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What You Need to Know About Asphalt Pavers Insurance
What types of insurance do asphalt pavers need?
The exact insurance you purchase depends on your needs. Not every asphalt paving business is the same, meaning no two asphalt paver insurance policies will be the same. However, there are general coverages any asphalt paving company should consider.
- Commercial Property: The success of your asphalt paving business relies on the property associated with it. Commercial property insurance can offer you a financial safety net if disaster hits and your business’s property is damaged by fire, weather, or smoke.
- Commercial General Liability: Protects your company against bodily injuries, property damage, product damage, copyright violation, legal costs, and more.
- Commercial Auto: Even if you use a personal vehicle for work, a personal auto insurance policy doesn’t cover the car while you drive it for work purposes.
- Inland Marine: Commercial property insurance doesn’t cover your asphalt paving equipment. This policy is specifically designed to protect your equipment, whether it’s at a job site or in your work yard.
- Workers Compensation: If any employees are injured or become ill on the job, this insurance can cover the payment of their medical expenses, lost wages, and rehabilitation costs.
- Equipment Breakdown: You never know when expensive equipment will break down. Equipment breakdown coverage will help if you can’t afford the sudden replacement or repair of equipment vital to your company’s success.
- Pollution Liability: Covers bodily injury claims, cleanup, and property damage caused by pollutants on properties you’ve paved.
Are there any exclusions or limitations in insurance policies for asphalt pavers?
Pollution coverage is the most notable exclusion you should worry about as an asphalt paver. In general liability policies, pollution liability is listed as an exclusion. You must purchase a standalone pollution liability policy if you want coverage.
Even if you take all the preventive steps possible, pollution can still occur. Maybe you uncover an existing pollution site, or a freak accident occurs, and you create a new one. With pollution liability insurance, you can help protect your business’s good name and bottom line.
How much does asphalt paver insurance cost?
Earlier, we mentioned that no one asphalt paving contractor insurance policy looks like another. The same can be said for your insurance premium as well. Because there’s so much variation between asphalt paving businesses, there’s no precise premium estimate. However, we can tell you what factors can influence your premiums.
- Your business’s location
- Claims history
- Size of your operation
- Number of employees
- Your chosen deductible
- Amount of coverage you choose
You’ve worked hard to build your asphalt paving business. The next step is to protect it. We’re happy to help you identify your needs and provide solutions to protect them.
We’d love to chat with you. Contact us today!