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ContractorsExcavation contractors have a very difficult job. They use heavy equipment to improve the landscape, change the layout and dig holes. There is plenty of risk on this job, not just for the employees, but also for those around the area. Mistakes can happen. With the right type and amount of contractors insurance, it is possible to mitigate at least some of the financial loss that these types of projects can create. Yet, many contractors do not put enough attention into choosing the right level of liability insurance for their business, putting themselves at risk.

What Business Insurance Do You Have?

Excavation contractors need business insurance. They need commercial auto insurance for their vehicles, quality workers compensation coverage for employees, contractors equipment coverage and employee dishonesty coverage. But the heart of the insurance they need is liability insurance. It provides protection for claims and lawsuits filed against the company for mistakes made on the job. Since these tend to be larger jobs with higher risks, having a policy that offers more than general liability insurance coverage is important.

Most contractors need general liability insurance as a first step. In addition, errors and omissions insurance can add another layer of coverage. This type of insurance protects the business from customer claims of negligence committed during the process of doing business. For example, if an important sewer line is damaged in the process of excavating a piece of proper, the company may be held liable for the damage, even if the company had no knowledge of its existence. Further, if the line’s damage is extensive, the company could pay a significant amount of money in the long run. Long-term complications in excavation can also add on to liability risks here. For these reasons, a higher policy limit can help minimize many of these risks.

How much liability insurance do you need as an excavator? This depends on a variety of factors. Look for business insurance that’s customized to fit your unique needs. Invest in a policy that’s designed to provide extensive protections and ample coverage limits to ensure that you not only have support for claims and settlements, but also legal defense should you need to go to court for claims. Contractors insurance can offer this extensive coverage.

Protect the integrity of your company. Contact InsureMyBiz.com for more information on contractors insurance.

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