If you have an asphalt parking lot, you already know that it can be a lovely, long-lived, and safe pavement. You were able to get it installed at a lower price and in less time than a comparable concrete lot. When your contractor installed your new pavement, you were probably advised to sealcoat it once the asphalt finished curing, then repeat the procedure every two years or so. What your contractor may have neglected to tell you was that you should not hire an asphalt sealcoating company unless it was fully insured.
Why Does It Matter Whether an Asphalt Sealcoating Company Is Fully Insured?
It is highly likely that you have your business and home insured so that you will be protected from financial losses if something happens. You probably think that the insurance that asphalt paving lot maintenance companies carry protects them in a similar way, and you are correct. However, what you might not realize is that your asphalt sealcoating contractor’s insurance can also protect you against a financial loss.
How Might a Paving Maintenance Contractor’s Insurance Help Protect a Customer’s Finances?
Imagine that your parking lot is adjacent to the parking lot of the business next door. While applying your parking lot sealcoating, a surprisingly powerful gust of wind catches some of the sealant as it leaves the sprayer and blows it onto the cars parked in your neighbor’s lot. Whether those cars belong to the neighbor’s employees or customers, the owners are going to want someone else to spend the time and money to remove the wayward sealant without damaging their vehicles. If your parking lot maintenance contractor is fully insured, the contractor’s insurance should cover the expense. Otherwise, the owners of the cars will likely seek compensation from you. The same principle applies if the wayward sealant ends up on your fence, wall, or sidewalk. It also applies if someone other than one of your sealcoating company’s employees is injured due to the actions or inactions of the company or its workers. In addition, should one of your paving maintenance contractor’s employees be injured on your property, the contractor’s workers’ compensation insurance should cover the expenses related to the employee’s injury. If the contractor does not have workers’ comp insurance, the injured employee could potentially seek compensation from you.
What Is Considered a Fully Insured Asphalt Sealcoating Company?
Sealcoating parking lot pavements can often present various opportunities for injuries or property damage to occur. Most parking lot maintenance contractors carry all mandatory policies as well as one or more optional policies.
1. Workers’ compensation is mandatory in Georgia for any business with three or more employees, including the members or officers of an LLC or a corporation. A workers’ comp policy only covers the company’s employees, however, and does not cover anyone else who is injured on the job site, including your employees.
2. General liability insurance is also mandatory of general contractors in Georgia, and policies cannot have a limit of less than $500,000. If someone not covered by the contractor’s workers’ comp policy is injured due to the actions or inactions of the contractor, compensation can be provided under the contractor’s general liability policy. Property damage is also covered by general liability insurance.
3. Vehicle liability insurance is mandatory in Georgia regardless of whether the vehicle is owned by a business or an individual. Therefore, any truck or car that your contractor will drive onto your property must be covered.
4. Umbrella insurance is not mandatory in Georgia, but paving maintenance companies often carry it. An umbrella policy typically has a limit of at least $1 million. Umbrella insurance helps cover claims that are greater than what the other types of insurance will pay.
MH Greeson is a respected asphalt maintenance company that specializes in pavement maintenance for customers throughout Atlanta and most of North Georgia. We offer a variety of services, including sealcoating, parking lot striping, ADA compliance, asphalt paving, traffic signs, asphalt crack repair, pavement markings, car stops, bollards, and parking lot maintenance. We are known for consistently delivering exceptional results at competitive rates. We offer free quotes, so submit our online form, call 770-335-2983, or email Tripp@MHGreesonPaving.com to request yours today.
