Masonry Contractor Insurance
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What Insurance Do Masonry Contractor Need?
Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused sobody financial loss. PLI covers your legal defense costs, damages and settlements.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
A Fiduciary Bond (or Surety Bond) protects a fiduciary - someone who is granted power over another person’s interests or assets via a will or contract - from being sued for alleged fraud, embezzlement, or dishonest acts.
Frequently Asked Questions
Why do Masonry Contractors need insurance?
Like any other business, masonry contractors need a variety of insurance to protect not only the business but your employees as well. The insurance will cover the cost for the risks that your business might be involved in like an accident and the costly lawsuits. This makes sure that your business assets are protected when a covered risk occurs by paying for the medical expenses, attorney fees, and court costs.
What risks do Masonry Contractors face?
Below are some examples of risks that masonry contractors can face:
- You completed a project for your residential client weeks ago. Today, you receive a call claiming that the project is poorly made. If your client sues your work, make sure you have the proper insurance set.
- Your employee or sub-contractor failed to meet the contracted deadline, causing your client to sue your business.
How much does Masonry Contractor Insurance cost?
There is no fixed cost of insurance for masonry contractors as insurance carriers will check for the size of your business, the coverage required and the number of employees you have to get the cost of your insurance policy. However, to give you an idea below is the average cost of the frequently bought insurance policies for masonry contractors:
- General Liability insurance costs $500 in annual premiums.
- Professional Liability (E&O) insurance costs $700 in annual premiums.