Paving & asphalt professionals in Southwest and Central Florida often work under intense conditions. The heat from the materials, UV exposure, and the Sunshine State’s hot and humid conditions can make it dangerous work. In addition, exposure to hazardous materials, harmful contaminants, and the risk of injury when working on busy streets and roadways make commercial insurance and workers’ compensation coverage an absolute necessity to protect the business and owners’ personal and financial as The Importance Of Commercial Insurance for Paving & Asphalt Contractors.
The paving and asphalt industry faces unique and substantial risks. The extremely hot materials, the use of heavy machinery, and the need to work in public spaces are potential risks for accidents and property damage. Commercial insurance provides coverage for the significant costs associated with negligence, property damage, and employee injuries.
Understanding the Kind of Coverage Paving & Asphalt Contractors Need
A comprehensive insurance policy for a paving and asphalt company typically includes the following policies:
- Commercial General Liability (CGL) Insurance protects your financial resources against third-party claims of bodily harm and property damage. For example, if your paving machine accidentally damages a customer’s lawn or a pedestrian is injured on your worksite, this policy would cover the resulting medical, repair, and legal expenses.
- Commercial Auto policy insures your asphalt paver, dump trucks, utility trucks, and other vehicles against accidents, theft, or damage while traveling on the highway or parked at a job site.
- Workers’ Compensation is required under Florida law for any construction-related business, including paving & asphalt contractors with one or more employees. The policy covers medical bills and a portion of lost wages for employees who are injured on the job.
- Equipment Floater is also known as “inland marine” coverage. It covers your asphalt pavers, rollers, skid steers, and other tools and equipment against theft, fire, or damage while they are in transit or at a temporary storage location.
Commercial Insurance Cost for Paving & Asphalt in Florida
The cost of commercial insurance for a paving or asphalt company in the Tampa Bay – St. Petersburg area can vary widely, as it is considered a high-risk trade. Premiums are based on several factors, including your company’s size, its claims history, the type of work you perform, and your location. However, you can expect a standard $1 million policy to range between $2,500 & $8,000 annually.
What’s Covered:
Complete coverage for a paving contractor typically covers the following:
- Third-Party Property Damage
- Legal
- Fees & Judgments
- Injuries to Employees and Third-Parties
- Company Vehicle Accidents
What’s Not Covered:
- Routine Healthcare
- Poor performance
- Intentional harm
- Property Damage
Other Coverage Options for Paving & Asphalt:
Talk to your CIS agent about other insurance options that your firm may need, such as:
- Commercial Property Insurance: This policy protects your building, workspace, and tools and equipment stored at your business from risks like fire, theft, and vandalism.
- Commercial Umbrella Insurance: This policy provides an extra layer of liability protection that extends the limits of your underlying policies, such as General Liability and Commercial Auto, for larger claims, such as permanent disability or death.
Best Paving & Asphalt Insurance Near Me
At Commercial Insurance Specialists, we pride ourselves on being an independent agency you can trust. Our mission is to deliver outstanding service with a diverse array of insurance solutions tailored specifically to the paving and asphalt industry in the West-Central Florida region.
We work with clients in many industries, including electricians, architects, and masonry contractors, from Sarasota County to Polk County, including Bartow, New Port Richey, Clermont, and Lakeland. Just give us a call, and one of our licensed agents will be glad to find the best rates and coverage options for your business. Contact CIS today for a complimentary, no-obligation quote for paving and asphalt insurance, and take the first step towards protecting your business!
