There are various types of insurance for an excavation company. These include Commercial general liability insurance, equipment and tools insurance, workers’ compensation insurance, and pollution liability insurance. You must determine the type of coverage required for your excavation business. In most cases, commercial general liability insurance will cover most aspects of your excavation business. But there are some important factors to keep in mind when choosing the right insurance for your excavation company. Continue reading to learn more. This article will help you make the best decision possible.
Commercial general liability insurance
If you are considering starting an excavation business, you should take advantage of commercial general liability insurance. Excavation businesses are highly susceptible to accidents and exposures, and inadequate insurance could lead to financial ruin. In addition to the usual risks that excavation companies face, you should ask your insurer whether your policy includes Products, Completed Operations coverage. This coverage will cover costs of lawsuits or other unexpected events, and it will help you avoid paying for legal defense fees or settlements yourself.
Equipment and tools insurance
An excavation contractor must carry general liability insurance. It must be sufficient and meet state requirements, including the requirement that the policy cover the legal defense costs of the contractor. This insurance also covers the costs of property damage and injuries sustained after the job is completed. If you install products at a job site, you should ask for Products, Completed Operations coverage. This type of coverage helps cover damages to property after the excavation work is completed. In addition, you should ask about liability coverage if you employ subcontractors.
Workers’ compensation insurance
If you’re looking for general liability coverage and workers’ compensation insurance for excavation work, you’ve come to the right place. Most states require general contractors to have workers’ compensation coverage for their employees. Excavation work is typically risky and requires a higher deductible than other excavation businesses. However, you can still find affordable insurance policies. Your premiums will depend on several factors, including the type of business, number of employees, and state of operation.
Pollution liability insurance
A comprehensive pollution liability insurance policy protects your business against financial losses in case of a pollution incident. While pollution liability insurance does not come under a general liability insurance policy, it is important to consult with a qualified insurance agent to determine the best coverage for your specific needs. In addition to general liability insurance, pollution liability policies cover specific tasks and areas. If you work in a hazardous environment, pollution liability coverage is especially important.
Business owner’s policy
While a Business Owner’s Policy for Excavation Insurance is an important coverage for your business, you may also want to consider other types of insurance for your company. For example, inland marine or commercial auto insurance may not be enough to protect your business. You should consider a Workers Compensation Insurance policy if you hire workers to do excavation work. You can check out the rules in your state and complete a free quote form to see if you qualify.