Causing damage to a client’s home or personal property
  • Causing damage to another contractor’s work
  • Worker injuries or illnesses

For these and many other reasons, you need granite exterior contractor insurance to protect your livelihood at times when things go wrong.

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What Does Liability Insurance Cover?

Any time you perform work for and around the general public, you face a serious liability risk. In your line of work, causing property damage and injuries are not uncommon, and you need to be prepared to pay when you are at fault.

Several different types of business liability insurance policies can help.

You might also want to consider professional liability insurance. This coverage may be appropriate for your business if you consult with customers and recommend specific products or treatments. It's designed to protect you from the high cost of legal claims if advice or recommendations you provide result in loss to your customer.

What Does Property Insurance Cover?

Talk to an independent insurance agent who can help you decide which of the following types of policies you need to protect your commercial property.

  • Commercial property insurance: Covers your office space, shop, warehouse, or other buildings and their contents from losses due to fire, theft, vandalism, wind, hail, and other losses that can occur.
  • Business interruption insurance: 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, weather, vandalism, etc.).
  • Extra expense coverage: Pays for non-ordinary expenses (e.g., buying or leasing equipment for a temporary site, paying overtime, hiring temp workers) that are above and beyond your normal operating costs if you can’t operate out of your usual location or if your equipment is damaged from a covered event.

This coverage will help you protect your commercial property under a variety of circumstances.

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How Can You Protect Your Tools and Equipment?

You may also need the following types of coverage to protect your tools and equipment when they’re in transit or stored at a job site.

  • Inland marine insurance: Protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites, such as in your work trucks. It is especially important if you store your tools and equipment in your truck or another vehicle.
  • An installation floater protects materials left at a job site to be installed but are damaged before you can do it.
  • A tools and equipment floater covers any leased or owned specialized tools and equipment for your business while they’re stored on the construction site. It can offer coverage for tools like handtools, power tools, contractors gear (hard hats, goggles, etc.), and more. It can also cover equipment like compressors, generators, excavators, backhoes, and other equipment that you use at a job site.

The coverage you need depends on the type of tools and equipment you use and how you perform your work.

What Does Workers’ Compensation Insurance Cover?

Workers’ compensation insurance is required for most employers. It provides coverage for medical bills and lost wages when accidents or illnesses happen in the workplace.

Workers’ compensation insurance provides benefits to injured workers regardless of who is at fault for an injury.

Do You Need Construction Bonds?

Construction bonds, or surety bonds, are also essential protections for contractors and those with whom they do business. Bonds are essential to finding, securing, and performing work on all kinds of construction projects, and are often required by the project owner in order for your bid to be accepted. They serve as a guarantee for various aspects of the bidding process and construction contract.

There are several different types of construction bonds or contractor bonds, and each guarantees a different aspect of the bidding process and the contract.

How Much Does Granite Exterior Contractor Insurance Cost?

Insurance for granite exterior contractors can range from several hundreds of dollars per month to thousands. The cost will depend on the following information.

  • The size of your business
  • The number of employees
  • The types of tools and equipment you own
  • How many trucks and drivers you have
  • The size and scope of the projects you take on

The types and amounts of coverage you need to adequately cover your risks will dictate the cost of your coverage.

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Benefits of an Independent Agent

An independent insurance agent who has experience working with granite exterior contractors and other similar businesses can help you decide the types and amounts of coverage that you need for your business. The choices you make will determine your cost of coverage.

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 Granite Exterior Contractor 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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