The masonry industry poses numerous risks for employees, you, and your customers. Masonry contractors comprehend the idea of laying the foundation of a solid structure. It’s crucial to follow this advice and follow it to safeguard your company.
As a masonry business owner, masonry contractor’s insurance is among the essential foundations of your company’s base. This post guides you through the top types of insurance you can purchase to safeguard your small-scale company.
The Most Common Types of Masonry Contractor Business Insurance
Businesses that work with bricks and mortar face many hazards in their daily work. There are specific insurance policies that masons must have, and some you must consider protecting your company.
General Liability Insurance
An insurance policy must cover masonry companies for general liability. General liability insurance protects masons from claims of third-party injuries to the body and property of third parties. Public liability policies typically protect against advertising injuries and complete tasks for your masonry. Insurance policies for liability will protect you from court costs and legal settlements.
Commercial Property Insurance
A masonry contractor should incorporate commercial property insurance, also known as business property insurance, in their business insurance policy. Many times, masonry contractors run their operations out of a storefront that may have two functions: a showroom for the stock to be displayed and a warehouse for the inventory to be kept.
Property insurance will cover your company’s assets, such as inventory, furniture, equipment, and buildings. This policy would provide security if your home or business gets destroyed, damaged, or caused by hail, fire or wind, theft, or vandalism. Your insurance provider can fix the damage or replace it.
Business Owners Policies
Insurance companies may bundle commercial property insurance, general liability insurance, and business interruption coverage into a policy for business owners. An insurance policy for business interruption, sometimes called business income and additional expenses, may help pay for a business’s costs if it is severely damaged and inoperable. It covers loss of profits, taxes, payroll, and even a temporary place for operations if required.
Insurance agents can help determine whether the BOP is the right choice for your company! Insurance companies usually provide a business owner’s policy at a less expensive cost than buying each policy on its own. It’s typically only available to medium and small-sized companies.
Workers Compensation Insurance
Laying bricks and cutting stones is a labor-intensive and challenging task. The weight of the work can cause back and knee injuries. Bricks are a risk if they fall from pallets or loose brick falls off walls that aren’t entirely functional. Due to these dangers, insurance for worker’s compensation is essential when a masonry contractor employs anyone.
Insurance for worker’s compensation is mandatory in nearly every state. It gets designed to protect your company’s employees and your workers. If an employee gets injured while working, this policy will take care of their medical expenses and wages until they return. This policy will also shield your brick mason company from having to defend the injuries. How? Consult an experienced independent insurance agent to determine the amount of insurance you need.
Commercial Auto Insurance
Do you have an auto and trailer to transport bricks and other materials for masonry to construction locations? Suppose you are using any vehicle to conduct business. In that case, it is essential to have commercial insurance coverage for your business vehicles. Suppose your auto insurance company discovers that you used the car or truck to serve reasons of business. In that case, the claims you submit to them might not get protected.
Inland Marine Insurance
Inland marine insurance, sometimes referred to as contractor’s tools and equipment insurance protects the devices you use in your business. You likely go to work using high-priced tools in your car. Did you know that equipment not permanently connected to the vehicle gets covered under automobile insurance for commercial use? It would be best if you considered the possibility of inland marine insurance to safeguard your equipment and equipment for contractors while moving.
Builders Risk Insurance
The builder’s risk insurance will safeguard your masonry projects until they get completed. It covers any damage to your project and the materials and equipment you employ. Be aware that the insurance covers property damage only caused by an insured cause. Certain companies may require this coverage to protect their investment projects.
Professional Liability Insurance
Errors and omissions insurance, or E&O insurance, often known as professional liability insurance, covers you if you make mistakes in your work, are seen as careless as a professional, or are unable to complete your job on time. Insurance for professional liability is essential if you assist with designing plans or provide professional advice on masonry.
Commercial Insurance Ottawa can assist you if you’re looking for insurance options for your masonry firm. Contact us today for a commercial or business insurance quote at (613) 454-5640 or email us at info@commercialinsuranceottawa.com.