Insurance For Your Excavation Contractor Company

Job growth for excavation contractors is expected to rise by 10 percent annually through 2022, reports the U.S. Bureau of Labor Statistics. That’s good news for your excavation contractor company. However, you’ll want to protect your company and your assets with insurance as you move and reshape earth for your customers.

Why you Need Excavation Contractors Insurance

Your excavation contractor business faces numerous risks. In addition to operating heavy equipment that’s bulky, expensive and potentially dangerous, you must meet strict environmental regulations, deal with utility lines, navigate delicate trenches, and address tricky ground conditions, including runoff and mudslides.

Manage these and other risks with the right insurance coverage. It pays for liability or damage expenses that are your responsibility, and it could save your company from severe financial hardship.

The Types of Excavation Contractors Insurance you Need

As you shop for insurance for your excavation company, consider the different types of coverage you may need.
  • General Liability - You could be held responsible for injuries on your property, libel or other damages. Your general liability insurance policy could pay for related expenses.
  • Bodily Injury - Accidents can happen at your business location or on the job site. Someone may fall into a trench you dig or step in front of one of your heavy machines. Bodily injury insurance will cover medical expenses for these injuries.
  • Property Damage - If you accidentally cut a power line or someone vandalizes your equipment, your property damage insurance can cover the liability or repair expenses.
  • Commercial Auto - The company vehicles you own or allow your employees to operate require insurance. Your commercial auto insurance will pay for injuries or property damage caused while someone operates your company vehicles.
  • Workers’ Compensation - If you hire employees, you must purchase Workers’ Compensation insurance. It covers medical expenses, lost wages and other costs related to treating injuries or illnesses your employees suffer on the job.
  • Products and Completed Operations - As you work on an excavation project, the client may discover that you dug the hole in the wrong spot or discarded dirt in an unauthorized area. Your products and completed operations coverage can pay for any liability that stems from the operations you complete.
  • Personal and Advertising Injury - Your company probably advertises the excavating services you offer. If you inadvertently use someone else’s artwork without permission or make a claim that damages someone’s reputation, you could be sued. Personal and advertising injury insurance will pay related legal expenses.
Protect your excavation contractor business with the right insurance. Discuss your needs with your insurance agent as you purchase adequate insurance for your business.
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