How much does excavator insurance cost?

Excavator insurance is a type of business insurance that protects you from financial losses that may result from an accident involving an excavator. It covers a wide range of risks, including damage to property, injury to people, and financial losses.

What types of cover are included?

An excavator insurance policy typically includes  the following coverages:

• Public liability insurance: This covers claims made by third parties for bodily injury, property damage, or environmental damage caused by the excavator.
• Employers’ liability insurance: This covers claims made by employees for injuries or illnesses sustained while working with the excavator.
• Professional indemnity insurance: This covers claims made by clients for losses caused by negligent advice you have provided.
• Capital Death Benefit: This provides a lump sum payment to the estate of the operator if they are killed in an excavator-related accident.
• Tools cover: This covers the cost of replacing or repairing tools that are lost or damaged.
• Temporary Total Disablement Benefit: This provides financial support for the operator if they are injured in an excavator-related accident.

How much does excavator insurance in the UK typically cost?

The cost of your excavator insurance will be dependent on several factors, including:

• The type of excavator: Smaller excavators are typically less expensive to insure than larger excavators.
• The amount of cover needed: A more comprehensive policy will cost more than a basic policy.
• The business’s claims history: A business with a history of claims will pay more for insurance than a business with a clean record.
• The experience of the excavator operator: More experienced operators will typically pay l ess for insurance than less experienced operators.
• The location of the business: The cost of insurance will typically be higher in urban areas than in rural areas.
• The type of work the excavator is used for: Excavators that are used for high-risk work, such as demolition, will typically be more expensive to insure than excavators that are used for low-risk work, such as landscaping.

Is excavator insurance worth the cost?

If you don't have excavator insurance, you could be held liable for significant costs in the event of an accident, including:

• Legal fees: If you are sued by a third party for damages caused by an excavator accident, you will be responsible for paying your legal fees.
• Medical expenses: If someone is injured in an excavator accident, you may be responsible for paying their medical expenses.
• Property damage: If an excavator causes damage to property, you will be responsible for paying for the repairs.
• Lost revenue: If your excavator is damaged or destroyed in an accident, you may lose revenue from construction or other projects that were scheduled to be completed with the excavator.

Excavator insurance is an essential consideration for any business that owns, operates, or rents excavators. As this class of machinery can be hazardous, especially if not handled appropriately, the potential for damage to property or injury to people needs to be considered.

Why is excavator insurance important?

Having excavator insurance protects your business from the consequences of a claim made in relation to accidents or injuries that may arise from the use of these machines.

In addition to mitigating the financial risks and demonstrating to clients and stakeholders that your business operates responsibly, it also provides peace of mind and assures that you’re prepared to handle any potential challenges.

What is included in excavator insurance?

The coverage included in a comprehensive excavator insurance policy will vary based on the amount of cover required and the insurer. However, a good insurance provider will offer several of the following types of excavator insurance:

• Public liability insurance: Protects against third-party claims for injuries or property damage arising from your operations.
• Employers’ liability insurance: A legal necessity if you employ anyone, covering claims from employees for injuries resulting from their work.
• Professional indemnity insurance: Guards against financial losses incurred by clients due to advice or services provided by your business.
• Capital death benefit: Provides financial support in the unfortunate event of accidental death of a covered individual during work-related activities.
• Tools cover: Insures essential tools, ensuring quick replacements in case of loss or theft, preventing significant financial setbacks.
• Temporary total disablement benefit: Offers financial assistance in case of accidental injury, helping cover medical expenses or loss of income during recovery.

In what situations or locations will excavator insurance be required?

Excavator insurance is essential for construction projects across a range of settings, whether you’re working on a small-scale project or a larger development across residential, commercial, and industrial sites.

If you are renting an excavator from a company that has its own insurance policy, it’s possible you may not need to obtain your own insurance. If you are unsure whether you need to be insured, always check with your insurer first.

What types of excavators are covered?

Excavator insurance typically covers a wide range of diggers, including:

• tracked excavators 
• wheeled excavators 
• crawler excavators
• mini excavators 

How much does excavator insurance typically cost?

The cost of excavator insurance varies depending on a few factors, including:

• the level of coverage needed 
• your business setup 
• the number of employees working for you 
• the nature of the work you do 
• your claims history

Speaking with an experienced insurance provider can provide you with a tailored quote based on your specific business requirements.