Concreter’s Insurance that saves money & provides the right cover!

The Perfect Concreter’s Insurance

Most customers that we speak to talk about two problems:

1. They are not sure what cover they require;
2. What is the right price for the cover they need, are they going to get a good deal or not?

And rightly, these are good problems that you are trying to solve. The perfect insurance for concrete company needs to provide the right coverage at the right price.

The Relevant Insurance For Concrete Contractors

There are occupations that are pretty low risk and then there are others which generate a lot of claims. Insurers see them as high risk occupations – higher number of claims that cost a lot.

In their terminology, insurers classify them as high loss ratio occupations.

Concreters are one of those occupations which generate quite a few claims. Understanding what type of claims they are and how you can manage those risks is critical in making your insurance relevant.

Common Risks for Concreters

Whilst there are a lot of risks that any business can be subject to, the purpose of this page isn’t to discuss each one of those.

We are focussing the one’s that generate more frequent claims and even the start up and young businesses should consider.

1. Motor Vehicles (Utes, Trucks etc.)
2. Plant & Equipment (Excavators)
3. Liability (Public & Product)
4. Personal Injury & illness

Motor Vehicles

Concreters are on the road all the time. Driving to and from worksites, collecting materials, visiting customers to quote or meeting builders and other business colleagues.

The more you are on the road, the higher the chance of having an accident. Whether its your fault or not.

A short trip to the shops or on the freeway can often reveal how poorly some people drive. Listen to the radio in peak hour, not a day goes by when the traffic blockage isn’t because of an accident.

Long story short, vehicular accidents happen frequently and your vehicles need to be insured on a business use policy.

Public Liability Insurance Concreters

Among the common trades, concreters are only second to Plumbers when it comes to the number and the cost of claims. No wonder why the price of insurance for concreters is so high.

Bulk of the claims in relation to liability are due to damage to other people’s property. Most insurers put an exclusion on the policy that relates to “Dial Before You Dig”.

This is because a big number of claims that are a result of damage to underground services at the time of excavations.

Personal Injuries to others at worksites is also a big risk so much so that insurers want to put all onus on the insured to ensure the safety of others at all times.

They do so with putting a very high excess on personal injury claims brought about by sub-contractors or hired labour particularly.

Personal Accident & Sickness Insurance

How many concreting contractors out there are sole traders that are not covered by any workers compensation insurance?

The answer is too many!

When people start out, they don’t have much spare cash to splash on “expensive” insurance.

Starting out as a sole trader is cheap and you are not required to have workers compensation insurance however the risks of bodily injury and illness remain at worksites.

Personal Accident insurance is a no brainer in our view point and many are totally uninsured.

For a fit for purpose insurance set up, please give us a call or send us an email and we will be more than happy to look after you. Happy Concreting!