Excavation Contractor Insurance in Vermont

What Is Excavation Contractor Insurance??

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.

What Vermont Businesses Are Excavation Contractor Policies Right For?

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.

åWhat Protections Are Available from Excavation Contractor Policies?

Depending on an excavation contractor policy’s specific terms and conditions, it may provide the following protections

Commercial Property Coverage, which might protect company-owned buildings and equipment kept at a company’s location
Inland Marine Coverage, which might protect company-owned equipment as it’s transported to and from demolition sites
Extra Expense Coverage, which might protect against the added cost of renting a facility if a building’s primary location is damaged or destroyed
Commercial General Liability Coverage, which might protect against common accidents and some common lawsuits
Commercial Auto Liability Coverage, which might protect against employee-caused car accidents and insure company-owned trucks
Employment Practices Liability Coverage, which might protect against employee lawsuits that allege discrimination
Commercial Umbrella Coverage, which might provide a secondary level of liability protection

Is Workers Compensation Included in Excavation Contractor Policies?

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.

What Are Waivers of Subrogation?

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.

How Can Vermont Businesses Get Excavation Contractor Insurance?

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.