Earthmoving and excavation equipment are essential in many construction projects. Work at construction sites requiring such equipment may include digging a foundation, digging for a pond or pool, cutting and filling to achieve the planned grade and other basic preparations for the construction site.
There are different types of earthmoving and excavating equipment that can be hired for these projects. These include compact excavators, crawler excavators, backhoe loaders, bulldozers, haul tracks and shovels among others. Whichever the type of equipment you need for your project, getting an insurance cover is very important. Not only does it cover the equipment, but also damage that may be caused during the earthmoving and excavation work. The following are some of the insurance covers that you can take in an earthmoving construction project.
General property cover
This insurance cover offers coverage for all the earthmoving and excavation equipment and tools being used for the project. In case of any damage caused to the equipment, the insurer should cover for any repair or replacement costs.
Public liability insurance
It is possible to cause damage to third party or public property during the cause of earthmoving and excavation work due to the heavy machinery and equipment that is used. The public liability insurance covers these damages which are highly likely during the construction work.
Personal accidents and illness cover
Workers in excavation projects are often at risk of injury, whether minor or critical. It is important to have an insurance cover that caters for any illnesses or personal injuries sustained by you or your workers on the construction site. This cover ensures that you are still able to receive a portion of your income if you cannot work after an injury or during the recovery period.
Personal indemnity insurance
Some contractors have found themselves facing legal suits in the course of the construction project. This can be due to negligence or giving of misleading information to a client or another stakeholder in the project. In case you find yourself facing a legal suit, a personal indemnity insurance cover should cover any legal costs or damages issued by the court.
Tax audit cover
Many contractors in the excavation and earthmoving business face tax audits at certain periods within the cause of business. A tax audit can require you to submit certain amounts to the tax authorities especially where tax payment has not been consistent and accurate. In such a situation, a tax audit cover should take care of costs of hiring professionals such as accountants during the audit period. Whether you are purchasing or hiring earthmoving equipment for a construction project, taking insurance cover for your workers, equipment and your business is very essential. Lack of it could end up slowing your construction work due to unforeseen circumstances that would require you to divert resources from your construction project.