The work that excavation contractors do comes with a range of inherent risks, ranging from property to liability perils. Excavation contractors insurance helps protect Massachusetts businesses in this line of work from many of the risks that they’re exposed to.
Excavation contractors insurance is a specific type of commercial insurance that’s uniquely designed to meet the needs of excavators and related businesses. In order to protect businesses from the various risks that they’re exposed to, most of these policies come as package policies that have several coverages within them.
Most Massachusetts businesses that provide excavation or related services should consider purchasing excavation insurance. This generally includes businesses that:
To not carry insurance when performing this sort of work leaves a business exposed to unnecessary and substantial risk.
As mentioned, excavation policies normally come with multiple coverages. Some of the more common liability coverages that these policies might have include:
In addition to these, excavation companies often also need property coverages such as:
In many cases, there are still other coverages that an excavation business can benefit from. An insurance agent who specializes in these types of policies can help excavators select the coverages that are right for their business.
Most excavators have employees and are required by state law to carry workers compensation insurance as a result. Whether workers compensation is included in an excavation policy or is purchased separately as a stand-alone policy varies from policy to policy. In either case, however, an agent who’s familiar with excavation policies can likely also help with securing any necessary workers compensation coverage.
Sometimes contractors who hire excavation businesses ask the business to add a waiver of subrogation to the excavator’s insurance policy. This waiver provides the hiring contractor with a measure of protection. Should a hiring contractor require this, an insurance agent can usually help add such a waiver onto an existing excavation insurance policy.
Premiums for excavation contractors policies are based on many factors and frequently vary in price. To find out how much a policy would cost, excavators should speak with an independent insurance agent who can request and compare quotes from different insurance companies in the state.
Even with variance in price, however, these policies tend to be affordable. They’re almost certainly less than what facing a major claim with no insurance in place could cost.
For help insuring an excavation or similar business that’s in Massachusetts, contact the independent insurance agents at Paul T. Murphy Insurance. Our agents have the expertise to help you identify which coverages your business needs, and then they can show you several policies that contain those coverages. With our assistance, you can confident that the excavation contractors insurance you choose will keep your business well-protected.