The concrete pump business comes with many challenges, one of which is being adequately insured if something goes wrong. Many concrete pump companies have pumps and assume they are automatically insured under their general liability policy, but unfortunately that is not the case.
Concrete pumps for trailers must be insured under a so-called inland marine floater. This type of insurance provides comprehensive coverage for your pump, insuring it against hazards such as theft, vandalism, and damage you may cause in a car accident. This is similar to the coverage you may have on your car.
Like any other trailer, liability coverage automatically extends from the vehicle to the trailer being towed. For example: if your trailer sweeps aside another vehicle, your auto policy provides liability coverage to repair the vehicle you damaged. Repairs will only be provided up to your policy limits. Keep in mind that if your truck auto policy doesn’t include business coverage, the insurance company will most likely deny your claim. Make sure you have a good commercial vehicle policy before towing anything for business use.
What about concrete pumps that 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 approved in the coverage limits. Custom equipment can fit all aftermarket stereo systems, hose reels, ladder racks, etc.
Always state the desired replacement cost if your pump is stolen and ask for it to be listed on your policy. This way you can be sure that you have enough to replace the pump in case of loss. Some carriers will provide the actual cash value of your pumps unless otherwise requested. This means you get the replacement cost minus depreciation to compensate you for your pump. The 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 final decisions about your insurance policy. Every concrete pump is different and can have specific wishes. 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.