As a masonry contractor yourself, your company is constantly at risk for possible lawsuits due to an accident while on a job. As such, you should be certain to have the proper insurance in place, if you wish to keep your company safe from potential financial ruin. Masonry contractors are often faced with extremely high levels of liability for the negligence of their employees, which may result in serious monetary losses for the company. A basic policy for this type of protection will be sufficient to protect your company against these potential losses.
In most states, Masonry Contractor Insurance is classified as General Liability, which protects contractors for all types of liability due to work-related accidents on-the-job. Commonly, these types of accidents are caused by the negligence of a masonry contractor while on the job. Commonly, these could include injuries caused by ill-equipped workmen, falling debris, cutting tools, or faulty equipment. It may also include accidents that occur due to poor safety practices, such as leaving openings or non-employee controlled access. It may also include injuries caused by equipment failure, vandalism, and emergency situations.
To determine the amount of liability insurance coverage for your company, you will need to calculate your total payroll and look at the average cost per full day for each employee. You can figure out the average cost of wages for each year by multiplying the annual salary by 365. Once you have determined the average cost, add a percentage to this figure to determine your liability insurance premium. This premium is typically expressed as a percentage of the yearly salary. For instance, if your yearly salary is $40, then you should expect to pay a minimum of five dollars and fifty cents for each bodily injury liability insurance coverage that you require. However, many masonry contractors choose to include collision and comprehensive coverage with their Masonry contractor insurance policy.
There are several different circumstances in which a masonry contractor insurance policy would cover your employees during an accident. For example, if an employee suffered an injury that was caused by the negligence or inability of another person on the job, and that person caused that injury in the course and scope of his employment, the policy would cover that claim. Another scenario in which liability is covered by a masonry contractor insurance policy includes injuries which occur on the property of the business from events which occur off of the property, such as vandalism.
The instant quote web site for this type of insurance provides coverage for several different types of bodily injury. Most policies provide coverage for workers who are performing work within the vicinity of materials being installed or repaired, or who are in direct physical contact with those materials, as well as for incidents which occur on or near the work property. This does not mean, however, that a Masonry Contractor Insurance policy will necessarily pay out for incidents that happen off-site. The instant quote web site will only give a quote based upon the information you have provided. You will have to provide information about the property damage, and the nature of the injuries, to see if your coverage will cover these.
There are several other situations in which a Masonry Contractor Insurance policy might apply. If a subcontractor is injured while on-site and because of that injury, he is unable to complete work and must be removed from the premises, the company will often have coverage which takes care of any extra expenses he might incur while gone. Also, if a subcontractor’s property is damaged by an object which was brought onto or from the property of the main construction company, the coverage would include damages to that property as well. And coverage for incidents which cause physical harm or destruction, whether intentional or otherwise, might also be available to these professionals. To learn more about the different kinds of coverage that are available to masonry contractors, it would be wise to speak with your agent.