08 Oct Top Insurance Considerations for Paving and Grading Contractors

Paving and grading contractors have a reliable amount of business. There are always streets and sidewalks that need to be repaved, potholes to fill, and plenty of spots that need to be regraded so that rainwater flows properly down them without puddling. With so many clients and projects, it can be easy to overlook other important things, like insurance.

What types of insurance does a paving and grading contractor need? And which options can help you protect your business? Here’s a quick breakdown of the types of policies that your paving and grading business needs.

General Business of Contractor’s Insurance

General business insurance is a must-have. This type of insurance consists of several different things, such as:

Liability Insurance – Your business needs to be covered should something happen on your property. From customers slipping and falling on the sidewalk to people getting injured in your parking lot, your liability insurance can save you from expensive lawsuits.

Building Coverage – The building that your company operates out of plays a crucial role in the business. What happens when your offices are flooded or your workshop, where you store all of your tools, paving vehicles, and other equipment, gets hit by a high windstorm? This insurance coverage will help your business get back on its feet by paying for repairs and new equipment, if necessary.

Tools and Equipment Insurance

Your company wouldn’t be able to function without your tools and equipment. What happens when a paver machine breaks down on the way to a job? What about when your asphalt patching equipment gets damaged in transit? This is where tools and equipment insurance comes into play. This type of insurance can help you pay for the repairs to your equipment or assist with the cost of renting new tools while you wait for those repairs to be done. After all, you can’t leave your customers waiting.

Errors and Omissions Coverage

Mistakes happen no matter how hard your employees try. Should a driveway get paved incorrectly or a sidewalk ends up looking wonky, your business could be launched into financial trouble. Thankfully, if you have errors and omissions coverage, your insurance could help with the expense of redoing that driveway or sidewalk, saving you from having to pay out of pocket.

Workers’ Compensation Insurance

If you’re paving and grading business hires employees to get the jobs done, then you need to have workers’ compensation insurance. This insurance helps pay for medical costs, work hours missed due to the injury, and more should an employee get hurt on the job. Without this coverage, you’d be facing an expensive lawsuit should the company be found liable for the injuries.

Need Insurance for Your Paving and Grading Business?

Do you need insurance for your paving and grading business? If so, contact Spivey Insurance today. Our knowledgeable employees and agents can help you determine which types of insurance you need, as well as what your coverage amounts should be. This way, your business will be properly protected.