Masonry contractors are responsible for constructing and repairing structures made of brick, stone, and other materials. Whether working on a residential or commercial property, masonry contractors face numerous risks on the job.
These risks can include property damage, bodily injury to workers or third parties, and legal claims stemming from work performed. Masonry contractor insurance is designed to provide financial protection against these risks.
Who Needs Masonry Contractor Insurance
Any business engaged in masonry work should consider purchasing masonry contractor insurance. This includes individuals working as sole proprietors, small businesses, and large corporations. Without insurance coverage, masonry contractors risk financial ruin in the event of an accident or lawsuit.
What’s more, masonry contractors may be required to carry insurance by state law or by their clients. Many property owners and general contractors will require proof of insurance before hiring a masonry contractor.
Types of Masonry Contractor Insurance
There are several types of insurance coverage that masonry contractors should consider. Some of the most common types of coverage include:
- General Liability Insurance: This coverage provides protection against claims of bodily injury and property damage caused by the contractor’s work. It can also cover legal fees and settlements if the contractor is sued.
- Workers’ Compensation Insurance: This coverage is required by law in most states and provides benefits to workers who are injured on the job. It can cover medical expenses, lost wages, and disability benefits.
- Commercial Auto Insurance: This policy is necessary if the contractor uses vehicles for business purposes. It can cover damages to vehicles and liability for accidents caused by the contractor’s vehicles.
- Equipment Insurance: This coverage provides protection for tools and equipment used by the contractor. It can cover damages or theft of equipment, as well as liability for damages caused by equipment.
- Umbrella Insurance: This coverage provides additional liability protection beyond the limits of other policies. It can be useful for contractors who work on high-risk projects or have significant assets to protect.
How Much Does Masonry Contractor Insurance Cost?
The cost of masonry contractor insurance will vary based on several factors, including the size of the business, the type of work performed, and the coverage limits desired. Generally, masonry contractors can expect to pay between one to several thousand dollars per year for insurance.
Masonry Contractor Insurance Requirements
In addition to state laws and client requirements, masonry contractors may also be subject to insurance requirements set by industry associations.
Masonry contractors should carefully review any insurance requirements they are subject to and ensure that they have adequate coverage in place. Failure to comply with insurance requirements can result in fines, lost business, and legal liability.
Commercial Insurance And Business Industry Classification
- SIC CODE: 1741 Masonry, Stone Setting and Other Stonework
- NAICS CODE: 238140 Masonry Contractors
- Suggested Workers Compensation Code(s): 5022 Masonry NOC, 5222 Concrete Construction in Connection With Bridges or Culverts
Masonry Contractor Insurance – The Bottom Line
Masonry contractor insurance is essential for any business engaged in masonry work. It provides financial protection against the many risks faced by contractors, including property damage, bodily injury, and legal claims.
There are several types of coverage available, including general liability, workers’ compensation, commercial auto, equipment, and umbrella insurance. The cost of insurance will vary based on several factors, and masonry contractors should shop around for quotes to find the best coverage at the lowest cost.
Compliance with insurance requirements is crucial for masonry contractors to avoid fines, lost business, and legal liability.