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 the right insurance in place to make sure your valuable assets are protected.
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
Furthermore, 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 sub-contractors, 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 Insurance and Earthmoving Insurance, there’s a lot to consider.
Thankfully, your local Phoenix Insurance Broker understands this area of 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.
You can read about related business insurance products we offer such as:
- Public Liability
- Professional Indemnity
- Management Liability
- Workers’ Compensation
- Plant and Equipment
- Commercial Vehicle Insurance
Frequently Asked Questions
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.