What Massachusetts Businesses Should Carry Excavation Insurance?
Most businesses in the excavation and demolition industry will find that excavation insurance offers them good protection. This tends to be the most suitable insurance for excavators, and not carrying insurance can have disastrous consequences.
This insurance may not be as well-suited that perform excavation work and construction work. While excavation policies are generally good at protecting against the risks associated with excavation, the policies don’t necessarily protect against all construction-related risks. There’s likely another insurance policy that’s better for these businesses.
An insurance agent who specializes in excavation and similar policies can help businesses that do excavation and other work find the best insurance for their situation. A knowledgeable agent will know what risks excavation policies can protect against, and they’ll have the expertise necessary to determine whether this or another policy is the best solution.
What Coverages Can Excavators Get Through Excavation Insurance Policies?
The protections that excavation insurance affords come from several different coverages:
- Commercial General Liability Coverage, which might cover commonplace accidents resulting in injury to third parties or damage to their property
- Commercial Auto Liability Coverage, which might cover injuries and damage occurring during employee-caused accidents
- Employment Practices Liability Coverage, which might cover discrimination lawsuits filed by prospective, current or former employees
- Commercial Umbrella Coverage, which might provide broad secondary liability protection for expensive lawsuits
- Commercial Property Coverage, which might cover owned buildings, equipment and tools used for demolition
- Inland Marine Coverage, which might cover excavation equipment and tools as they’re moved to/from job sites
- Extra Expense Coverage, which might cover the cost of securing alternative facilities if a current place becomes unusable after a covered incident
When considering commercial property coverage, it’s important for excavators to take into account all commercial buildings and lots that they have. Sometimes excavators have just one property, but others keep equipment at several different locations.
Most policies offer all of these commonly available coverages, but some occasionally don’t offer as many. Many other policies provide yet more coverages in addition to what’s listed.
Do Excavators Need Workers Compensation Coverage?
Workers' compensation is an important protection that normally protects against workplace injuries, which are an obvious concern for workers in the excavation and demolition industry. Most employers are required to carry the coverage for their employees, and this generally applies to excavators.
What Are Waivers of Subrogation in Insurance?
Many general contractors require subcontractors (including subcontracting excavators) to include a waiver of subrogation within the subcontractor’s insurance policy. Such a wavier usually establishes that the policy issuer won’t pursue the negligent third parties in the event of a worker's compensation claim. General contractors are typically included as a third party and therefore not pursued by the insurance company if there's a claim.
How Can Excavators in Massachusetts Get Excavation Contractors Insurance?
If you need help finding excavation contractors insurance for a Massachusetts business, contact the independent insurance agents at Scotti Insurance. Our agents have the expertise necessary to recommend the best policy solution, and we can do that regardless of what insurance company offers the policy because we’re independent.