Insuring your excavation business is a necessity for safety and security purposes. The costs of these policies vary widely and differ according to risk factors. A licensed broker can help you shop around for a policy that meets your specific needs. The following are some examples of the types of insurance you should consider for your excavation business. Commercial general liability insurance pays for the medical expenses and lost wages of an injured person. Legal expenses are also covered by commercial general liability insurance.
General liability insurance
Excavation contractors are responsible for site preparation, soil transportation, and digging. As such, they use heavy machinery and equipment and can cause serious injuries or even lawsuits. To protect yourself and your business from these potential risks, you should get liability insurance for excavation contractors. Here are three reasons why you should get such coverage. And how much coverage is enough? You will be surprised! If you have ever been the victim of an accident, you know how painful it can be.
Workers’ compensation insurance
One way to keep your excavation business protected is to obtain Workers’ Compensation Insurance for your business. The costs of this type of insurance vary depending on the amount of time you work, the number of employees, and the deductible you pay. Depending on your business’ size, you may be able to purchase a policy for just over $47 a month or as much as $760 a year. Listed below are some tips to keep your business and its employees protected:
Inland marine insurance
There are several reasons to get inland marine insurance for excavation contractors. These include disruption and financial loss. In addition, insurance can help you recover those losses. Most inland marine insurance companies have easy-to-work-with claims management systems, which can make the process of filing a claim as hassle-free as possible. Listed below are some of these reasons why you should get inland marine insurance for excavation contractors.
Commercial auto insurance
Excavation contractors use heavy equipment and vehicles for their jobsite activities. Whether it’s grading, demolition, soil compaction, or land clearing, this type of business requires adequate business insurance coverage. In some states, excavation contractors are also required to include a general contractor as an additional insured. In order to avoid being cited for violations of the law, commercial auto insurance for excavation contractors is a must.
If you want your project to be safe and environmentally friendly, it is important to hire excavation contractors who practice environmental protection. This includes minimizing air pollution, keeping the ground moist, and protecting the environment. They should also protect the topsoil from degradation and pollution. Environmental protection is especially important in the construction industry, where excavation projects can contribute to major pollution and damage to natural resources. When you’re looking to hire an excavation contractor, Stan’s Excavation is the best option.