Excavation contractors are often under the umbrella of other companies. They may also work directly for their clients. To protect themselves against liability claims, they should add their clients as additional insureds on their insurance policy. This is usually free of charge. The following are some tips for choosing the right coverage for your excavation business. Read on to learn more. Listed below are some types of insurance coverage for an excavation contractor. You should consider all of these coverage types.
Construction insurance for subcontractors
In addition to commercial general liability insurance, excavation contractors need to consider purchasing extra coverage for their business. These policies cover a wide range of risks, from injuries to damaged property. Many project owners require that subcontractors obtain this insurance, which includes professional liability coverage. While it can be expensive, this type of coverage is essential for the protection of your business. Below are a few reasons to purchase extra liability insurance for your excavation contractors.
General liability coverage for excavation contractors
If you work as an excavation contractor, you should consider purchasing general liability coverage for your business. This coverage will protect you from third-party claims, including damage to property and injuries. It is also required by many project owners. This type of insurance can help you cover medical costs and legal fees if someone gets hurt on your property. To find out if this type of insurance is appropriate for your business, contact an independent insurance agent.
Commercial auto liability coverage for excavation contractors
Having the right type of insurance for your business is important. An excavation contractor needs a policy to protect themselves from liability claims that may arise from work done on their site. For example, if an excavation contractor is digging a trench near a road, the debris it leaves behind may cause a pedestrian to become injured and require medical attention. Commercial general liability insurance can cover the costs of medical bills, lost wages, and damages to nearby property. Excavation contractors also need to carry liability insurance because of the potential danger of contaminated soil.
Commercial inland marine coverage for excavation contractors
Many small and midsize excavation contractors look for Commercial Inland Marine coverage. Liberty Mutual is one option, offering coverage up to $50 million. Liberty Mutual’s policy is highly customizable and includes a miscellaneous property floater. Additionally, Liberty Mutual provides coverage for a wide variety of assets, including food trucks, athletic equipment, and scientific instruments. Whether you own a single equipment or a fleet of excavators, you should contact a Liberty Mutual agent to get a quote for this type of coverage.
Cost of excavation contractor insurance
There are several important aspects of an excavation contractor insurance policy, and it is vital to select the most appropriate one for your particular needs. In addition to protecting yourself against third-party injuries and property damage, the insurance should cover your heavy equipment. This type of coverage also provides an extra layer of protection if your excavation work results in contaminated groundwater or soil. In some cases, an excavation contractor may need to include a general contractor or other company as an additional insured.