Excavation contractors are business owners and usually hired as subcontractors. They grade landscapes, dig trenches, and perform other soil-related tasks. Excavation is needed for many things: building roads, running cables, laying down foundations, constructing sewers, and so on.
Since it requires the use of heavy machinery, it comes with a multitude of risks. To protect yourself when someone files a lawsuit, or cover the damages when a part of your equipment breaks down, you should get excavation contractors’ insurance.
These days, all small businesses could use some type of commercial insurance. Without insurance, you have to pay all the expenses related to property damage or bodily injuries out of your pocket. That can become way more financially straining than you would expect.
This article will cover the basics of excavation contractors' insurance: why you need it, what it covers, and how to save some money on it.
Naturally, construction sites are high-risk areas. A lot of people, a lot of moving parts, and big heavy equipment can create a dangerous medley, leading to bodily injuries and other damage. With more than 40,000 excavation contractor businesses operating in the US, insurance companies have begun offering personalised insurance policies for the growing market.
Additionally, subcontractors are oftentimes required to have insurance by their employers. Not only does insurance protect you from future losses and financial ruin but it also helps you secure work in the first place.
Since excavation contractors face a myriad of risks, it is best to have insurance that combines multiple coverages. Typically, this is what contractors’ insurance covers:
Insurance is an investment in your future. It gives you financial protection to prevent bankruptcy when something goes awry. However, there are some other things you can do to avoid unnecessary expenses:
There is a lot to take in about insurance. If you would like to go over your options with an insurance expert, send us an email, call us, or fill out the free quote form on the website.
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