If you are in the concreting industry, appropriate insurance coverage is vital to protect against financial hardship if faced with lawsuits, accidents, or misfortune. A common problem for concreters is figuring out what type of insurance coverage they require and the price point for the appropriate insurance. While many concreters carry a Public Liability policy, there are other insurance for concreters that are often contractually required. Atlantic Insurance has been providing concreters insurance for decades and can advise you on the most suitable coverage for protection and contractual compliance regarding your concreting business.
Tool & Equipment Insurance
In the concrete industry, if your tools are stolen or damaged, it can impact your business operations. Having tools insurance will ensure you can keep working, as the tools can be repaired or replaced without being out of pocket.
Public Liability & Workers Compensation Insurance
Atlantic Insurance recommends that concreters have Public Liability and Workers’ Compensation Insurance. If they are involved in Design-and-Construct Contracts, they should also have Professional Indemnity Insurance.
A Public Liability insurance policy will protect you and your business against claims by third parties for bodily injury and property damage that you, your employees, or one of your products are responsible for. A Professional Indemnity policy offers cover in the event of a claim by a third party for financial loss due to negligent advice or negligence within your professional services.
If your concreting business has employees, you must have workers’ compensation coverage, which provides financial assistance if they are injured at work. It can also cover medical expenses or legal fees. Workers’ Compensation compliance laws differ from state to state. Atlantic Insurance has a strong understanding of the requirements for businesses around Australia and can help you coordinate this cover for compliance and financial security.
Income Protection Insurance
Income protection insurance is vital for concreters. If you cannot work due to injury or illness, it compensates for a portion of your lost income. This ensures you can still pay your bills and cover other living expenses.
Contractual Requirements
Some construction contracts may require specific types of insurance coverage. To ensure contractual compliance, you must remain aware of these contractual obligations and ensure your policies meet them.
Exclusions and Limitations
Understanding the exclusions and policy limits of your concreters insurance is essential. Atlantic Insurance can assist with identifying the specific risks you may face and arrange coverage that is suitable for the works you are undertaking. and time frame for which the cover is required.
Regularly Review Concrete Insurance
As your concreting business evolves, your insurance needs may require alteration to ensure you remain protected and compliant. We suggest that your concreter’s insurance be reviewed at least once a year unless a mid-term change in your business requires new cover or changes to your existing policies.
Comprehensive Concreters’ Insurance with Atlantic Insurance
Atlantic Insurance Brokers is privately owned. With experienced Client Managers and knowledge of the industry, they are dedicated to creating tailored Insurance Plans that meet your specific requirements. With personal claim handling and a focus on risk management education, Atlantic is an ideal choice for your concreting business. We take the time to find the appropriate policies and level of protection to protect your concreting business and understand that no two companies are alike.
With decades of experience, our insurance brokers can highlight risks you may not have considered. Our tailored business package insurance policies are competitive and designed to suit your budget. Call us on (03) 9836 3733.
Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.