How To Get Excavation Contractor General Liability Insurance
Before you purchase excavation contractor liability insurance, there are several things to keep in mind. Here is what we recommend:
- Survey your risks. Every business faces a different amount of risk, based on the types of jobs you work on, where you work, and the number of employees you have. Generally speaking, the more risk your business faces, the more insurance coverage you should have.
- Set a deductible. You must pay a deductible in the event of a claim. Choosing a higher deductible will result in a lower premium, and vice versa. Before you purchase insurance, choose a deductible that you can easily afford if you have a claim.
- Buy enough coverage. No business owner expects to suffer a major loss, but they do happen. Ultimately, insurance is only beneficial if you have enough coverage to pay a claim in full. Otherwise, you may have to pay out-of-pocket, which could put your business in financial jeopardy.
- Understand your policy. Excavation contractor liability insurance policies are not all the same. You should understand your policy completely before you purchase coverage in case you have questions, need to adjust your policy limits, or need to add additional policies for more protection.
- Talk to an agent. It’s always a smart idea to talk to an agent before you purchase a business insurance policy. This is especially true if you are buying business insurance for the first time, or are unfamiliar with insurance terminology.
Other Insurance For Excavation Contractor
In addition to general liability insurance, excavation contractors can benefit from other insurance policies, as well. You can sometimes bundle these policies to get a lower premium. Here are some other kinds of insurance to consider for your business:
- Business Personal Property
- Commercial Auto Insurance
- Workers Compensation
- Tools Coverage
- Surety Bond
- Excess Liability Insurance