Excavation Contractor Insurance Coverage
Excavating involves more than simple up-hauling of dirt, sand or gravel and removing essential rocks and debris, rather it includes a myriad of techniques that use large machinery for soil management and preservation as well. Such handling of the land opens up the excavation contractors to a world of risks and liabilities. Equipment malfunction as well as any undue damage caused, wrongful destruction of the property and sometimes even injuries can occur at the site of work with great regularity. Furthermore, natural hazards such as landslides and the like are also a cause for concern.
General Liability Insurance
With such complications, many industries offer excavation contractor liability insurance also known as excavation liability insurance to prevent mishaps by preparing for the risks beforehand and ensuring a reduction in the costs so that the projects reaches completion without unnecessary hurdles. The options provided by the general liability protects the contractors should any statement of losses or bodily injury be made by any party. These include any claims regarding damage that should occur during the project which can be in the form of an accident due to a fall or the result of the products employed by the contracting company or even any harm that is caused by the working employees.
Sometimes during the course of construction, damage can be done to the surrounding properties such as the power line might get cut off or the digging dents open a pipeline. The excavation contractors insurance policy covers many of these aspects as well. In many of these instances, the fault does not occur because of the construction work but can be simply happenstance. But to avoid the lawsuit, it is better to take precautionary measure and be prepared for such an outcome.
Additionally, the general liability also holds to protect against any disparaging slander or infringement of personal property rights. Should a legal situation arise, the insurance also covers the legal expense should there be a need for any legal representation and guidance or should settlements or repair expenses are to be paid.
The tools used in the business are a large investment and their replacement can be particularly arduous. For the protection of the heavy machinery, insurance coverage generally covers the theft or damage done to any of the equipment. The contractor’s equipment policy generally works to cover all the large machines such as the skid steer, back hoe or the trailers employed to haul this equipment. If the tools are leased, the rental reimbursement part of the insurance policy allows the excavation contractors to carry on with the work should anything be stolen. As you may note the excavation insurance can be acquired as a commercial package ensuring that no gaps in insurance coverage will exist for the excavation contractors coverage it will include equipment coverage. It can also be acquired as monoline insurance policy known as excavation liability insurance which would then be general liability policy only.
Most insurance policies can also be extended to cover the vehicle used for the business. Generally bearing the business name, the automobile is principally insured in the event of any claims being filed.
Another aspect of the excavation contractors insurance that should be included is the provision of wages as well as any medical assistance in the case of injury that an employee might have sustained while on the job. The policy helps to limit the employee from litigating the excavation company while also allowing the worker to be recompensed.
If you’re the owner of a excavation contractor business or you need assistance with excavation insurance policy in Colorado Springs or Colorado, we can help, Mountain Insurance has the insurance carriers and expertise to help your business get the insurance protection you need. Contact us or call us today at 970-901-0062 for a free quote and more information.
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