FROM OUR PARTNERS
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.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
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.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
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.
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.
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.
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.
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:
This type of insurance covers bodily injury, personal injury, and property damage, which is essential for protecting your business and assets.
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 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.
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.
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.
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.
If an excavation vehicle stops working on-site, this type of insurance provides coverage for these instances.
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.
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.
An umbrella policy can help cover financial burdens from claims that surpass the limits of your other insurance policies.
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:
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.
Here are a few useful tips that can help choose the best provider for you: