Earthmoving equipment operators are no strangers to risky work - from falling objects to falling from great heights, they face all sorts of hazards every day. Plus, they're all up in the dirt.
Inclement weather and unstable environmental elements can also be factors on the job. Their equipment also faces these daily hazards, and it can be seriously costly and time-consuming to repair or replace.
That's why it's important to know about the different types of earthmoving equipment insurance available. Our independent agents are here to eliminate the hassle of searching on your own by walking you through a handpicked selection of top policies for you.
What Is Earthmoving Equipment Insurance?
Broken down, earthmoving equipment insurance is designed to provide protection for most types of equipment in the earthmoving industry against damage (usually excluding basic wear and tear) and theft and vandalism. Coverage is often set up to protect equipment stored across multiple locations.
What Qualifies as Earthmoving Equipment?
If it's equipment designed with the purpose of literally moving earth, it probably qualifies.
Here are some examples:
- Road rollers
- Hydraulic hammers
- Pile drivers
- Excavator buckets
- Mining machines
- Drilling machines
- Post hole diggers
- Farm machinery
Is Earthmoving Equipment Insurance Mandatory?
Well, many businesses are required to have at least general liability coverage, especially if they'll be loaning or leasing equipment.
Though additional coverage may not always be absolutely mandatory, it's definitely a smart move to get it - your equipment is expensive, and maintenance or replacement can be very costly to your business.
Why Do I Need Earthmoving Equipment Insurance?
Since the earthmoving industry deals with so many different types of terrain, its contractors face all sorts of risks during daily work, including storms, slippery surfaces, excessively dusty environments, uneven ground, and more.
That's not even including the risk of the equipment itself malfunctioning, or errors made during operation that could cause destruction. Coverage would help with repair or replacement costs for your equipment.
What Does Earthmoving Equipment Insurance Cover?
An earthmoving equipment policy protects your business's equipment from a wide range of workplace hazards (e.g., fire, collision, falling objects, etc.) that could cause damage or destruction, as well as theft or vandalism. Most policies cover operating risks and third-party liability, in addition.
Some key components of coverage can include:
- General liability: Protects against property damage or bodily injury claims made by a third party.
- Damaged or destroyed: Covers replacement of equipment that is damaged or destroyed by work incidents, or while it is in transit.
- Theft: Covers replacement of equipment that is stolen.
- Operating risk: Covers damage that happens while equipment is in operation or while being driven between or around jobs. Also protects against fire, lightning and other weather damage during a job (though many policies will not cover flood damage in certain circumstances).
An optional add-on to coverage:
- Rental reimbursement: Covers the costs of using alternate equipment while your business's equipment is undergoing repairs caused by a covered hazard in your policy.
How Much Does Earthmoving Equipment Insurance Cost?
The cost of your earthmoving policy will depend on the size and location of your business, the amount of equipment used, and the value of each item you claim.
Smaller businesses in rural locations with just a couple pieces of inexpensive equipment will pay much less than huge businesses in major cities using high-end equipment. Premiums can range from hundreds to thousands of dollars, annually.
What's So Great About an Independent Agent?
Insurance policies can be tricky and confusing, and sifting through available policy options can be boring, repetitive and snore-inducing work. An independent agent's role is to simplify the process.
Independent agents are there to make sure you get the absolute best deal, and the one that meets your unique needs. They shop and compare insurance quotes for you, and they'll break down all the jargon so that you understand exactly what you're getting.
Finding/Comparing Earthmoving Equipment Insurance Quotes
Our well-informed independent agents will review your needs and help you evaluate which type of earthmoving equipment insurance makes the most sense for your business.
They'll also compare policies and quotes from multiple insurance companies to make sure you have the best protection out there. They'll hook you up - in a comprehensive and affordable way.
TrustedChoice.com Article | Reviewed by Paul Martin
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