Protecting Your Business from the Ground Up
Excavation work is one of the most high-risk activities in the construction industry. From accidental utility strikes to trench collapses, the potential for damage, injury, or even fatalities is significant. That’s why having the right insurance coverage is not just a safety net—it’s essential.
Why Excavation Insurance Is Crucial
According to data from the U.S. Department of Labor, excavation-related accidents account for about 20% of all construction fatalities. This alarming figure highlights the importance of securing proper protection for both your crew and your business assets.
Excavation insurance is specifically designed to cover the unique risks associated with digging and earth-moving work. Whether you’re a general contractor or a specialty excavation firm, the right insurance can protect you from financial losses due to accidents, property damage, equipment theft, or lawsuits.
Types of Coverage to Consider
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General Liability Insurance
This covers bodily injury or property damage to third parties. For excavation contractors, this includes incidents like damaging a neighboring property or a pedestrian injury near a dig site.
Average cost: $127/month (source: Insureon) -
Builder’s Risk Insurance
This policy protects materials, tools, and partially completed structures from loss due to fire, theft, vandalism, and natural disasters.
Covers 85% of construction projects in the U.S. -
Contractor’s Equipment Insurance
This provides coverage for repair or replacement of tools and equipment used on job sites.
Average cost: $53/month (source: Insureon) -
Workers’ Compensation Insurance
Covers employee medical bills and lost wages due to job-related injuries, which are common in excavation.
Average cost: $396/month for excavation businesses.
Risk Management Matters
Beyond buying insurance, contractors can reduce costs by implementing safety protocols. Using trench boxes, training crews, and marking underground utilities can not only prevent accidents but also lower premiums over time.
Get Covered Today
Don’t wait for an accident to find out you’re underinsured. Make sure your excavation business has the comprehensive coverage it needs.
For more info, text or call Monreal Insurance Solutions at (909) 757-1311.