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Best Excavator Insurance of 2022

Bryan Keith

Excavation and grading businesses move a lot of dirt, but one thing to avoid is not to dig into a financial hole. Accidents happen but excavator insurance can help cover you for various risks that may occur during or after a project. We’ve evaluated the best excavator insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.

Covers a wide range of industries

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.

What we like

  • A skilled advisor to assist you
  • Free quotes from multiple insurance carriers
  • Covers low risk to even some high risk industries
  • Online account management

What we don't

  • No brick-and-mortar offices
  • Deductible costs

Offers a range of insurance poilicies

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Simply Business provides insurance policies for a range of professions and small businesses.

What we like

  • Various business insurance policies
  • Quotes from multiple providers
  • Fast and easy application
  • Strong customer satisfaction

What we don't

  • Policies are a through a third party
  • Claims must be filed through insurance provider

Customized solution to fit your business needs

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.

What we like

  • Established insurance company
  • Dual auto insurance
  • Customizable insurance for over 180 industries
  • Deductibles starting at $0
  • Affordable rates

What we don't

  • Limited US offices
  • Coverage limited to $2 million online

Flexible coverage by the year, month, day, or by the job

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.

What we like

  • Scheduled coverage options
  • Coverage by the job available
  • Buy a policy online within minutes
  • No hidden fees
  • Affordable plans
  • Drone insurance

What we don't

  • Not available in New York

Affordable plans and coverage provided within minutes

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • Not available in New York

eCommerce-only insurance solution

$2,000,000

Coverage Up To

$0 - $5,000

Deductibles

Overview

Spott will ensure that your policy coverage is tailored to your business while complying with Amazon’s Terms and Conditions. They also track changes to Amazon’s Terms and Conditions to identify potential issues with listings before a suspension.

What we like

  • Tailored eCommerce insurance
  • Liability insurance for Amazon sellers
  • Store Suspension coverage
  • Compares leading insurance carriers
  • Flexible coverage options and payment plans
  • Knowledgeable about Amazon’s rules and policies

What we don't

  • Limited physical offices

What is excavator insurance?

Excavator insurance can protect your business, employees, and assets from financial burdens you would otherwise be paying for out of pocket. These expenses can come from accidents, injury, and the property being damaged.

Who needs excavator insurance?

If your business provides excavation and grading services, most states will require you to have excavator insurance. Excavation has a high risk of injury and property damage, so coverage is important to have.

What insurance do excavator businesses need?

There is a wide range of excavator insurance coverages. Figuring out the type of insurance and coverage will be based on the excavation and grading services you offer.

Common types of excavator insurance:

General liability insurance

This type of insurance covers bodily injury, personal injury, and property damage, which is essential for protecting your business and assets.

Commercial auto insurance

Required by most states, commercial auto insurance for company vehicles will cover medical expenses and property damage for accidents that happen while using the vehicle on the job.

Workers’ compensation insurance

Workers’ compensation insurance will ensure that an employee that gets injured on the job will have medical bills and rehabilitation paid for, as well as any lost wages.

Employer’s liability insurance

If an employee files a lawsuit blaming your business for negligence that led to an accident, employers’ liability insurance will protect your business from costs like settlements, court fees, and attorney fees.

Commercial property insurance

If you rent or own a property to conduct business, commercial property insurance covers any damage to the building, as well as any equipment and inventory that may be in it.

Tools and equipment insurance

This type of insurance protects your excavator equipment if it is stored off property such as at a job site, in a company vehicle, or at a storage unit.

Equipment breakdown insurance

If an excavation vehicle stops working on-site, this type of insurance provides coverage for these instances.

Inland marine insurance

This type of insurance protects equipment during transportation to job sites and storage areas. Since excavation machinery is usually large and expensive, this is an ideal policy to consider.

Heavy machinery insurance

Any operational risks that could occur to or as a result of using heavy machinery can be covered by this type of policy. It is generally included in excavator general liability insurance but it is always best to make sure and look into adding heavy machinery insurance if needed.

Commercial umbrella policy

An umbrella policy can help cover financial burdens from claims that surpass the limits of your other insurance policies.

What are the limits of excavator insurance?

The limits for your excavator business depend on the types of coverage you need. Standard general liability coverage policies have a limit of $1,000,000 for bodily damage and $2,000,000 for property damage per occurrence. Depending on the policy you choose you can have a certain number of occurrences per calendar year that the insurance company will cover. The limits you choose will need to match your potential financial obligation based on the unique needs of your business. It is possible that larger projects will have a higher financial risk so you will need to have higher limits than the standard. Here are ranges of limits for common types of excavator insurance:

  • General liability – $100,000 – $5,000,000
  • Workers’ compensation – $100,000 – $1,000,000
  • Commercial auto – $100,000 – $1,000,000
  • Tools and equipment – $10,000 – $500,000

How much does excavator insurance cost?

There are different factors that can affect how much excavator insurance costs. These factors can include the types of excavation services offered, the tools and vehicles used by the business, the area you conduct your business, and the size of your business (employee number). Grouping policies together with the same insurance provider can help save money through discounts.

  • General liability insurance: Excavation businesses can expect to pay premiums starting around $47 per month for the lower limit policies. Usually costs get higher depending on previously mentioned factors and increased policy limits.
  • Commercial auto insurance: Starting at $99 per month for commercial auto insurance policies with lower limits, excavators can insure their vehicles traveling between job sites. Higher limits or vehicle quantity and type will increase the premium.
  • Workers’ compensation insurance: You can purchase worker’s compensation insurance for as low as $134 per month with prices increasing based on the size of the business and history of claims among other factors.
  • Employer’s liability insurance: This type of insurance is usually included in the workers’ compensation insurance policy and is covered by the premium.
  • Commercial property insurance: At $63 per month, the median for commercial property insurance is affordable for most excavator businesses and is worth purchasing a policy if renting or owning real estate.
  • Tools and equipment insurance: For as low as $17 per month, you can get your equipment and tools insured up to a $10,000 limit to protect them from damage or theft.
  • Commercial umbrella policy: To further protect your business if a claim goes past your coverage, you can purchase a commercial umbrella policy for about $40 per month.

How to choose the best excavator insurance

Here are a few useful tips that can help choose the best provider for you:

  • Risks: You should first identify where your business could be at risk and look for providers that can cover those risks. Make an assessment of the risks associated with your business and choose a policy that covers them adequately.
  • Customize: A provider should be able to customize their existing products to meet your needs. Making sure the provider can offer a few different price points and product tiers. The provider gives you a few different options and lets you pick what will work best with your budget and requirements, versus trying to sell you the highest priced product.
  • Customer feedback: Making sure the provider has an A rating with the Better Business Bureau. The BBB rates how satisfied the public is with large companies, so this score is a good measure on how to qualify a provider.