Retaining Wall Construction Service Insurance

A Guide to Retaining Wall Construction Service Insurance

Follow these steps to protect your livelihood.

Retaining wall construction insurance

A retaining wall is a structure that holds or retains soil behind it. Retaining walls also add dimension, depth, and interest to a property while meeting the structural and aesthetic requirements of the customer and the unique makeup of the individual property.

Retaining wall construction services face a wide range of business risks. Retaining wall construction service 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 Retaining Wall Construction Service Insurance?

Here are some of the risks that you face in the retaining wall construction business.

  • Stolen tools and equipment
  • Liability claims arising from injuries or property damage that occurs at a job site
  • Collapses involving walls that you’ve built, causing injuries or property damage
  • 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

In some cases, you might think everything has gone to plan, but you can still be sued for a variety of reasons that you might not expect. For these and many other reasons, you need retaining wall construction service 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, property damage and injuries are not uncommon, and you need to be prepared to pay when you are at fault.

Several different types of retaining wall construction service insurance policies can help.

  • 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.

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 designs, products, or treatments. It's created 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?

An independent insurance agent 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 out of the 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.

Property insurance is essential to make sure you can recover after a serious loss.


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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.
  • 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 a large stack of bricks for a wall but find them vandalized and broken the next morning, an installation floater will likely cover your losses.
  • 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.), shovels, and wheelbarrows. It can also cover equipment like compressors, generators, excavators, backhoes, and other equipment that you use at a job site.

An independent insurance agent can help you tailor to your unique needs these policies and policy endorsements.

What Does Workers’ Compensation Insurance Cover?

Your employees are exposed to a wide variety of injuries while they are constructing retaining walls. These injuries can be debilitating, costly, and lead to decreased productivity and time away from work.

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 You 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 Retaining Wall Construction Service Insurance Cost?

Costs for retaining wall construction service insurance can range from several hundreds of dollars per month to thousands. It depends 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

If you are a sole proprietor with a few employees, working primarily on small residential jobs, you can expect to pay far less for your business insurance than company with multiple employees and the ability to work on large industrial or commercial projects.


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Benefits of an Independent Agent

An independent insurance agent who has experience working with retaining wall construction services and other similar businesses can help you decide the types and amounts of coverage that you need for your business, free of charge. 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 Retaining Wall Construction Service 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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