Although many people assume that the concept of insurance dates to modern times, there were systems of insurance being practiced more than 3,000 years ago. One system that would be easily understood by modern Americans was included in the Code of Hammurabi around 1750 B.C. This stated that merchants receiving loans to pay for shipments were to pay an additional charge in exchange for a guarantee that the lender would cancel the loan if the shipment was lost at sea or stolen. As early as 1000 B.C., merchant groups in Rhodes paid premiums that were pooled to reimburse any member whose shipment was lost at sea. Within a few centuries, the Athenians were adding insurance premiums to advances made for voyages; the insurance cancelled repayment of the loan if the ship did not make it to its destination. By the 14th century, it was possible to purchase insurance that was not tied to a loan or other contract, and by the 17th century, people could purchase property, life, accident and business insurance.
Why Your Paving Contractor Should Be Fully Insured
Throughout the history of insurance, the goal has always been to provide a hedge against financial loss. Typically, the person paying the premiums receives the protection. However, there are times when you are protected by the insurance premiums that someone else pays. Liability insurance for motorists is one example; if someone else causes an accident that damages your vehicle or injures you, the other driver’s insurance is supposed to cover your expenses up to the limits of the policy. Similarly, if an asphalt contractor damages your property or causes injuries to people other than his own employees, his insurance should pay. It is therefore important that you make sure that the asphalt contractor you hire has adequate insurance.
Types of Insurance Your Contractor Should Carry
Your contractor should have a commercial vehicle policy if his cars or trucks will be on your property. However, it is even more essential that he has workers’ compensation and general liability insurance. Workers’ comp covers any of his employees who are injured while working on your property, and if the contractor does not have a policy, the injured employee could name you in a lawsuit to recover his lost earnings and medical care. Workers’ comp only covers the contractor’s employees, so it will not pay for injuries sustained by you, your customer or your employee, but his general liability policy would.
In addition to covering injuries to people who are not employed by the contractor, general liability covers damages to your property or to property owned by others that is present on your site. For example, if an employee’s car or your fence is damaged, the contractor’s general liability policy should cover the repairs. General liability policies can also cover the quality of the contractor’s work; if the pavement he installed, for example, deteriorates within a matter of months, he could request that his insurance company pay for the cost of replacing the pavement. If the contractor does not have insurance, however, you could be held responsible for paying the medical bills for an injured customer or covering repair costs to an employee’s car.
Choose MH Greeson Paving for the Best Work at the Best Price Possible
MH Greeson Paving is an asphalt contractor in Atlanta and specializes in asphalt maintenance and repair. Our services include asphalt paving, asphalt sealcoating, crack repair, parking lot striping, pavement markings and the installation of car stops, traffic signs and bollards. We deliver quality work and superior customer service, but our prices are extremely reasonable. For a free estimate, submit our convenient quote request form or call our office at (770) 335-2983.
