Mudjacking contractors are part of the poured concrete and foundation contractors industry. These businesses are primarily engaged in pouring and finishing concrete foundations and their structural elements.
Over time, concrete slabs settle as a result of changes in the underlying soil. Mudjacking addresses changes to concrete slabs as they settle over time, fixing a wide array of problems and restoring the integrity of the concrete.
If you are a mudjacking contractor, you know the importance of business insurance. It gives you peace of mind while you are working and ensures that you can protect your business from property losses and lawsuits.
A local independent insurance agent can help you get the mudjacking contractor insurance that you need.
Why Do You Need Mudjacking Contractor Insurance?
Mudjacking is a type of concrete repair that starts with drilling small holes into the settled concrete slab. A cement slurry is pumped through the holes, filling voids or empty areas in the underlying soil and stabilizing the slab foundation. The slab can then be lifted back into its original position, and the repair is finished off by caulking any cracks and the mudjacking holes.
Mudjacking is ideal for all kinds of concrete slabs, including cracked sidewalks, sunken porches, uneven patios, fractured pool decks, damaged driveways, and sagging parking lots. For this reason, mudjacking contractors work in a wide variety of locations and environments and have to be adaptable to each situation. Yet in any location, problems can arise.
You can cause further damage to foundations, homes, or buildings that you’re working on. If you are responsible for damaging homes or businesses, or for causing injuries to bystanders, homeowners, or workers, you’ll have a lot to worry about.
Managing the risks associated with mudjacking requires implementing best practices for safety as well as protecting your business with customized business insurance. Having the right mudjacking contractor insurance protects your business from catastrophic litigation costs after an accident and a large claim. A comprehensive business insurance program designed for mudjacking contractors protects you from employee errors, public injuries, property damage, and more.
A local independent insurance agent can help you get the tailored insurance you need.
What Does Mudjacking Contractor Insurance Cover?
The use of heavy equipment, the exposure to the elements, and the labor-intensive nature of your work can all result in property damage, injuries, and serious financial losses. In the course of your work you can cause damage to buried public utilities, encounter serious worker injuries, damage third party property, or cause injuries to bystanders or other individuals on the job site.
Your valuable property (tools, equipment, etc.) is always at risk as well.
Mudjacking contractor insurance should cover lawsuits and significant property losses. It provides the funds to pay for medical expenses, attorney fees, and repairing or replacing damaged property that you are responsible for. While your mudjacking contractor insurance can’t prevent accidents and property losses from happening, it can protect you after a loss and help you survive for the long term.
What Are the Key Insurance Policies for Mudjacking Contractors?
Mudjacking contractors need a package of tailored insurance policies, including the following.
Commercial general liability (CGL) insurance provides coverage for many of the liability exposures you face. It pays for medical expenses and property damage for third-party injuries, and property damage caused by you or your employees. This may involve utility damage, foundation damage, pipe leaks, and other types of property damage or injuries that you cause in the course of your work.
CGL policies also usually include products-completed operations liability insurance that responds if you’re sued when work that you’ve completed is faulty and causes injuries or property damage. Completed operations insurance covers a contractor's liability for property damage or injuries to a third party once contracted operations cease. Contractors and manufacturers typically purchase additional or separate policies in amounts that have higher limits than what is provided in the CGL policy.
You’ll likely need proof of CGL coverage in order to be licensed by your state as well as in order to submit bids and be chosen for work on any projects.
Commercial umbrella insurance provides liability limits above and beyond certain other liability policies (e.g., CGL, commercial auto) at a more affordable cost than increasing the limits of several individual policies.
Commercial auto insurance covers your owned vehicles and drivers in the event of an accident or other vehicle damage that occurs. Commercial auto insurance provides coverage for property damage and bodily injury liability claims, vehicle damage, and medical bills, as well as any costs related to lawsuits due to auto accidents involving your vehicles.
Worker's compensation insurance protects your employees if they are injured on the job, or if they develop a work-related illness. Your employees are exposed to a wide variety of hazards, including falls, strains, lifting and back injuries, sprains, and exposure to dangerous equipment and machinery.
Worker's compensation insurance will help pay for an injured employee’s medical care as well as any income that the employee loses if he or she cannot immediately return to work after the injury.
Commercial property insurance covers your buildings, workspaces, and all kinds of commercial property, including equipment, tools, office furniture, computers, and more, if they’re damaged or destroyed by fire, smoke, theft, vandalism, or a weather event.
Commercial property policies typically include business interruption coverage. It 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.).
You’ll also need coverage for your valuable tools and equipment while they’re in transit to and from job sites and while they’re in use or stored at a site for the duration of a job.
- The heavy equipment that you use is expensive, and it costs a lot to repair or replace it. Equipment physical damage coverage covers the value of the equipment when it is damaged.
- 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.
- Consider adding an installation floater to your inland marine coverage, which protects materials left at a job site to be installed but are damaged before you can do it. If, for example, you drop off at a job site equipment or materials to be used at a later time, but find them vandalized and broken the next morning, an installation floater will likely cover your losses.
- A tools and equipment floater can normally be added to your inland marine coverage as well. It covers any leased or owned specialized tools and equipment you use while they’re stored at a job site. It can provide coverage for tools like hand tools, power tools, drills, jackhammers, contractors’ gear (hard hats, goggles, etc.), shovels, and wheelbarrows. It can also cover equipment like compressors, generators, excavators, backhoes, and other equipment that you use.
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What Other Insurance Policies Do Mudjacking Contractors Need?
Mudjacking contractors need a variety of other insurance policies to cover all of their unique risks.
- Employment practices liability insurance: Covers lawsuits related to discriminatory employment practices.
- Environmental liability insurance: Covers a variety of pollution exposures that you face.
- Contractors errors and omissions/professional liability insurance: Covers professional contractors, their partners, their employees, and the partnership or corporation for damages caused by providing or failing to provide professional services. You can be sued for providing erroneous advice or services, acts of negligence, or even omissions.
What Are Contractors Bonds and Do You Need Them?
You might need a variety of contractors bonds, or surety bonds, depending on the size and scope of the projects that you work on. Bonds are very important for contractors who work on commercial building sites. And you may be required to have certain kinds of bonds in order to secure the required licensing that you need.
Contractors bonds can be essential for finding, securing, and performing work. They are typically used to guarantee some aspect of the bidding process or building project and ensure the project owner that you are fully licensed, insured, and prepared to complete the project as promised.
Every type of bond is unique and tailored to a specific project. It’s likely that you’ll need various types of contractors bonds for most of the jobs that you do.
How Much Does Mudjacking Contractor Insurance Cost?
Mudjacking contractor insurance costs will vary depending on the size of your business, the number of employees you have, and how much commercial property (buildings, tools, and equipment) you have.
Insuring your business is complex. The types of coverage you need and can qualify for depends on several variables. You may need to find coverage through a specialty insurer who specializes in businesses like yours.
An independent agent who has experience working with mudjacking contractors can help you decide the types and amounts of coverage you need for your business. The choices you make will determine your cost of coverage.
Find and Compare Quotes
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies, so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right mudjacking contractor insurance. They’ll walk you through the handpicked policy options and explain the details.
Most importantly, they’ll 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.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get—but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-savings opportunities that an agent can help you take advantage of.
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.
TrustedChoice.com Article | Reviewed by Paul Martin
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