Are you in the United States looking for excavator insurance? If so, our insurance team at Contractors Liability® is ready to answer some common questions for you and provide you with a free quote as well.
“This is a ballpark quote and is subject to application/underwriting review. This is not an offer of insurance in any way.”
Big jobs call for big equipment, big crews, and big risks. These are all problems the owners of excavating businesses face every day. More often than not, they struggle to find the right insurance coverage. Because excavation involves so much trust on the part of the client, it’s hard to face up to the facts when your company is in the wrong. But luckily, there’s a type of insurance you can use to cover whatever mistakes or accidents that may come during your operation, and Contractors Liability is ready to help you get started on the road to coverage.
What is Excavators Insurance?
Excavators’ insurance is a form of coverage that includes liability in the event of an accident involving a third party or their property. This can also include damages made off the property, as well as intangible damages if they are a direct result of the construction project your company is working on.
While it might be tempting to take the damage as it comes, it’s important for excavation companies to consider the situation in its entirety. Excavation is a risky business, as it involves working with large equipment, many employees, and what could be construed as a profitable destruction of another person’s property. Accidents are very prevalent in the excavation industry, thus excavation businesses must ensure the proper protection. Here are some of the damage types that excavators’ insurance covers, which include examples of the damages that fall under that category:
Injuries to the Body
- Example: Failure to secure the site from third parties who are entering it resulted in a pedestrian walking onto your site and getting injured. This type of insurance covers the pedestrian’s injuries.
Damages to the Property
- Example: Your equipment slips because of the uneven ground and accidentally puts a hole in the roof of an adjacent parking garage.
- Example: Your excavation job leaves the front lawn of a business uneven, potentially dangerous for people to walk on. The company sues for damages in response.
- Example: Your company made footage of a secret project public in one of its advertising campaigns. You signed a nondisclosure agreement prior to doing so, thus creating a breach of confidentiality.
- Example: You fail to ask the client to wear a hard hat in the excavation area. They sustain a head injury and must be rushed to the Emergency Room.
Excavators’ Insurance Cost
Excavators are often worried that they will have a higher bill than many other contractors because of the nature of their work. However, the work itself is not the only deciding factor that determines how much an insurance policy is going to cost. Here are some of the things that your insurance provider will ask you about in order to make an informed decision on the cost of your insurance policy:
Your employee’s age demographic
Believe it or not, there is a recommended age range for excavators. Insurance companies are looking for employees who aren’t too young, as experience helps prevent accidents. However, they also do not want to hire someone who poses a threat to company safety because they are too old. Age range will impact insurance, but it won’t be the only determining factor.
How long you have been in business
Excavators who have been in business longer than their competitors creates an image of them as being a business entity who knows how to work with risks effectively. A veteran of the industry with a good reputation can make insurance rates lower, but there should be no need for fledgling excavation businesses to worry as they can acquire better rates as time moves forward.
Your accident history
In the excavation business, it’s not a matter of “if” an accident will happen – only a matter of “when”. Don’t sweat it if you’ve had an accident or two, as insurers of excavation businesses understand the risk inherent in the industry. But do be aware that the number of accidents on your business record can impact your insurance rate.
To clarify, these are just estimates. Rates will vary because each business is unique and therefore has unique coverage needs. Additionally, you may notice your rate go up or down over time because of increased accidents or the maintenance of a good record.
Why Excavators Choose Contractors Liability?
Insurance companies and providers are both very competent when it comes to understanding accidents and sympathizing with the situation at hand. Our coverage, however, is specifically tailored to make sure that excavators feel comfortable doing their risky jobs from day to day. After all, confidence breeds good work.
Here are some of the other benefits you can expect from working with Contractors Liability:
- Prices that are competitive affordable, regardless of your company’s accident history
- Policies that are tailored to fit to specific contractor risks, giving contractors the confidence to operate their business
- Support from licensed insurance agents who have experience working with excavators and other land-moving contractors
- Policies from only the best-known and most trusted insurance companies available
About Excavators’ Insurance
Do I need excavators’ insurance?
Liability insurance varies from state to state, so it might be legal to operate without it in a certain place. However, the fact that it may be legal to go without liability insurance doesn’t negate the fact that many clients will not let you get started on a job without obtaining some form of it, like excavators’ insurance. This will cover you if an accident causes significant damage to a third party. It could essentially save your reputation if you make a huge mistake.
Does Excavators’ insurance cover my employees?
Excavators’ insurance is a specialized liability insurance, and liability insurance does not cover employees. However, there is some form of legal need for protection of your employees in most states, so there is a way to cover them. Adding worker’s compensation into a policy package will ensure that your employees who give so much and risk so much for your business are covered during a work-related incident.
What happens if I don’t get excavators’ insurance?
Excavators are at an extremely high risk of having a claim filed against them due to an accident. This isn’t a bad thing, it is just the nature of your job. Accidents happen, but if you’re not covered by some form of liability insurance, you could end up losing your business assets, potentially even losing your business and your own personal reputation.
Excavators are who make communities possible, and without them we would not have the houses, businesses, and buildings that we live in every day of our lives. Let us give back to you by finding you the best rate on an excavators’ insurance package. Contractors Liability can be reached (866) 225-1950 for a 5-minute quote and further assistance.
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