Concrete Contractor BOP Risks

As the owner of a concrete contract in business, you will encounter many risks from one day to another. Without basic commercial insurance coverage, you will find yourself struggling to keep up with both financial and legal issues that commonly arise. Everyday weather events, for example, can cause extensive damage is to your office buildings or other company property. When you attempt to deal with these issues alone, you’ll quickly find you have a variety of costs that need to be addressed at the same time. Repairing the building is expensive, and if it is unusable during repairs you may lose income while waiting. Similar problems can arise if something happens to valuable documents such as your accounts receivable, or to your office furnishings and other business assets.

Concrete Contractor Business Owners Insurance

concrete contractor BOP buying guide

A Concrete Contractor business owners policy provides different levels of benefits and protection. This commercial insurance can be structured to fit your specific corporate needs, while combining standard general liability protection with coverage for your business physical assets. Your company’s physical assets include obvious things such as an office building or workshop structure, other tangible assets include the contents inside your buildings such as your tools or inventory. Office desks, computers, chairs, file cabinets, and even cleaning supplies are also tangible asset. A BOP, or contractor business owners policy is what is needed to protect your company from the financial strain caused if these items are damaged or destroyed.

Coverage Under BOP Insurance for Concrete Contractors

Everything under General Liability: a business owners policy for concrete contractors automatically includes all of the standard benefits for general liability insurance coverage. This section of your BOP will ensure your company has reduced risk levels when liability lawsuits are filed. Your legal fees and settlements will be paid if you are found to be at fault for a bodily injury claim, personal or advertising injury claims, premises damage claims, and personal property damage claims.

Equipment Breakdown – a concrete contractor business owners policy will also protect you in the event that your equipment breaks down. Equipment breakdowns cost your company more than just the monetary repairs. You must also absorb losses in income if that equipment is necessary for standard business operations.

Buildings and Contents – like all companies, your company relies on having specific types of equipment available to operate successfully. You have buildings and structures where office equipment, computers, files and materials are stored and used. Unexpected events happen somewhere in the country every day. When your business is affected by these events, you may lose access to many of your critical assets. When your buildings are damaged, or your computers and other important office equipment is destroyed, you face losses in business as well as assets. A concrete contractor business owners policy will protect you from these losses and the resulting financial hardships they can cause.

Business Income and Extra Expense – catastrophic events often create a dual burden of decreased income and extra expenses simultaneously. When Office Equipment is destroyed for example, you’re unable to manage customer appointments and product schedules. You may have to delay the start or completion of multiple jobs and you may be unable to place new bids. At the same time, you may find yourself paying for temporary office space and rented furnishings.

Electronic Data– A Concrete Contractor business owners policy provides protection against the potential loss of important electronic data that you keep on your computers. Your company likely keeps important information on the computer. You may maintain raw inventory listings, customer contact lists, and project schedules among other things. You may even have custom software applications that you cannot afford to lose.

Other Important Coverages

  • A business owners policy automatically protects new buildings and structures that you build or buy for your company.
  • A concrete contractors business owners policy also pays for repair and replacement of outdoor signs when they are damaged.
  • A BOP pays for the costs involved with replacing valuable documents and paperwork.
  • Business owners insurance pays for the costs to repair any damages that happen to leased or rented property improvements your company has made.
  • A concrete contractors business owners policy will pay for claims defense and judgment related to dishonest actions from your workers.
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