Gunite and Shotcrete Contractor Insurance

Your Guide to Gunite and Shotcrete Contractor Insurance

Protect your livelihood with business insurance.

Gunite and Shotcrete Contractor Insurance

Gunite and shotcrete are two types of sprayed concrete.

Gunite and shotcrete contractors face a wide range of business risks, from employee injuries to causing property damage or injuries to third parties. What’s more, you risk loss to your property and equipment while your employees are out on the job.

Gunite and shotcrete contractor insurance is critical for protecting your business from financial losses. An independent insurance agent can help you get the business insurance that’s right for you and your budget.

Why Do You Need Gunite and Shotcrete Contractor Insurance?

Gunite and shotcrete were developed as a construction solution for tunnels, underground structures, slope stabilization, structural repairs, and swimming pools. The concrete materials are sprayed onto surfaces at a high velocity. The force of the spray consolidates and compacts the material and ensures that it adheres to the surface.

Gunite and shotcrete are essentially the same material, but gunite is the trade term for dry-gun concrete, while shotcrete is the common term for wet-gun concrete.

Here are some of the risks that you face as a gunite and shotcrete contractor.

  • Stolen, destroyed, or damaged 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 another contractor’s work
  • Worker injuries or illnesses
  • Auto accidents caused by your vehicles/drivers

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

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What Does Liability Insurance Cover?

Several different types of gunite and shotcrete contractor insurance policies are necessary to help cover your risks.

  • Commercial general liability (CGL) insurance: Protects you from the costs of liability claims and lawsuits. It can help you pay for property damage, medical bills, and attorney fees, court costs, settlements, and judgments. Most states require contractors to have a valid contractors liability insurance policy in place to get licensed, to bid on jobs, and to conduct any kind of construction work.
  • Commercial auto insurance: Covers your vehicles and drivers in the event of an accident or other types of vehicle damage.
  • Commercial umbrella insurance: Can cover you for claims that exceed the limits of your other liability policies (general liability and commercial auto).

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?

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.

You’ll also need the following to help you pay expenses if you have a temporary work disruption following a covered event:

  • 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.

An independent insurance agent can help you customize these policies to your unique needs.

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How Can You Cover Your Tools and Equipment?

Gunite and shotcrete contractors likely need to cover tools and equipment when they are away from the primary business premises. You may need the following to supplement your commercial property insurance.

  • 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. This coverage can be added to your commercial property policy.
  • A tools and equipment floater: Covers any leased or owned specialized tools and equipment while they’re stored on the construction site. It can offer coverage for tools like hand tools, power tools, contractors’ gear (hard hats, goggles, etc.), and more. This floater can be added to your commercial property policy.

An independent insurance agent can help you customize your property insurance to make sure that you have proper coverage for your valuable tools and equipment, wherever they may be.

What Does Workers’ Compensation Insurance Cover?

Workers’ compensation coverage 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 Gunite and Shotcrete Contractors Need Construction Bonds?

Construction bonds, or surety bonds, are 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 Gunite and Shotcrete Contractor Insurance Cost?

Insurance for gunite and shotcrete contractors can range from several hundreds of dollars per month to thousands. It depends on the size of your business, the number of employees you have, and the value of your commercial property.

Other factors come into play, as well. The types and amounts of coverage you need to adequately cover your risks will dictate the cost of your gunite and shotcrete contractor insurance.

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Benefits of an Independent Agent

An independent insurance agent who has experience working with gunite and shotcrete 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 Gunite and Shotcrete 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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