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Excavation Contractor Insurance
As an excavation contractor, your main job may be moving dirt around before construction projects can begin. But as you know, it’s never as simple as just digging. You often have specific measurements to abide by, depending on if you’re digging for a road or building to be constructed, or if your job is to bury gas or water lines underground. No matter what today’s excavation project entails, you deserve to be fully covered by an excavation contractor insurance policy that you can count on. Check out what the best policies of this kind cover.
What Type Of Insurance Excavation Contractors Need
The right excavation contractor policy has specific coverage that will protect you and any employees you have on your team. Here’s an idea of the coverage types you’ll want on your policy:
- General Liability
- Tools & Equipment Coverage
- Auto Insurance
- Surety Bond
You should keep in mind that these are just a few examples of the kind of coverage you’ll want as an excavation contractor. In fact, these are the minimum options to consider. You might want to add additional coverage for even more protection, which you can get when you contact us for a quote on a new policy.
How Much Is Excavation Contractor Insurance?
Part of getting the right excavation contractor insurance is ensuring that your policy fits within your budget. You can determine this by checking out some general estimates, such as the following:
- General Liability Insurance for an Excavation Contractor starts around $700 every year.
- Tools Coverage for an Excavation Contractor starts at $200 a year for $10,000 in tool inventory.
- Auto Liability Insurance for an Excavation Contractor starts at $950 a year for a pickup truck.
How To Get Excavation Contractor Insurance
Getting the most accurate excavation contractor insurance policy quotes is as simple as contacting us and telling us your location and desired coverage. If you’re not sure what kind of coverage you want, our website goes over each option in depth.
Excavation Contractor Liability Insurance Explained
When you excavate on a regular basis, you mostly work on jobsites, not in an office. This often means you’ll have people other than yourself and your employees at your place of work, which can lead to injuries. For instance, if someone walks by your jobsite and trips over your excavation equipment as you’re digging, you’ll be considered responsible for the medical bills. But when you add general liability to your excavation contractor insurance policy, your insurance will pay for those bills instead.
In addition, if you damage your customer’s property on the job, general liability will pay for the repairs. And if someone accuses you of slander, libel, or copyright violations due to your ads, general liability will pay for your legal fees when you defend yourself and your company. This is why the top excavation contractor insurance policies include general liability coverage.
Excavation Contractor Tools Coverage
As an excavation contractor, you rely on certain tools and equipment to do your job right. Some of the items you use on a daily basis might include backhoes, bulldozers, trenchers, front-end loaders, and dump trucks. These necessities tend to be large and expensive, so if they were ever lost or stolen, you would probably have to pay thousands of dollars to replace them. But when you add tools and equipment coverage to your excavation contractor insurance policy, you don’t have to worry about this issue. This coverage pays to replace your equipment and tools, whether they’re rented or owned by you.
Excavation Contractor Auto Insurance
Being an excavation contractor requires you to drive your vehicle to different worksites every day. You might be okay with this arrangement, until you cause an accident and find out your personal car insurance policy does not cover the crash. This is because you need commercial auto insurance when you regularly drive a vehicle you use for your business. Adding commercial car insurance to your excavation contractor insurance policy should give you peace of mind, since it will pay the medical bills of anyone who is injured in a car accident with your work vehicle. It will also pay for the car repairs you might need.
Excavation Contractor Bond
When you work as an excavation contractor, you typically need a surety bond before you can even bid on a project. Even when you don’t have to have one, you should get one, since this will help customers feel confident that you’re going to complete the job as promised. In this way, surety bonds can protect your customers and help you get more excavation projects. Take a look at some of the most common surety bonds that contractors of all kinds would benefit from:
- Contractor’s License Bond
- Contract Bond
- Performance Bond
- Janitorial Bond
- Dishonesty Bond
- ERISA Bond (For Directors and Officers)
- Bid Bond
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