The concrete pumping business presents many challenges, one of which is the ability to fully insure when problems arise. Many concrete pumping companies have pumps and assume they are automatically insured under a general liability policy, unfortunately they do not.
Trailer concrete pumps should be insured under so-called inland marine floats. This type of insurance policy provides comprehensive protection for your pump from risks such as theft, vandalism and possible damage in the event of a car accident. This is similar to the insurance coverage you have on a car.
Like any other trailer, the liability coverage automatically extends from the vehicle to the trailer. For example: If your trailer side wipes another car, your car policy will provide liability insurance to repair your damaged vehicle. Repairs are only available in accordance with your policy restrictions. Keep in mind that if your truck's automatic policy does not include a business scope, the insurance company will most likely reject your claim. Before you use it for commercial purposes, make sure you have the appropriate commercial car policy.
How about the concrete pump you can drive, how are they insured? Since these types of pumps are self-propelled, they need to be insured under standard commercial vehicle policies. Be sure to mention any custom equipment you have to the agent. As with any car policy, custom equipment should be described as such and approved for coverage limits. Customized equipment can include any aftermarket stereo system, hose reels, ladders, and more.
If your pump is stolen, be sure to provide the replacement cost you want and ask for it on your policy. In this way, you can ensure that there is enough pump replacement in the event of a loss. Some operators offer actual cash value to your pump without other requirements. This means you will receive replacement costs minus depreciation to compensate for your pump. If your pump is damaged, the actual cash value may not be enough to purchase another pump. This option is not recommended.
Be sure to consult your insurance agent before making a final decision on your policy. Each concrete pump is different and may have specific needs. Keep these points in mind when purchasing an insurance policy, and you will be able to protect your business well in the event of a loss.