When it comes to insurance, excavator insurance falls under the category of Plant and Machinery Insurance. If you operate large excavators on big job sites or mini excavators for civil construction then we need to talk about the right insurance to ensure you are correctly covered.
What is excavator insurance?
Excavator insurance is not the same as motor insurance and when obtaining insurance for your excavators there are some things to consider.
Similar to car insurance, should you have an accident involving your excavator insurance you want to know you can get your machinery fixed. If for whatever reason the equipment is written off by your insurer then it’s important that the payment is sufficient to settle any finance.
Your excavators are your business, so it’s your source of income. Therefore if it’s not working or on-site somewhere, your income stops. Sadly though, lease payments still have to be made and any other expenses continue so it’s important to obtain the right insurance policy as you may want to insure for a hired replacement excavator or you may choose to insure your loan repayments.
If for example you are involved in an accident and someone else is injured or there is damage to their equipment then liability will rest with you. If this happens on a job site then you will be covered by public liability insurance.
If you are in the earthmoving business or work with excavator equipment then you are always facing risk. You could potentially injure someone while operating equipment or cause damage to property so you need excavation insurance and earthmoving equipment insurance in order to be protected against any damage or injury that may occur whilst you are working.
With the risk of injury or potential property damage or lawsuits as a result, you would expect that excavator insurance to be a little more expensive than standard insurance. We will work with you, looking at your business model, your potential business risks and from there obtain a policy that works just for you.
Types of Cover
There are many factors to consider when it comes to insurance for your business. The size of your business for one, where you are located, the equipment and annual revenue, just to name a few.
- Public Liability Insurance: Operating excavators and similar heavy vehicles is potentially risky as accidents can cause damage to surrounding property and can also have the potential to injure someone. Public Liability Insurance can cover you for these types of issues whilst on the job.
- General Property Cover: In this industry let’s face it, equipment isn’t cheap. And your equipment has to be working! You don’t need your excavator breaking down on you so you can’t start a job or complete it! And God forbid if they get stolen, the cost of replacement would be too much! With general property cover your machinery will be covered if stolen or lost.
- Professional Indemnity Insurance: Professional Indemnity Insurance covers legal costs if you ever face a lawsuit and negligence claims are also covered.
- Personal Accident and Illness Cover: So you have a risk management plan? Good. But what happens in the event of a landslip or other accident you didn’t foresee? Injury can cause real problems as it could render you unfit for work for many months, and how will you get by in this time? This cover will allow you to get financial help if you cannot get back to work immediately after an incident or illness.
- Excavator is Damaged: When your Excavator is damaged within the specific coverage that you choose, excavator insurance will compensate for you to recover from damage. Damage can be varies such as a trees fall and break your excavator, a car crash to your excavator, … Call us today to know which coverage that you should go with.
Talk to us today about your business needs. Our truck insurance brokers are skilled in the area of excavator insurance and can help you obtain the most appropriate policy at the best possible price.