Concrete Contractor Business Insurance Information

concrete contractor business insurance

The unforeseen challenges of the last few years have taken a devastating toll on many industries. Some will never recover. Not so for the concrete industry according to global technology research and advisory company Technavio. Their carefully studied predictions report an expected market growth of $335 billion USD over the next five years.

This is good news for big and small concrete contractor businesses. Some things may have changed forever, but humans will continue to build and concrete is a globally in-demand material. That is a concrete fact.

However, we must be realistic and acknowledge the impact of recent events on contractors and businesses.

Impact Of Global Events

According to industry research specialists IBIS World, the Concrete Contractor industry will suffer a predicted 26.4% decline in revenue as a result of the COVID-19 pandemic.

The contributing factors are;

● Shortage of supplies due to delayed and postponed deliveries of supplies. In March alone, supply shortages were reported by an estimated 23% of contractors.

● A decline in private non-residential construction.

● Projects being put on hold as people adopt a ‘wait and see’ attitude.

But does this mean there are no opportunities to stay competitive or grow your business? No that isn’t the case. Let’s look at some of the trends and opportunities for Concrete Contractors.

Green Cement Opportunities

The increasing demand for green cement in the future will be a driving force in the growth of the market in the coming years.

As governments continue to crack down on carbon emissions the need for green architecture and sustainable building grows. The demand for green cement is also on the rise. Green cement is fire resistant, withstanding temperatures of up to 2,400 degrees Fahrenheit. It also provides thermal insulation and uses less water.

Smart Concrete

Another significant driving force in the concrete and cement market is the development of smart concrete. Advancements in concrete technology have resulted in self-sensing concrete which, as the name implies, senses tiny structural flaws before they become big problematic flaws. Smart concrete is more strain resistant as it creates contact between carbon fibers and the matrix of the cement.

Self-sensing concrete will be able to monitor the internal condition of cement structures in the aftermath of an earthquake, thus potentially saving money and lives.

Why Do You Need General Liability Insurance?

Bottom line: there is a lot of opportunity for Concrete Contractors. As your company grows, so too do your risks. It is essential that you adjust your coverage regularly. If you are underinsured, your insurance company will only pay a portion of the claim. In a worst case scenario, your policy will be voided and your premiums returned. You will find yourself with no insurance coverage at all.

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General Liability Coverage

General Liability Insurance protects you and your business from unforeseen accidents, lapses of attention and work-related disasters. Here is a quick reminder of the claims you will be protected from:

● Bodily harm to a third party.

● Property damage to a third-party property.

● Completed Products Claims.

● Medical expenses for someone injured at your office or another place where you do business.

● Harm to your reputation

● Advertising mistakes.

● Damage to premises rented to you.

● Medical expenses for visitors or clients injured on your property.

Risk And Reward

Concrete contractors carry a lot of weighty responsibility. This is not only for the structures you build but for the safety of your clients, employees and everyone who comes in contact with your finished products.

While there are many risks, there are also opportunities for a savvy business owner and chances to work with asphalt contractors as well.