To move large things, construction companies employ excavators. However, operators are subject to various dangers when operating these equipment pieces since construction sites are high-risk areas.
Thus, it is essential to have the operators as well as the excavators insured to avoid huge costs. The coverage for excavators falls under the category of plant and machinery insurance.
You must have the proper knowledge about the necessary insurance coverage to ensure that you are adequately covered, whether you operate massive excavators on expansive project sites or mini excavators for civil construction.
So, here are some vital things you need to know about excavator insurance.
Types of Excavator Insurance
Below are some of the most important types of excavator insurance you must know to make the right choice.
- Mini Excavator Insurance
With mini excavator insurance, you can carry out your on-site excavation work without having to worry about costs due to damage. It is a cost-effective insurance for excavators that lets you render the highest quality construction services.
- General Liability Insurance
It is a possibility that the property or a person may get injured during an excavation process. In such situations, general liability insurance can help you prevent exorbitantly high bills.
- Excavator Operator Insurance
An excavator operator or a contractor is at constant risk of incurring accidents on-site during construction. To avoid substantial medical bills, excavator operator insurance is the best solution to protect yourself and your company.
- Large Excavator Insurance
When it comes to big projects, you need larger excavators. However, they are more vulnerable to damage and may raise the risk of incurring a loss. With large excavator insurance, you can execute your tasks without worrying about damages and costs.
- Excavator Equipment Insurance
You may get your excavator insured, whether small or large, with coverage from accidental damage. It covers damage and breakdown of the equipment you use on-site.
Parameters Insurers Consider While Providing Excavator Insurance
Before providing the appropriate excavator insurance for your needs, insurers consider certain factors that will determine the insurance cost.
Here are some factors that insurance companies look at before deciding the policy value and premium.
- Accident History
Excavation is a risky affair, and accidents are inevitable. However, if your business record has a higher number of accidents related to excavators, it implies that your equipment is more susceptible to mishaps. Thus, it will increase your premiums.
- Age Range
Companies readily offer insurance to a specific age group. If your employees are neither too young nor too old, you stand a better chance of getting better value.
- Experience in the Industry
If you have been in the excavation industry for quite some time, you have a better chance of getting lower rates on your insurance.
Damages Covered in the Excavator Insurance
Below are some damages that are covered by excavator insurance.
- Injuries to humans: If some third party gets injured due to your excavation process, this insurance will cover their medical expenses.
- Breach of confidentiality: If your company accidentally breaches a non-disclosure agreement, you will get the coverage.
- Medical coverage: Mistakenly, if your client gets injured on the excavation site, you will get covered.
- Property damage: When there is accidental damage to the property you are working on, the excavator insurance will financially cover you,
- Personal injury: If your client incurs damage to the property due to the excavation process, you will get covered.
Working with excavators or in the earthmoving sector exposes you to risk and unpredictability all the time. It is possible to hurt someone or destroy property when using the equipment.
Thus, you should have excavation insurance to ensure you are covered against any accidents or injuries that may happen on the job. This insurance will let you work with your equipment worry-free at an affordable policy premium.