A dry well is a structure that's dug underground to take in rain and other water to prevent flooding. Dry wells are also often called “seepage pits.”
After a heavy rain, a dry well allows the excess water to join the groundwater supply after reaching the well. Dry wells can be as simple as a deep hole filled with gravel, or as complex as a heavy, prefabricated concrete well.
Certain contractors specialize in excavating and constructing dry wells for both residential and commercial buildings. If you’re a dry well construction service, you face a wide range of potential losses that can be financially devastating for your business. Worker injuries, property damage, and lawsuits can threaten your assets and the long-term financial strength of your business.
Dry well construction service insurance can help you mitigate your risks and protect your business. You need an experienced independent insurance agent to help you assess your risks and find the right business insurance policies from highly rated insurers.
Why Do You Need Dry Well Construction Service Insurance?
A dry well is an underground structure that disposes of storm water by percolating the water into the soil. The installation of dry wells typically involves drilling and excavating the site, backfilling the site with gravel, and installing a precast concrete chamber and drainage pipes. The purpose is to collect and control storm water while minimizing erosion and localized flooding.
A successful dry well installation harnesses gravity to direct excess water toward the lowest point in the yard where the dry well has been buried. The runoff will collect until it gradually dissipates into the soil, rather than pooling around the yard or property and causing all kinds of problems.
While dry well construction involves a lot of expertise and careful planning, nobody’s perfect. A single mishap could lead to the loss of everything you’ve worked to accomplish with your dry well construction service. If a customer simply trips and falls over your equipment and gets injured, or if a dry well that you’ve built malfunctions and unintended flooding or a collapse damages a customer’s or a neighbor’s property, you could face negligence claims, lawsuits, and devastating financial losses.
In addition, your employees can be injured while working. Or your office or workshop could be damaged by vandalism, theft, or a severe weather event. What’s more, your expensive tools and equipment could be lost or stolen while you’re working at a customer site, and your employees can be involved in auto accidents while traveling from job to job.
Business insurance designed for dry well construction services helps you be ready for the costs associated with employee injuries, equipment and materials damage, motor vehicle accidents, and more. Because every dry well construction service is unique, your insurance needs will be determined based on the size of your company, the number of employees you have, and the type of work that you do.
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What to Know about Dry Well Construction Service Liability Insurance
Dry well construction services need a package of insurance policies tailored to the unique risk exposures of their industry.
First, you need general liability insurance for occasions in which your business is negligent and causes bodily injury or property damage to a third party.
Your commercial general liability (CGL) policy protects you in the event of third-party lawsuits, with coverage for attorney fees, court costs, settlements, and judgments up to the limits of your policy. CGL insurance would respond when a customer claims you damaged their property while constructing a dry well, or when a vendor trips and falls while making a delivery at your office or workshop.
It’s a necessity for dry well construction services to own multiple trucks or other vehicles to transport tools, equipment, and workers to and from job sites.
- If you own trucks or other vehicles, commercial auto insurance covers your owned vehicles and drivers in the event of an accident or other vehicle damage that occurs. Commercial auto insurance provides coverage for property damage and bodily injury liability claims, vehicle damage, and medical bills, as well as any costs related to lawsuits due to auto accidents involving your vehicles.
You may want to talk to your independent insurance agent about your need for excess liability insurance, or commercial umbrella insurance.
- Commercial umbrella insurance provides an extra layer of liability protection to any of several other liability policies you might have. Commercial umbrella insurance kicks in when the limits of your other applicable insurance policies have been exhausted, protecting you in the event that a claim exceeds the amount of coverage available from any other applicable policy.
What to Know About Property Insurance for Dry Well Construction Services
Dry well construction services need to protect their valuable property and equipment from the many ways in which it can be damaged, destroyed, stolen, or vandalized.
- Commercial property insurance: Covers your office space, warehouse, workshop, or other buildings and their contents for losses due to fire, theft, vandalism, weather events, and more.
- Business interruption coverage: This policy is usually included in property insurance. It reimburses you for lost income and helps pay for certain ongoing expenses if you are temporarily unable to operate due to a covered loss (fire, storm, etc.).
- Inland marine insurance: This is another form of property insurance that protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites.
Why Do You Need Workers’ Compensation Insurance?
Keeping your employees safe from work-related injuries and illnesses is important for your their long-term health and satisfaction, as well as your company’s financial viability. Excessive employee injuries and illnesses can be financially devastating for your business.
You need workers’ compensation insurance to help employees who are injured on the job. Constructing dry wells can be dangerous for employees. They may be required to use dangerous tools and equipment while working in unsafe environments. Your employees may be exposed to falls, cuts, abrasions, back injuries, and other unsafe or unsanitary conditions.
Workers’ compensation insurance provides coverage for medical expenses and lost wages for injured workers. Business owners are required to carry workers’ compensation insurance to protect their employees. Specific coverage requirements vary by state.
Other Insurance Policies for Dry Well Construction Services
An independent insurance agent can help you determine if you need the following additional policies or types of coverage.
- Flood or hurricane insurance: Your basic commercial property policy does not cover flood or hurricane damage. Talk to your agent about flood and hurricane insurance if you live in an area that is prone to these events.
- Employee crime and dishonesty coverage: Protects your business from the costs of theft, dishonesty, and fraudulent acts committed by an individual employee or a group of employees. It provides coverage for forgery, alteration, theft, unauthorized electronic funds transfers, credit card fraud, computer fraud, money order fraud, and counterfeit fraud.
- Utility interruption coverage: Provides income protection if you are unable to operate due to a covered utility (water, electrical) interruption.
- Employment practices liability insurance: This policy offers coverage for claims of employment-related discrimination by prospective, current, or former employees.
Do You Need Contractor Bonds?
You may need to purchase one or several contractor bonds for your dry well construction business, depending on the types of jobs that you take (e.g., residential or commercial). Contractor bonds are often essential for finding, securing, and performing work for many types of projects that you might work on. They may be required by a customer in order for your bid to be accepted, and they typically guarantee some aspect of the bidding process and the contract. This would typically come into play if you are working on a commercial or municipal project.
There are a variety of different types of surety bonds, including bid bonds, performance bonds, payment bonds, license and permit bonds, and maintenance bonds. Every bond is unique and tailored to a specific project.
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How Much Does Dry Well Construction Service Insurance Cost?
In general, insurance costs for dry well construction services will vary depending on the size of your business, the number of employees you have, the amount and value of your tools, equipment, and inventory, the location of your business, and a variety of other variables.
An independent insurance agent can guide you though your options so you get coverage that meets your needs and budget.
Benefits of an Independent Agent
You may have some things in common with other businesses, but in many ways your business is unique. Don’t trust your livelihood to a faceless online quote or an insurance company representative who doesn’t know the ins and outs of your business. A local, independent insurance agent will get to know you and your business.
Independent agents can work with numerous, reputable insurance companies who specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.
What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
Find and Compare Quotes for Dry Well Construction Service Insurance
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.
TrustedChoice.com Article | Reviewed by Paul Martin
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