The concrete pumping business presents many challenges, one of which is being adequately insured when something goes wrong. Many concrete pumping companies have pumps and assume they are automatically insured under your general liability policy, but unfortunately they are not.
Trailer concrete pumps must be secured under what is called an inboard marine float. This type of insurance policy provides comprehensive coverage for your pump, insuring it against dangers such as theft, vandalism, and damage that it may cause in the event of a car accident. This is similar to the coverage you can have on your car.
As with any other trailer, liability coverage automatically extends from the vehicle to the trailer you are towing. For example, if your trailer collides with another vehicle, your auto policy will provide liability coverage to repair the vehicle that you damaged. Repairs will only be provided up to the limits of your policy. Keep in mind that if the auto policy on your truck does not include commercial coverage, the insurance company will most likely reject your claim. Make sure you have a proper commercial auto policy before towing anything for business use.
What about concrete pumps you can drive? How are they insured? Because these types of pumps are self-propelled, they should be insured under a standard commercial auto policy. Be sure to mention any custom equipment you have to your agent. As with any auto policy, custom equipment must be listed as such and supported within the coverage limits. Custom equipment can include any aftermarket stereo systems, hose reels, ladder racks, etc.
Always provide the replacement cost you would like if your pump is stolen and ask for it to be stated on your policy. This will ensure that you have enough to replace the pump in the event of a loss. Some carriers provide the actual cash value of their pumps unless otherwise requested. This means that you will get the replacement cost minus depreciation to offset your pump. Actual cash value may not be enough to buy another pump if yours is damaged; this option is not recommended.
Always consult your insurance agent before making any final decisions about your insurance policy. Each concrete pump is different and may have specific needs. Keep these points in mind when purchasing your insurance policy and you’ll be well on your way to protecting your business in the event of a loss.