How much does masonry contractor insurance cost?
Key masonry contractor insurance policies and their expected costs
Here are the top masonry business insurance policies and their average monthly costs:
- General liability insurance: $61 per month
- Business owner's policy (BOP): $105 per month
- Workers' compensation insurance: $226 per month
- Commercial auto insurance: $186 per month
- Contractor's tools and equipment insurance: $14 per month
- Professional liability insurance: $65 per month
- Commercial umbrella insurance: $86 per month
- Surety bonds: $8 per month
Our figures are based on the median policy cost for masonry contractors who request quotes through TechInsurance. The median provides a better estimate of your expected insurance rates because it excludes outlier high and low premiums.
General liability insurance for masonry contractors
Masonry businesses spend an average of $61 per month, or $728 per year, for general liability insurance.
Though general liability is usually not required by law for masons, this policy may be required in order to sign a lease, get a license in your state, or work with certain clients.
General liability coverage protects your masonry business from common third-party risks, such as customer property damage or bodily injury. It also covers copyright infringement, defamation, and other advertising injuries.
For example, if a pedestrian trips and falls while you're bricklaying and suffers a bodily injury, this policy would cover their medical bills and any legal defense costs if they decide to sue.
Most policies include product liability insurance, also called products-completed operations insurance. This policy covers harm caused by a defective product or a completed service.
Below is the average general liability policy for masonry contractors who buy from TechInsurance:
Premium: $61 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500
General liability insurance costs for masons are based on several factors, including the type of masonry services you offer, policy limits, size and location of your business, and any subcontractors or additional insured endorsements you may have.
Business owner’s policy for masonry contractors
On average, construction businesses, including masonry contractors, pay $105 per month, or $1,256 per year, for a business owner's policy (BOP).
A BOP combines general liability and commercial property insurance coverage. It typically offers a discount compared to purchasing each policy separately, and protects your small business against both property and liability risks, such as theft of business property, a fire at your office, or an accident that injures a client.
The average business owner's policy for construction businesses that buy from TechInsurance:
Premium: $105 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Masonry companies that qualify for a BOP are usually small and low-risk. Learn more about business owner's policy eligibility.
Many insurance companies allow policyholders to add business interruption insurance, also called business income insurance, to their business owner's policy. You can also add it as an endorsement.
A business interruption policy pays for lost profits and day-to-day operating expenses if a fire, storm, or other incident forces your business to close temporarily.
The cost of a business owner's policy depends on the value of your business property, your business size, location, policy limits, and revenue.
Workers’ compensation insurance for masonry contractors
Construction businesses, including masons, spend an average of $226 per month, or $2,715 annually, for workers' compensation insurance.
State laws typically require businesses with one or more employees to buy this type of coverage. Workers' comp coverage pays for medical costs and disability benefits when you or an employee suffers a work-related injury or illness.
For example, if a mason accidentally drops heavy machinery on their foot, a workers' comp policy would pay for their emergency room visit, medications, and physical therapy.
Workers' compensation coverage usually includes employer's liability insurance, which pays for legal costs related to workplace injuries.
State laws often require masonry businesses to secure workers' comp as soon as they hire their first employee, but that's not always the case. Workers' comp is required in California and New York for every business with employees, in Florida for every business with four or more employees, and it's optional for most companies in Texas.
Some states require sole proprietors and independent contractors in the construction industry to obtain workers' comp, even if they don't have employees or subcontractors. It's highly recommended regardless, since most health insurance plans can deny claims for on-the-job injuries.
The cost of workers' comp is based on several factors, including the number of employees you have and their occupational risks. It's often less expensive for small businesses in states that have lower healthcare costs.
Find workers' comp requirements in your state
Commercial auto insurance for masonry contractors
Construction contractors, including masonry contractors, spend an average of $186 per month, or $2,226 per year, for commercial auto insurance. Almost every state requires this type of insurance for businesses that own a vehicle.
If your business vehicle is involved in an accident on your way to provide masonry services, a commercial auto policy can help cover damages, including medical payments, property repairs, and legal fees.
You can also buy comprehensive coverage to protect against costs associated with theft, vandalism, and storm damage.
To cover you and your employees' personal, rented, and leased vehicles used for business purposes, you'd need hired and non-owned auto insurance (HNOA) instead.
The cost of commercial auto insurance for masonry contractors depends on many factors, including your employees' driving records, your policy limits, the number of vehicles you own, and the coverage options you choose.
Contractor’s tools and equipment insurance for masonry contractors
Construction businesses, including masonry businesses, pay an average of $14 per month, or $169 yearly, for contractor’s tools and equipment insurance.
Tools and equipment coverage is a type of inland marine insurance that covers business property that's in transit, stored off-site, or used at jobsites.
This policy covers tools and equipment that are stolen, damaged, or destroyed, such as mortar mixers, brick saws, and other common masonry tools.
However, it doesn't pay for normal wear and tear. It's designed to protect gear on the go, for items valued at $2,500 or less.
The cost of tools and equipment coverage depends mostly on the value of your tools and equipment. Another important factor is whether you choose to insure them for their actual cash value (the value of the used item) or their replacement cost (the cost of a brand-new replacement).
Professional liability insurance for masonry contractors
On average, construction businesses and mason contractors pay $65 per month, or $785 per year, for professional liability insurance.
Also called errors and omissions insurance (E&O), professional liability insurance covers financial losses related to mistakes, missed deadlines, and other instances of professional negligence. This includes attorney's fees and other legal expenses if a client decides to sue over unsatisfactory work.
For example, if a mason finishes a job that isn't up to code, causing significant delays and repair costs. This policy would cover legal defense costs if the property owner sues.
This is the average professional liability policy for contractors who purchase from TechInsurance:
Premium: $65 per month
Policy limits: $1 million per occurrence; $1 million aggregate
Deductible: $1,250
If you choose to purchase a combined policy of general liability and professional liability, you'll pay an average of $111 per month, or $1,330 per year.
The cost of professional liability insurance is determined by several factors, including the coverage limits and deductible you choose, the size of your business, the type of masonry work you do, and your claims history.
Commercial umbrella insurance for masonry contractors
Construction businesses, including masonry businesses and contractors, pay an average of $86 per month, or $1,035 yearly, for commercial umbrella insurance.
This policy helps increase the coverage of your underlying liability insurance, such as general liability, commercial auto, or employer's liability insurance.
When the underlying policy reaches its limit on an insurance claim, your umbrella policy activates to provide any additional coverage needed.
Umbrella coverage is typically available in $1 million increments. You need to have another liability policy before you can buy this coverage.
The cost of commercial umbrella insurance for your masonry business depends mostly on the amount of coverage you buy. The same factors that affect the cost of the underlying policies can also influence your premium.
Surety bonds for masonry contractors
The average cost of a surety bond for construction businesses, including masons, is $8 per month, or $100 annually.
Surety bonds protect your clients by providing reimbursement in the event that your business is unable to fulfill the terms of a contract or agreement. For this reason, you may be required to obtain a surety bond in order to sign a client contract.
Some states require masonry contractors to have a surety bond as part of their legal requirements for a contractor's license. The bond guarantees that your work will comply with building codes and other regulations.
As with a fidelity bond, the cost of a surety bond is a small percentage of the total bond amount. Unlike insurance, you'll need to repay the company that issued the bond in the event of a claim.
Top factors impacting mason insurance costs
Several key factors impact mason contractor insurance costs, including:
- Types of masonry services offered: Masonry businesses that offer high-risk services, such as large commercial projects, tend to have higher average costs than less risky work, like small residential projects.
- Number of employees: Hiring more employees increases the risk of accidents, injuries, and lawsuits arising from interactions between employees and customers.
- Value of business equipment: Your commercial masonry property can impact your insurance rates, with more expensive property requiring higher coverage limits. For example, expensive heavy machinery will cost more to insure than more budget-friendly options.
- Types of insurance products purchased: Some insurance options, such as a general liability insurance policy, are less expensive than others.
- Policy limits and deductibles: How much construction insurance you elect to purchase will impact your insurance costs. Higher deductibles and lower limits on your policies can help you save money.
- Claims history: Previous insurance claims may indicate risks to insurers, as businesses with a history of claims are more likely to file future claims.
- Business location: Small businesses in areas with higher crime rates, more foot traffic, or greater exposure to severe weather often pay higher insurance rates.
- Business size and annual income: Larger businesses with greater annual revenue and more employees will generally pay more for insurance solutions than smaller businesses.
- Years of experience: The longer you and your masonry business have been in operation, the less of a risk you are to insure, and the lower your insurance premiums will tend to be, according to many insurance companies.
There are some factors you can’t control when it comes to masonry business liability insurance costs, but you and your employees can still take meaningful steps to engage in risk management and reduce claims, which can help keep your insurance costs down.
How do I get affordable masonry insurance with TechInsurance?
TechInsurance makes it easy for masons, paving contractors, general contractors, and other construction professionals to find the right insurance for their business in three easy steps:
- Fill out a free online application with details about your masonry business.
- Compare masonry contractor insurance quotes from top-rated U.S. providers in real-time.
- Choose the best policies for your masonry business and pay the premiums to begin coverage.
TechInsurance's licensed insurance agents are available to help answer questions about your unique risks, state insurance requirements, and how to find cheap masonry contractor insurance that matches your insurance needs.
Having the right coverage will give you peace of mind and financial protection against the risks of your profession. Once you've bought the insurance policies you need, you can download a certificate of insurance. Small business owners can usually get proof of insurance within 24 hours of applying for quotes.
