Parking Lot Paving Contractor Insurance

Parking Lot Paving Contractor Insurance 101

Important coverage to protect your business

Parking Lot Paving Insurance

Parking lot paving contractors 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.

But parking lot paving 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 Parking Lot Paving Contractor Insurance?

When you’re paving a parking lot, it’s your job to ensure proper drainage around the site, prevent sinking, and make sure the surface will withstand conditions for the long term. But at any time, you can make mistakes, damage property, or cause injuries to employees or anyone who’s around.

You need parking lot paving contractor insurance to protect your business and your customers when certain problems arise. You can expect serious financial losses if you experience any of the following.

  • You damage someone else’s property or injure a customer or bystander
  • Your own tools, equipment, and machinery are damaged onsite by severe weather, fire, vandalism, or theft
  • Injured workers
  • Your own building or business premises is damaged
  • Your employees are involved in an accident while driving a company-owned vehicle

These are not the only risks you face. Parking lot paving contractor insurance helps you mitigate the costs related to employee injuries, equipment and materials damage, motor vehicle accidents, and more.

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Liability Insurance for Parking Lot Paving 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 paving a lot, or when a vendor trips and falls while making a delivery at your office or workshop.

If you own trucks or other vehicles, you’ll also need special auto insurance. Commercial auto insurance covers your owned vehicles and drivers in the event of an accident or other vehicle damage that occurs. 

You may want to talk to your independent insurance agent about your need for excess liability coverage, or commercial umbrella insurance. Commercial umbrella insurance provides an extra layer of liability protection to any of several other liability policies you might have. 

Property Insurance for Parking Lot Paving Contractors

Parking lot paving contractors need to protect their valuable property and equipment with several types of property coverage, including the following.

  • Commercial property insurance: 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: 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.).
  • 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.
  • 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.
  • An installation floater: Protects materials left at a job site to be installed but are damaged before you can do it. If, for example, you drop off tools and materials before you begin a paving project but find them vandalized and broken the next morning, an installation floater will likely cover your losses.
  • A tools and equipment floater: This can normally be added to your property damage coverage. It covers any leased or owned specialized tools and equipment for your foundation business while they’re stored on the construction site. 

These and other policies and policy endorsements can be customized to cover your unique risks, and together make up a large portion of a comprehensive parking lot paving contractor insurance program.

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Why Do You Need Workers’ Compensation Insurance?

You need workers’ compensation insurance to help employees who are injured on the job. Paving parking lots and other surfaces can be dangerous for 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 You Need Contractors Bonds?

You may need to purchase one or several contractors bonds for your parking lot paving 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. This would typically come into play if you are working on a commercial or municipal project.

How Much Does Parking Lot Paving Contractor Insurance Cost?

In general, insurance costs for parking lot paving 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 a variety of other variables.

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

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Benefits of an Independent Agent

An independent insurance agent who has experience working with parking lot paving 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.

Find and Compare Quotes for Parking Lot Paving 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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