The Ins and Outs of Excavation Insurance

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Excavation Contractor Insurance 

Those in the excavation industry work primarily in excavation, grading, demolition, soil compaction, and land clearing for construction. Many excavation contractors also work in construction. You’re likely working with heavy equipment and machinery day in and day out. We understand that your job can be dangerous and physically demanding. You need to protect yourself and your excavation business with the right business insurance. 

Who needs excavation insurance?

There are some of the companies that may need excavation contractors insurance:

  • An excavation company
  • A blasting contractor
  • A demolition company
  • Foundation driller/digger
  • A concrete company
  • Anyone in the construction industry 

Check with your insurance agent to see if your company falls under this category of business insurance.

Why Do Excavation Contractors Need Insurance? 

It can be hard to wrap your mind around the cost of business insurance. You may find yourself questioning “Do I really need this?” The bottom line is yes, the cost is worth it. And there are affordable options available. But why do you need it?

  • Example #1: One of your contractors is excavating a job site. The equipment he’s using malfunctions. In an attempt to fix it, he gets his arm trapped and needs immediate medical attention. Workers’ comp insurance would help cover those medical expenses.
  • Example #2: A group of bystanders is watching your company demolish a building. You have caution tape up keeping them at a safe distance. However, the blast goes awry and a couple of the bystanders are hit by falling debris. Your general liability insurance should cover their medical expenses and settle any lawsuits lodged against your company for their injuries.
  • Example #3: An excavation contractor is hauling some machinery to a construction site. But the roads are icy and the semi slides through an intersection before slamming into a street light. If you have auto insurance, it can help pay to repair the damage from accidents like this.

If accidents occur due to equipment operator error, you don't want to be left saying "What if." Getting insurance coverage is part of risk control for your business.

What Insurance Do Excavation Contractor's Need?

An excavation contractor faces many risks due to the nature of the job. Here are the most important coverages we think small business owners need as part of their excavation contractor insurance package: 

General Liability Insurance

General liability insurance coverage is designed to protect your business if you’re accused of third-party bodily injury, third-party property damage, or “advertising injury” i.e. libel, slander, or copyright infringement. It can help pay defense costs and pay out settlements when necessary. Liability claims can be expensive, we recommend getting a quote for coverage ASAP.

Commercial Auto Insurance

If you use trucks, dump trucks, semi-trucks, or any other vehicle for business purposes, you need to insure them with a specialized commercial auto insurance policy. These types of vehicles are so expensive to replace or repair—you don’t want to be left footing the bill if damage occurs.

Inland Marine Insurance

Also referred to as “contractors tools and equipment coverage,” inland marine protects your tools, equipment, and inventory while being transported or stored at excavation sites. These things are often not covered under your commercial auto insurance, which is why the policy is necessary.

Workers’ Compensation Insurance

If you have employees, you may be required to get workers’ compensation insurance. This coverage will cover lost wages, medical, and medical expenses if one of your contractors is injured on the job. Workers’ comp also offers protection to you against being sued for the injury.

Commercial Umbrella Insurance

If an accident or unexpected disaster exhausts the limits of an underlying policy, umbrella insurance can come to the rescue. It can help cover what exceeds the limit of the other policy and may also cover any exclusions. It can be more affordable than upping the policy limits of other liability insurance.

Commercial Property Insurance

A commercial property insurance policy will cover the physical assets of your business including your building, equipment, inventory, etc. It will usually cover property damage from natural disasters—often excluding flooding—fire, theft, and vandalism. If you live in an area prone to flooding or that deals with water runoff, you may need to get flood insurance. 

Business Interruption Insurance

Business interruption insurance—also referred to as business income and extra expense—can help cover costs your business may face if you can't operate. For example, if your property is damaged in a storm and much of your heavy equipment must be replaced or repaired, the insurance policy can help cover lost profits, payroll, taxes, and other business expenses until you're up and running.

Business Owners Policy

A business owner’s policy (BOP) is a package often offered to small business owners that typically includes property coverage, general liability insurance, and business interruption insurance. Some insurance companies add in additional endorsements depending on your industry. A BOP can be more affordable than purchasing each policy separately.  

How Much Does Excavation Insurance Cost?

The rate excavation businesses pay for an insurance premium can depend on your liability risks and the coverage options you're looking to get for your business. It also depends on other factors, like:

  • Business size
  • Industry
  • Location
  • Number of employees
  • Claims history

Get Insurance Coverage: We Won’t Make You Dig Deep to Find the Best Coverage!

Let us help you find protection for your small business and keep your mind at ease. Our goal at CommercialInsurance.Net is to help you get affordable commercial insurance quotes. Getting a competitive insurance quote is fast and easy! Complete the form at the top of the page or call us at 877-907-5267.

 

  Additional Insured Included:   YES
  Free Certificates:   YES
  Payment Options:   YES     (Pay in Full OR Payment Plans)
  Low Down Payments:   YES     (Flexible Payment Options)
  Coverage Limit Minimum:   $2,000,000 / $2,000,000 / $1,000,000

 

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