You’ve worked hard to get your earthmoving business to where it is today, and you’ve no doubt invested big dollars in your business assets. But if your machinery or equipment is out of action for any reason, your business will be out of action too. That’s why it’s so important to have earthmoving equipment insurance in place to make sure your valuable assets are protected.
Earthmoving and excavation work is inherently risky. Contractors are exposed to a variety of hazards when operating heavy plant machinery, including the risk of serious injury or even death. In addition, earthmoving machinery can be extremely expensive, so any damage can result in large financial losses. As a result, earthmoving businesses are potentially exposed to significant liability risks.
Phoenix Insurance Brokers offer tailor-made insurance solutions for earthmoving contractors and the construction industry. We understand the exposures and unique risks involved and can provide cover for a wide range of eventualities. So if you’re looking for comprehensive protection for your business, talk to Phoenix Insurance Brokers today.
Finding The Right Earthmoving Equipment Insurance Policy
Finding the right insurance for your earthmoving business can be a challenge. There are a variety of risks associated with earthmoving and excavation, from damage to property and surrounding areas as well as injury to themselves or third parties.
Other risks include interruption to the building site and theft or loss of earthmoving equipment.
Excavation and earthmoving contractors, sole traders, civil contractors and small business operators need to protect themselves from the risks associated with their business activities.
Tailored earthmoving insurance can help protect your business from these risks, providing cover for the costs of repairs, replacements and legal fees. With the right policy in place, you can rest assured that your business is protected against the unexpected.
Insurance For Earthmoving Equipment And Machinery
There are various types of earthmoving insurance cover available, tailored to the needs of different businesses.
When it comes to insuring your earthmoving machinery, some aspects to consider are:
- Whether the machinery to be insured is registered or not
- Whether the machinery is dry or wet hired out
- Whether the machinery is hired in
- The depth to which the machinery will be used to excavate
- Whether you should invest in Business Interruption Insurance
- Whether you need Mechanical Breakdown Insurance
There are various types of earthmoving insurance cover available, tailored to the needs of different businesses. Phoenix Insurance Brokers can help you choose a policy that provides the right level of coverage for your business.
Protect Your Earthmoving Business From Risks
Whether you need protection for your machinery, your employees, or your property, there is an earthmoving insurance policy that can help.
As an earthmoving and excavation contractor, some areas you may need to consider cover for are:
- Damage to vehicles, mobile plant, and machinery, including theft and possible accumulation of values of machinery and equipment, tools and more
- All work or business interruptions at a construction site including the risks of:
- traffic accidents
- unauthorised access
- attractive nuisance
- use of explosives
- excavation work
- liability to subcontractors
- vicarious liability for subcontractors
- damage to customer and other third party property
- third party injuries from tools, equipment and materials
- Employee risks and injuries which may be caused from:
- machinery and equipment hazards
- ‘hot work’
- exposure to dust and chemical/vapours
- falling objects hitting head or body
- being struck or crushed by moving vehicles
- exposure due to work in open air for long periods
- high levels of noise and more
- Property damage from substantial fire exposures
- Theft of materials and equipment left at unguarded construction sites or in site huts, vehicles, depots/offices, mobile plant, and machinery (joyrides or theft).
As you can see, when it comes to machinery cover and earthmoving insurance, there’s a lot to consider.
Thankfully, your local Phoenix Insurance Broker understands this area of business insurance. We can assist you with a competitively priced insurance package that will give you the protection you need and the peace of mind that goes with it.
Earthmoving Equipment Insurance Policy Coverage
Earthmoving contractors should consider a business insurance solution that provides cover for a range of risks, such as:
Public Liability Insurance
Whether you’re a small business owner with a bobcat or a large corporation with a fleet of excavators, if you’re involved in earthmoving, you need to make sure you have adequate public liability insurance. Earthmoving can be a dangerous profession, and if something goes wrong, you could be facing hefty legal bills. Public liability insurance will protect you in the event that someone is injured or property is damaged as a result of your work.
Plant and Equipment Insurance
Plant and equipment insurance are crucial for businesses operating in the construction, earthmoving and excavating industries. This type of insurance provides cover for static and mobile plant equipment, as well as broadform public liability insurance. In addition, it can also help to protect businesses from road risk liability. Plant and equipment insurance are essential for businesses that rely on this type of equipment to operate, as it can help to prevent financial loss in the event of damage or theft.
Management Liability Insurance
Management liability insurance can be especially important for businesses that operate in high-risk industries, such as earthmoving. With the high stakes involved in earthmoving projects, even a small mistake can result in a large claim. Management liability insurance can cover the cost of investigating, defending and settling claims by a third party, as well as paying compensation for which your business is deemed liable.
Having the right business insurance policies in place will protect you should something go wrong. You may also want to consider business insurance options for:
- Professional indemnity
- Public and products liability insurance
- Commercial property
- Personal accident and illness
- Tools insurance
Speak To An Earthmoving Equipment Insurance Broker
Earthmoving Equipment Insurance FAQs
When it comes to excavation equipment, there are many machines to choose from; and each has its own specialty and uses.
The most common types of excavation equipment are:
- Excavators or ‘diggers’ – one of the most versatile pieces of excavation equipment available, used for digging trenches, holes and foundations, forestry work, general grading and landscaping, drilling shafts for footings and so on.
- Backhoes – generally used for digging but also for construction, small demolition, landscaping, and paving roads.
- Dozers – made for pushing large quantities of soil, sand, and other materials. Dozers are used to move earth and soil, move topsoil away in preparation for road builds, smooth out the fill for road builds, strip off surface vegetation and so on.
- Skid steers – a compact machine used primarily for digging and a handy piece of equipment, particularly for tight-access sites. Skid steers are ideal for construction and landscaping work and can be used for digging and earthmoving, grading, demolition, and overhead work.
- Motor graders – used for flattening and smoothing surfaces; these can assist with earthmoving, levelling jobs, scarifying, mixing materials, spreading materials such as soil and aggregates, land grading and ditching.
Equipment breakdown insurance covers damages caused by covered internal forces, such as power surges, electrical shorts, mechanical breakdowns, motor burnout or operator error.
A mechanical breakdown refers to a catastrophic system failure and/or component failure due to wear and tear. To avoid mechanical breakdown, we recommend a proactive servicing regime to increase the productivity of your assets, to prevent system failure and potentially increase the service life of mechanical components. This is important particularly for cranes and large machines, as breakdowns can cost tens to hundreds of thousands of dollars.