Excavation Liability Insurance – 3 Essential Policies For Excavators
If you’re planning to start an excavation business, you’ll need to have the appropriate coverage to protect yourself from legal liabilities. Insureon’s licensed agents work with top-rated U.S. insurers to help you find coverage for your excavation business and subcontractors. These policies can protect you against lawsuits resulting from accidents or damage to property. By protecting yourself from liabilities, your company will remain afloat in the future.
Commercial general liability insurance
Excavation contractors need the same type of insurance coverage as other construction companies, as they use expensive equipment and must take extra precautions to protect it. While standard commercial property insurance covers most items and accidents, many policies also cover equipment, such as grading machinery. Some policies also cover uninsured subcontractors. Make sure you check with the subcontractor to see what they have to offer. If you don’t, you may end up being responsible for paying out of pocket for medical bills and lost wages.
Business owner’s policy
If you are a contractor, you must obtain a general liability insurance policy for your work. The policy must be sufficient enough to cover your business’s liability risks, and it must also have sufficient limits. Besides covering your legal and medical costs, general liability insurance also pays for damages to property or equipment caused during the excavation process. If you install products on a construction site, be sure to ask for the “Products, Completed Operations” coverage.
Inland marine insurance
When it comes to protecting your business and tools, inland marine insurance is a good choice. This coverage protects your equipment and tools on job sites, as well as your business property. A licensed insurance agent can help you determine the right type of insurance to protect your tools and equipment. The right insurance coverage can also protect your business property and tools while traveling to and from jobs. Here are some things you should know before buying an inland marine insurance policy.
Vehicles you own
If you plan to engage in excavation work, you need to have the appropriate insurance policy to cover the machinery and tools that you use. Getting the right insurance policy can be difficult, but you will be glad you did once you start to understand how essential it is. Listed below are three essential policies for excavators. Make sure you have all three, and make sure the limits are sufficient. You should also have extra expense insurance in place to cover the costs of renting temporary office space.
Cost of coverage
While it may seem expensive to purchase insurance for your business, it is important for you to understand how much excavation liability insurance coverage is required by law. The industry has unique risks and requirements, making it imperative for excavation contractors to get the proper insurance coverage. Here are some tips to help you determine the cost of your liability policy. Also, remember that you will need to pay attention to the VIN number of your vehicles. You must also list any new equipment on your policy, or risk having your claim denied.