Asphalt contractors provide services for many projects, from paving driveways and parking lots, installing tennis courts and repairing roads to pave driveways and parking lots. When hiring one it is essential that they be licensed and insured.
An inexperienced asphalt contractor could make costly mistakes during installation that may damage your property. Reputable contractors offer warranties on their work as well as insurance, bonding and licensing to protect themselves and you.
General Liability Insurance
General liability insurance for contractors is an essential component of any construction business, helping transfer risk associated with property damage and bodily injury away from their business and onto an insurer. By doing this, risks related to property damage and bodily harm can be transferred away from them and onto insurers instead – helping reduce the likelihood of lawsuits being filed against the business itself. It’s a requirement that businesses must have in order to work on any job.
Asphalt contractors often bring heavy machinery onto properties for projects, which may damage structures such as fences, homes and cars on your property. When this occurs, homeowners may turn to you for compensation; general liability will help cover legal fees or settlements up to your policy limits.
If your employees are involved with your paving project, workers’ compensation insurance is also a necessity. This policy covers injuries or illnesses sustained on the job as well as medical costs and lost wages; you can often find an add-on policy or standalone policies to meet this need.
Commercial auto insurance is another integral component of an asphalt contractor’s insurance portfolio, serving to protect vehicles against damages and liabilities while being driven by employees of your business. Your agent can assist in selecting appropriate coverage depending on how many and what kinds of vehicles are in your fleet.
Professional liability insurance should also be included when setting up an asphalt contractor business. This coverage can help cover claims filed by customers alleging your services have provided them with poor advice or services; how much coverage will depend on the services your business offers; however it would be advisable to secure it as a preventive measure against potential claims against it.
An asphalt installation project can be long and involved, but with the right team on board it can pay dividends in terms of both time and results. Lazaro Paving Corporation takes great pride in offering some of the best warranties available in Massachusetts; these include 1 year limited warranties on new paving, sealcoating and crack sealing as well as 90 day warranties on curbing installations.
Worker’s Compensation Insurance
Asphalt contractors often operate heavy equipment that could damage structures, fences or vehicles on the property where they’re working. Furthermore, workers in an asphalt crew might come into contact with hot materials or chemicals that cause serious injuries during work sessions – these injuries and damages can become very expensive to an asphalt contractor; Worker’s compensation coverage provides coverage against medical costs or expenses related to an employee becoming injured on the job.
Workers’ comp is an essential policy for asphalt contractors, even those self-employed ones, to carry. Many may assume they don’t require worker’s comp, however this could be dangerously misleading; without an active workers’ compensation policy in place and an employee being injured while working on your project could make you financially responsible and you could even end up being held liable. Workers’ compensation will help safeguard you as the homeowner from this potential scenario and is an absolute necessity for contractors with employees.
Contractors should purchase commercial auto insurance as an added layer of protection against damages or liability claims related to company vehicles used on projects, and it is especially essential for asphalt contractors with multiple vehicles that need coverage during project execution. A strong commercial auto policy should cover this liability.
Asphalt contractors should consider purchasing umbrella insurance as another measure to safeguard their business, providing extra liability coverage above that provided by general liability, business auto, and worker’s compensation policies. Such additional coverage could save your asphalt company from suffering significant financial losses should a lawsuit arise against it.
Insurance is designed to safeguard both you and your assets from financial loss. Therefore, any Massachusetts business must have appropriate coverage in place and make sure all their representatives understand it fully. Therefore, asphalt contractors should enlist the services of an agent or broker who can assess their needs and recommend suitable coverage options.
Commercial Auto Insurance
Asphalt contractors frequently rely on vehicles for business use. Commercial auto insurance (also known as business automobile liability insurance) offers protection from claims for property damage or injuries sustained from accidents in company-owned vehicles, offering an extra layer of security beyond general liability and workers’ compensation policies.
Professional liability, or errors and omissions (E&O), insurance provides asphalt contractors with protection from claims involving negligence or mistakes in their work that lead to financial losses for clients. It can either be added as an optional extra coverage in their general liability and workers’ comp policies or purchased separately as a standalone policy.
No matter if it’s for your driveway, parking lot, or street in front of your home repaved; hiring an insured asphalt contractor is essential. To verify their credentials and ensure work will be done properly and last into the future. Having proper insurance and bonding ensures work will be completed according to plan – something an asphalt surface provides long term value to any home or business and should be protected accordingly.
Umbrella Insurance
Umbrella insurance (sometimes referred to as excess liability insurance) is an extension of personal liability coverage beyond what your auto, home and boat policies can cover. It provides extra liability coverage in the event that damages or injuries exceed the limits of primary policies; as well as covering things like slander (false verbal statements) or libel (written lies), as well as legal fees or damages associated with lawsuits filed against you.
Most insurance providers offer umbrella policies, and you should typically be able to purchase one through either your current home or auto insurer. Before making a final decision about this type of coverage, however, it’s wise to compare quotes from various insurers before making your choice.
Asphalt contractors need the appropriate type of insurance in Massachusetts in order to operate successfully and protect themselves financially against costly financial losses that could otherwise be devastating for their company. Furthermore, having this coverage enables you to operate with confidence that you are meeting client expectations while offering them quality service at all times.
Our asphalt experts will manage and deliver a superior project experience for you. Paving projects include a 1-year limited warranty for materials and workmanship; sealcoating, crack sealing and line striping services carry 90 day limited warranties; other warranties may also apply depending on specific projects – please get in touch for more information!
Finding the appropriate insurance can be time consuming and stressful, but our expert team is here to assist in the search process for you. Give us a call or fill out our form now so we can start finding you coverage tailored perfectly to meet your needs!
No matter how careful you may be, accidents happen and being held liable could leave you facing huge financial judgments. That’s why having the appropriate types of liability insurance policies available is so vital; with many different options to consider it’s wise to spend some time searching out what fits best with your individual needs.
