Businesses with high risk activities normally pay more for General Liability Coverage than those with low risk activities. In addition, if you need to hire subcontractors, you may want to ask them to mention you as additional insured in their policy. If you do so, your Insurance Company can consider them as insured subcontractors. This will cause your insurance premium to decrease.
Repairs, replacements, and medical fees can be quite expensive. For this reason, general contractors highly suggest that their subcontractors should have their insurance. Here are additional types of insurance that excavators need.
It’s a smart decision to buy Commercial Auto Insurance if your excavation business uses vehicles like trucks or pick-ups. Commercial Auto protects if you or your employee injures another person while on the road for business operation.
It also covers damages to other vehicles for which you are at fault. Aside from that, Commercial Auto provides financial assistance for medical expenses of third party injuries. It also includes replacements for items lost due to theft.
Commercial Property Insurance protects your business properties. It covers damages in any machine or equipment stored inside your physical location.
Excavation equipment can be expensive. Thus, it is just wise to ensure that your equipment has the right coverage. Commercial Property helps you save a big chunk of money from your business assets.
Business Insurance helps protect you or your business when you face lawsuits. If you’re a business owner, obtaining Business Owners’ Policy can protect you from bodily injury or property damage claims. Apart from that, it assists with professional errors.
As a business owner, you’re the one responsible to settle the fees for the covered losses. Without Business Insurance, you’ll need to cover the payments of the damages out of pocket.
Your regular insurance policies may not be enough to cover damages or serious injuries while on the job site. Umbrella Insurance provides more protection over your business assets as you buy extra Liability Insurance Coverage. It extends its coverage to additional insured groups or individuals.
Inland Marine Coverage protects your properties while on the job site or in transit. Moreover, Inland Marine is essential for contractors who work off-site. This coverage can save your finances from spending on replacements or repairs of your heavy or vital equipment.
Every state almost requires the Workers’ Compensation Insurance, also known as Worker’s Comp. This type of insurance compensates for the lost wages of injured employees as well as their medical fees.
Overall, buying your Excavation Liability Insurance is a smart decision to help protect your business. Having an insurance company as your partner in your business would help you save money from immense financial losses. With heavy equipment or materials you work with each day, Excavation Liability Insurance can make your job lighter. Having you and your employees protected gives peace to your excavation business. If you’re ready, you can speak to an insurance agent if you want to know how much coverage you need. Contact one of our insurance experts to get the best quote for you. For immediate assistance, call (833) 916-9071.