Do you require insurance for your digger? Yes, the answer is yes. Why? Here’s the answer: diggers are extremely dangerous. You need digger insurance to ensure that you don’t have a huge hole in your wallet if something unfortunate happens. This article will teach you all you need to know about obtaining heavy and mini equipment insurance for a digger that you own or hire.
In reality, the National Institute for Occupational Safety and Health recorded 346 excavator-related deaths between 1992 and 2000. Furthermore, an assessment undertaken by the EPA in 2000-2001 revealed that deaths were primarily caused by being hit by the machine itself or by its rapid disconnect excavator buckets.
Furthermore, the average cost of excavator-related injuries was $1,100 per worker. However, this is not the entire picture. If we investigate deeper, we may find that injuries needing expert medical care cost $42,000, and in the case of death, the expenditures can reach $1 million.
If you want to compare digger insurance quotes online,visit any online insurance site, click the ‘Get Estimates’ button at any time, fill out the questionnaire, and you’ll receive personalized quotes from the leading digger insurance firms in the market.
Cost of Digger Insurance
Small company excavation insurance costs around $83 per month or $996 per year for a $1 million general liability insurance policy.
Excavation insurance prices are determined by your construction company’s safety record, as well as other criteria such as the cost of the diggers you use, the size of your company, claim history, location, gross income, and more. We’ve compiled the following caterpillar insurance estimates based on a machine that is less than three years old and with a company that has a great safety record:
#1. Progression
Monthly: $408
Yearly: $4,896
#2. Liberty Mutual
Monthly: $456
Yearly: $5,472
#3. The City of Hartford
Monthly: $397
Yearly: $4,762
#4. State Farm
Monthly: $419
Yearly: $5,028
#5. Zurich
Monthly: $415
Yearly: $4,980
#6. AIG
Monthly: $444
Yearly: $5,328
#7. Coverwallet
Monthly: $80
Yearly: $960
Best for: Online rate comparison for excavator insurance
#8. Thimble
Monthly: $90
Yearly: $1,080
Best for: Excavation contractor insurance policies that are available on demand
#9. Next
Monthly: $300
Yearly: $3,600
Best for: Insurance for rapid excavation
Keep in mind that this digger insurance cost list is only for a full-sized digger, which is why you should expect to pay so much for it. You should expect to pay substantially less for insurance if you are not attempting to execute a work that necessitates the use of a full-sized piece of construction equipment.
Cost of Mini Digger Insurance
Because of the reduced cost of the vehicle, mini digger insurance (also known as micro digger insurance) is typically less expensive than full-sized digger insurance. While this is a primary element influencing the cost of your insurance, there are also secondary considerations such as the decreased likelihood of an accident occurring and the kind of damage done.
Here’s a breakdown of mini digger insurance costs:
#1. Progressive
Monthly: $219
Yearly: $2,628
#2. Liberty Mutual
Monthly: $260
Yearly: $3,120
#3. The Hartford
Monthly: $178
Yearly: $2,136
#4. State Farm
Monthly: $238
Yearly: $2,856
#5. Zurich
Monthly: $276
Yearly: $3,312
#6. AIG
Monthly: $290
Yearly: $3,480
#7. Nationwide
Monthly: $197
Yearly: $2,364
#8. Chubb
Monthly: $205
Yearly: $,2460
Mini Digger Insurance
A mini digger insurance policy is typically included as part of a business owner’s construction insurance policy for subcontractors. You can also obtain excavation contractors insurance from providers that cater to the demands of huge corporations. However, there are only a few who will approve your insurance application right away.
What to Know Before Buying Digger Insurance
The Value of Due Diligence
Insurance companies will give you a discount if they notice that your construction company is doing all possible to avoid accidents. This is done not simply as a marketing ploy, but also to persuade building firms to take caution.
In legal terms, due diligence is the practice of taking the necessary precautions to avoid accidents that result in death, personal injury, or property damage.
When rigorous rules require workers to wear safety equipment (such as a helmet, harness, and vest) while working, construction businesses are performing due diligence. Also, when the digger is working on public roads, someone keeps watch a few meters away from the excavator to warn third parties that there is a project ahead.
Furthermore…
Carriers will deny a claim if the inspector determines that the excavator-related accident was caused by a failure to exercise due diligence. Examples include not wearing a helmet, not putting up signage, and not performing planned checks on the digger before it is used.
Having said that, even if you have the greatest excavator insurance policy available, things will go wrong if you do not exercise due caution. When it comes to great digger insurance, we recommend comparing digger insurance online quotes to discover it.
Coverage for Digger Liability Insurance
Excavators are not the only machines covered by digger insurance. You can save money by bundling it with additional policies. Repair coverage, PIP coverage, commercial equipment coverage, and umbrella insurance coverage are all options for excavators and mini diggers. You should also think about bobtail insurance.
You should also evaluate if your digger’s insurance policy covers third-party responsibility and operating risks.
For example, third-party liability will insure you from claims that are being carried out against you by another firm, client, or community members.
This can include the project’s developer, the owner of the property you’re working on, or even the city itself.
Operating hazards, on the other hand, encompass anything that might happen throughout the course of a building project, such as spontaneous fires, explosions, theft, or even lightning strikes. Because you never know what will happen on a job site, having both types of excavator equipment insurance is always a good idea.
Best Digger Insurance Providers
Caterpillar Insurance Services, Inc.
Caterpillar does more than sell excavators; they also insure them! Keep in mind that their insurance are only available in the United States, however they allow you to cover both your equipment and your business before you begin work.
They offer a comparatively cheap deductible of only $1000 in all industries except logging, and they protect you against partial and whole equipment losses. They even cover any costs that may arise, such as the cost of transporting broken excavators and renting replacement equipment to complete the operation.
Pros
Except for logging, all industries have $1,000 deductibles.
Coverage for unanticipated expenses
Cons
Don’t issue extensive insurance plans to excavators registered to logging companies.
4/5 stars
Best for: Commercial and excavator insurance.
JCB Digger Insurance
Excavators and tractors are protected by JCB’s Commercial Vehicle Insurance coverage, which are offered at low prices and tailored toward construction companies wishing to protect their investments.
Because of its specialist nature, you can be confident that JCB knows a lot about the machines with which they deal, allowing you to acquire the particular coverage options that you require.
JCB also has a nationwide network of Territory Managers who may meet with you in person to go over the specifics of your policy. Instead of dealing with many forms that are far too obscure for comfort, you can ask your questions in person and obtain unambiguous answers.
Pros
Proactive customer service assists you in determining the right coverage for your excavator according on the size, kind, and model of your business.
Cons
Only serves companies in the construction industry.
How to Find Low-Cost Digger Insurance Quotes
To obtain cheap digger insurance quotes online from the best digger and excavator insurance companies, go to any online insurance site and click the ‘Get Quotes’ button, follow the process, and enter the necessary information, and you will receive countless excavator insurance quotes online from the best insurers in America, allowing you to compare coverage options side by side and choose the excavator insurance quote that best fits your business budget and needs!
Digger Hire Insurance
Insurance for cash-only clients is available, and it is up to the consumer to analyze the risk and decide whether or not to purchase digger hire insurance.
We do not require it, but consumers should be aware that they are responsible for the equipment while it is in their possession.
Except for the Micro Diggers, all diggers use the Kubota Anti Theft Key, which has considerably reduced Plant Theft in the 8 years it has been in use. People who hire Micro Diggers typically park them in the back garden and block them in with a car, or in some cases, park them inside the home!
However, some digger hire companies require a valid hired in plant insurance coverage, as well as a policy for equipment rented to a single site with a combined worth of more than £25000.
If consumers decide to purchase short-term hired in plant insurance, we propose JCB insurance.
In Conclusion,
It’s an unpleasant fact of life that we have to protect our work equipment, with Diggers being a favorite target of the less honest among us all. If your Mini Digger is stolen or damaged, it not only costs you money, but it can also cause delays on the work, causing you to take dramatic measures that will undoubtedly cost you more than is reasonable. Mini Digger Insurance is available in the same way that it is for your car or home.
Let us not forget that no matter how durable your plant machinery is, it is always vulnerable to outside causes, such as weather, workplace accidents, or theft. It is believed that the value of stolen or vandalized equipment in the United Kingdom exceeds £75 million each year. That is a stunning figure, and it emphasizes how vulnerable your machinery is. Unfortunately, no matter how strong your security measures are, you can never be fully safe.
In addition to dishonest people stealing your mini diggers, the weather can also cause harm because they are usually kept out in the open. The insurance coverage you select should protect you against such damages, which is equally important whether you buy or hire the mini digger.
Digger Insurance FAQs
Do i need insurance for a mini digger?
Mini Digger Insurance is available, much like a vehicle or home insurance. The insurance coverage you select should protect you against such damages, which is equally important whether you buy or rent the mini digger.
What is heavy equipment insurance?
Heavy equipment insurance, often known as commercial contractor’s equipment insurance, is a broad policy designed to cover any equipment that is lost or stolen during a job.
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