Earthmoving and earthmoving contractors insurance is vital for the construction and building industry. It is so important to make sure that your earthmoving equipment as well your actions as a contractor are covered against any possible risks. These might include Public Liability claims, Workers Compensation claims, your own Tools and Equipment being protected, and your own Personal Accident and Injury Insurance needs.
What Makes Up a Comprehensive Earthmoving Insurance Package?
First of all, it’s important to outline that there are different types of insurance for earthmoving and earthmoving contactors. We recommend Public Liability Insurance strongly, as well as Tool Insurance as the most popular two choices of insurance for our earthmoving clients. Any comprehensive insurance package should at the very least include these two types of insurance.
Workers Compensation is also vital if you have employees or apprentices, as well as Personal Accident and Injury if you would like to also protect your back pocket against your own inability to work if you find yourself out of work for a while.
Public Liability Insurance for earthmovers will help to cover the costs should your actions during earthmoving result in any third party injuries or third party property damage. For example, material damage during losing control of your equipment can result in much financial loss for you. Public Liability can help you cover this. Things like hitting pipes and bursting water mains can also be accounted for. But do remember to Dial Before You Dig to find out where your nearest underground pipes are to minimise any risks or damage.
The equipment used in earthmoving is very large and can be very dangerous. In the event that a serious injury to a third party occurs, the size and nature of earthmoving equipment means that the damage can be much more serious than with other trade type work. If you injure a third party through the course of your work, you can be found liable for medical bills, rehabilitation, and loss of income, not to mention if the situation is fatal you could run into possible millions of dollars in bills and compensation.
In most cases Public Liability Insurance is mandatory for any sort of earthmoving work before entering a work site. If you are unsure whether or not you need obtain it as an earthmoving contractor, check with your site manager. Then check with your broker to ensure you are covered. It is always best to be safe than sorry when it comes to insurance.
When it comes to insurance of fleet and plant equipment such as cranes, excavators, forklifts, farming machinery, concreting equipment, lifting equipment, trailers, and backhoes – it’s important to understand that these items are very expensive to replace. The costs can run into thousands of dollars if just one items goes missing or is damaged or stolen. Insurance is vital and can cause a huge financial loss if you are not covered for replacement.
If you need an instant insurance quote for earthmoving & excavation you can get one by visiting the All Trades Cover website. If you are unsure which insurance you might need for your business, contact All Trades Cover today and we will be more than happy to help you set up your policies. Or give us a call at All Trades Cover on 1300 826 850 to speak to a friendly expert. All information provided above is of a general nature, if you need specific advice we recommend speaking to a broker.