Why You Need Excavation Contractor Insurance in Newfoundland and Labrador
The excavation business in Canada is becoming more complex these days, and it's not from high tech equipment or special designs. The complexity is coming from so many people wanting to sue contractors, as a way of "cashing in". This makes it vital to have the right kind of insurance policy. For example, let's take a look at fictional business XYZ Excavation and Sewer Company.
XYZ put a bid in on a residential job to completely redo 15 sewer manhole covers. The covers were outdated and some were not in good condition. XYZ won the contract and began work on the job. The company dug up all of the old covers, replaced them, and then repaved the surfaces. Everything looked good until a few months passed.
After a while, the asphalt replaced around the covers began to settle, and this caused the covers to protrude an inch or two above the level of the street. That brought about a great deal of complaints from local residents, claiming it was unsafe and causing problems with their vehicles. After a complete investigation, XYZ was found to be negligent and would have to pay for the repairs (which was almost as much as the original contract amount).
Fortunately, James L, the owner of XYZ, hired an insurance expert a few years ago. These people advised him on the best kind of Paving Contractors Insurance for his business, and they also helped him understand many risk factors that his company could face. Instead of paying out over $100,000, James' contractor rework coverage paid the cost, and this saved his company from disaster.
What is Paving or Excavation Contractors Insurance?
In the excavation business, there are a number of risk factors to consider. For example, what would happen if one of your operators hit a power line or large sewer pipe? Suppose your work caused some kind of hazard to the local eco system. These are only two of the things that your insurance can cover. This insurance is designed to protect your assets, business, and financial well-being.
Who Needs Excavation Contractor Insurance?
If your business requires digging, as part of the job, you need special insurance to cover your risks. Here are some of the businesses that need this coverage.
- Paving companies
- Sewer contractors
- Utility contractors
- Road builders
- Septic tank companies
- Heavy equipment rental companies
What is Standard Excavating or Paving Contractors Insurance?
A standard insurance policy will include several basic coverage items like:
- Commercial Property Insurance - Will provide cover for your business property such as your buildings, business contents, tenants improvements
- Commercial Auto Insurance - Whether you use your own car or a fleet of vehicles to get the job done, Wedgwood Insurance Limited can find the right coverage for you to protect your business from liability, bodily injury, comprehensive and collision coverage and more
- Commercial General Liability - protects you from liability claims for bodily injury and property damage arising out of premises, operations, products and completed operations; and advertising and personal injury liability.
- Motor Truck Cargo Insurance - covers equipment, tools and property in transport
What Excavation Contractors Insurance Options are Available?
Depending on the type of business you operate and the jobs that you perform, you could benefit from several options like these:
- Contractors Equipment or Tool Floater - protects your tools and equipment that you routinely bring to and from your jobs (while they are in transit) and if you must store them temporarily at the job site.
- Contractor's Equipment Rental Reimbursement - Will you need to rent equipment to complete your contracts while your equipment is being repaired after a loss? If so, you will require rental reimbursement cover.
- Bid bond coverage - a bid bond protects you when you successfully bid on a job, but circumstances beyond your control prevent you from performing any work.
- Performance bond coverage - a performance bond reimburses the party you are responsible to, when you cannot complete a project that you started.
- Rip and tear coverage -covers tearing out work previously done, to correct a defect that makes its inclusion in the project unsafe
- Environmental impairment liability - pays for on and off-site cleanup, bodily injury and property damage liability as a result of pollution and environmental hazards.
Getting the Best Paving Contractors Insurance Coverage
As you can see, there are many options to consider if you want to fully protect your business and future in Newfoundland and Labrador. The best way to make sure all your business risks are covered is to go with risk management professionals like Wedgwood Insurance Limited. We are there with an entire team of risk management advisors to help you identify and protect all aspects of your business. We can also help you with a business continuity plan.
We are an independent agency with many top rated insurance partners. We can get you the right policy with coverage that fits your budget. Our team also offers a complete package of services for risk management, including:
- Legal Advice and Defence Insurance Policies to cover common employment and business contract disputes
- Business Continuity Planning
- Hiring and staff retention assessments
- Cyber Assessments
- Fleet Management
You are also welcome to talk to a member of the Wedgwood Insurance Limited team by calling toll free 888-884-4253 or locally call 753-3210.