How to Properly Insure Your Concrete Pumps
The business of concrete pumping comes with many challenges, one of them is being adequately insured when something goes wrong. Many concrete pumping companies have pumps and assume they’re automatically insured under their general liability policy, unfortunately they are not.
Trailer concrete pumps should be insured under what is called an inland marine floater. This type of insurance policy provides comprehensive coverage for your pump, insuring it from perils such as theft, vandalism, and damage you may cause it in the event of a car accident. This is similar to the coverage you may have on your car.
Just like any other trailer, liability coverage is automatically extended from the vehicle to the trailer it’s towing. For example: If your trailer sideswipes another vehicle, your auto policy will provide liability coverage to repair the vehicle you damaged. Repairs will only be provided up to your policy limits. Keep in mind if the auto policy your truck has does not include business coverage the insurance company will most likely deny your claim. Make sure you have a proper commercial auto policy before you tow anything for business use.
What about concrete pumps you can drive, how are they insured? Because these type of pumps are self-propelled they would need to be insured under a standard commercial auto policy. Make sure to mention any custom equipment you have to your agent. Just like on any auto policy custom equipment should be stated as such and endorsed into the coverage limits. Custom equipment can include any aftermarket stereo systems, hose reels, ladder racks, etc.
Always provide the replacement cost you’d like if your pump is stolen and ask for it to be stated in your policy. This way you’ll be sure you have enough to replace the pump in the event of a loss. Some carriers provide the actual cash value for your pumps unless otherwise requested. This means you’ll get the replacement cost minus depreciation to compensate you on your pump. Actual cash value may not be enough for you to buy another pump if yours is damaged, this option is not recommended.
Always consult your insurance agent before making any final decisions on your insurance policy. Each concrete pump is different and may have specific needs. Keep these points in mind when shopping for your insurance policy and you’ll be well on your way to protecting your business in the event of a loss.