• Employment Practices Liability Coverage
• Commercial Umbrella Coverage
Vermont businesses that grade construction sites and demolish old structures are exposed to substantial risk, including liability-related and property-related risks. Excavation contractor insurance offers these businesses protection from many of the risks they face.
Excavation contractor insurance policies are specialized commercial policies that have been crafted to meet the unique needs of excavators. In order to protect against these businesses’ various risks, most excavation contractor policies bundle multiple coverages together into a package policy.
In broad terms, the majority of Vermont businesses that specialized in the excavation of structures and/or land can likely benefit from the protections found in an excavation contractor policy. Additionally, normally only these businesses purchase excavation contractor policies.
Businesses that offer both excavation and construction services usually need both an excavation contractor policy and a general contractor policy. Excavation contractor policies frequently don’t cover actual construction, and contractor policies frequently exclude excavation. Thus, a separate policy is usually necessary to cover each type of work.
Any business that’s unsure whether an excavation contractor policy is necessary or sufficient should speak with an insurance agent who specializes in these policies. A specialized agent will be familiar with excavation contractor policies’ protections and exclusions, and such an agent will be able to give an informed policy recommendation.
Depending on an excavation contractor policy’s specific terms and conditions, it may provide the following protections
Workers compensation generally covers workplace injuries, which certainly are a risk when working on demolition sites. This is an insurance that most businesses with employees are required to carry. It’s also something that many general contractors require the excavators they hire to have in place.
Whether excavator contractor policies come with workers compensation varies, however. While some policies might offer the coverage, others may leave it to be purchased separately. In either case, an insurance agent who knows excavation contractor policies can almost certainly assist with workers compensation.
Sometimes general contractors will request a waiver of subrogation. This is an item that’s included in some workers compensation policies, and it typically states that the insurance company won’t sue a negligent third party if the insurance company must pay on a workers compensation claim. In most cases, this effectively means that the insurer won’t come after the general contractor if there’s a valid workers compensation claim related.
If a workers compensation policy doesn’t already have a waiver of subrogation, the item can normally be added.
For assistance insuring a Vermont excavation business, contact the independent insurance agents at Paige & Campbell Insurance. Our agents can help you assess your business’ coverage needs and compare policy options from several insurance companies, finding the best available excavation contractor insurance policy for your particular business.