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Road paving contractors have physical business property and assets that would be painful to lose. Physical assets often get damaged when a big storm hits and can be very expensive to repair or completely replace when the damages are extensive. Even when that equipment simply breaks down however, without the proper level of business insurance you’ll find that your company must output a lot of money to get everything back into working order. Depending upon the timing of damages or breakdowns, this could create extreme financial hardships for your company. When multiple problems happen at once, the strain may be multiplied well beyond your capabilities.
Road paving contractor business owners insurance helps you address potential liability claims or issues and potential loss of physical business assets. Having a critical piece of paving equipment break down in the middle of a large contract, costs more than just the monetary amount of repairs. Your company may be fined because the breakdown puts you behind schedule. You may discover you’re having difficulty meeting payroll because the costs of repairs combined with the fine amounts is more than you were prepared for. A number of other issues can crop up because of one simple thing, and this often creates problems that can quickly spiral out of control. A business owners policy (BOP) gives you customizable options for making sure small issues don’t get out of hand.
Everything under General Liability - All of the foundational coverage you get with a general liability policy is included in road paving contractor business owners insurance. This includes bodily injury, property damage, medical payment and premises liability.
Equipment Breakdown – You know better than anyone how many problems a basic equipment breakdown can cause. If you’re working on a city, county or federal paving contract there are likely stiff financial penalties assed if you fall behind schedule. The financial strain combination of these two things alone can create catastrophic consequences for your company. Road paving contractor business owner's insurance pays for the repairs to your equipment so that the financial strain is minimized and the problems don’t escalate.
Buildings and Contents – Losing your business buildings or the contents that reside inside them also puts enormous pressures on your company. When the cause of the damages or destruction is covered by your business owners policy, you’ll be able to quickly recover and get on with taking care of business.
Business Income and Extra Expense – When covered events do occur they can cause you to have the added strain of needing to temporarily relocate one or all of your business activities. This normally adds expenses in the form of extra rent or leasing fees and the time spent moving your operations often causes you to lose income simultaneously. Road paving business owners insurance can cover these income losses and extra expenses.
Products and Completed Operations – Ideally, a project is completely finished once the customer signs off on the work and pays his balance in full. Sometimes issues arise after the fact however. The materials you used may be recalled, or the client feels that something you did when completing their paving project is responsible for later losses in business. A BOP covers these scenarios by providing for your legal defense costs and paying judgments when needed.
Electronic Data – Modern paving companies keep plenty of important records on a computer. Computers are not infallible however, and software or files can become corrupted or destroyed. Whether by computer virus or a faulty surge protector, your company can’t risk losing the valuable data those computers store.