Building a solid insurance foundation for Masonry Contractors

Posted by Matt Simon on Jul 14, 2016

As a masonry contractor, you understand the importance of building a solid foundation.

You're responsible for the durability and quality of the overall masonry construction, from the materials you use, to the quality of mortar and workmanship, to the employees you hire.

Whether you’re constructing exterior or interior brick walls, decorative facing, concrete blocks, hollow tile, glass blocks, marble setting, stone walls or walkways, you’re exposed to risk and need to make sure you’re protected.

Like any other business, masonry contractors need a variety of insurance coverages to ensure their operation is protected. Additionally, rules and coverages can vary from state to state, so understanding Ohio masonry insurance is essential.

Commercial General Liability Insurance

If you run a masonry business, then a Commercial General Liability (CGL) insurance policy is a must, as it would protect when lawsuits or financial losses occur.

A typical CGL policy provides coverage for claims of bodily injury or other physical injury, personal injury (libel or slander), advertising injury and property damage as a result of your products, premises or operations.

For example, you completed an outdoor fireplace for a residential client months ago.  Just today, you receive a call where you customer is complaining, and claims that the structure is tilting and looks poorly made.

If your client sues you over your work, a CGL policy would cover legal costs and pay for settlements and damages.

As a safeguard against liability, CGL enables you to continue your normal operations while dealing with real or fraudulent claims of negligence or wrongdoing. CGL policies also provide coverage for the cost to defend and settle claims.

Commercial Auto Insurance

Commercial Auto Insurance is another important policy that all Ohio masonry businesses must consider because you’re relying on vehicles to get you from one client to another. Doesn’t matter if you have one truck, or a fleet of 100, you still need Commercial Auto Insurance.

The trucks or trailers that you’re using to haul your equipment should be insured. A Commercial Auto Policy can be used to insure vehicles for:

  1. Liability – this would protect the business owner in the event of an at-fault accident where the owner, or any employees, caused injuries to others while driving a company vehicle
  2. Physical damage to the vehicles owned by the business if they’re involved in an accident, stolen or vandalized
  3. Or both Liability and Physical Damage

For example, one of your employees could be hauling a trailer with several pieces of heavy equipment, and they’re involved in a severe collision with another driver.

Your employee is at fault, there is extensive damage to both vehicles, and there will be medical expenses for both drivers.

Your Commercial Auto policy could cover the property damage, the medical expenses and any potential legal costs involved.

Contractor’s Equipment Insurance

In addition to the vehicles that you’re using to haul equipment, you’ll also need to insure the equipment.

The standard Commercial Property Insurance policy provides coverage for your equipment, but it’s only covered while it's on your premises.

For a masonry business that routinely has most of its equipment away from its office premises, this creates a problem.

In order to protect these types of items that are regularly off your premises, you need an Inland Marine policy (also known as a Contractor's Equipment policy or floater).   

For example, you’re involved in a car accident when hauling a crane and scaffolding to your next project. Your Commercial Auto Insurance would cover the vehicle that you are driving, but it would not cover any equipment.

An inland marine policy could provide the needed coverage for any damage to your equipment.  

Conclusion

Finding the best insurance policy for your Masonry business in Ohio, and figuring out the types of coverage needed to protect your business, can be confusing, time consuming and difficult.

However, the right insurance protection is still critical to the success of your business.  Without it, you're one claim away from being out of business.

And remember, not all policies are created equal.

You probably wouldn’t go to your eye doctor instead of your dentist if you were having a toothache, right?  Just because they’re both doctors doesn’t mean they have the same skillset.

Just the same, you need an Insurance Advisor that understands your industry, your risks of loss, and how best to protect you and your business.

We can help.

We know the industry, we understand your needs, and we work with multiple insurance companies so we can deliver the insurance solution that’s perfect for your business, and your budget.

When you have confidence in your business insurance, you have greater peace of mind knowing that you can keep working to generate revenue, even when disaster strikes. 

To get started on your customized solution, contact one of our Licensed Advisors, or Request a Proposal and we’ll get to work right away.

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