Insurance for Hydrovac Contractors
Located in Ontario, Contractors Insurance is an award-winning insurance brokerage firm known for providing exemplary commercial insurance to numerous contractors through the years.
If your company offers hydro excavation services, then you need hydrovac contractors insurance or hydro excavator insurance to protect your business from various industry-related risks. With the help of our team of experts, we can assess your business and develop an insurance plan that gives you the best protection against unforeseen events.
On top of setting up tailor-fit hydrovac contractors coverage, our dedicated team of insurance experts is here to assist you with all your insurance needs—from negotiating premiums and updating your insurance to filing claims.
What Is Hydrovac Contractors Insurance or Hydro Excavator Insurance?
Hydrovac contractors insurance, also known as hydro excavator insurance, is a specialized type of insurance plan or insurance bundle for contracting businesses that offer hydro excavation as their main service. For hydrovac contractors, this is not limited to commercial general liability (CGL) insurance. Additional coverage can be included, as required by your business.
Here are some policies typically bundled in a hydrovac contractors insurance plan:
Commercial General Liability Insurance
Though hydro excavation is considered safer than other trenching methods, there are still risks involved when operating heavy equipment that use high-pressure water and a powerful vacuum. These risks don’t only involve the workers on-site.
Accidents can also lead to property damage or injuries to third-party individuals such as suppliers, clients, and the general public. In case consequent lawsuits arise, commercial general liability will prevent massive financial loss by covering the following:
- Third-party injuries or property damage connected to your business operations;
- Third-party injuries that occur within your business premises; and
- Advertising or reputational injuries (i.e. libel, slander, and copyright infringement).
Commercial Auto Insurance
If you use a fleet of cars or trucks, then commercial auto insurance is highly recommended for you. As part of your hydrovac contractors insurance bundle, commercial auto insurance covers medical, legal, repair, or replacement costs in the following situations:
- Theft of commercial vehicles;
- Vandalism inflicted on your commercial vehicles; and
- Injuries and property damage caused by commercial vehicle accidents.
While commercial auto insurance can provide coverage for various types of vehicles, hydrovac trucks are usually not included in this specific policy. Instead, hydrovac trucks are covered by construction equipment insurance—which can also be a part of your hydro excavator insurance bundle.
Commercial Property Insurance
Does your business have a physical location like an office, headquarters, or storage area for equipment? If so, it’s recommended that you get commercial property insurance. This type of insurance does not only cover the building/space itself, but it also accounts for documents, office equipment, tools, and other possessions within the premises.
Commercial property insurance protects your hydrovac business from financial loss in the following scenarios:
- Theft or vandalism;
- Natural disasters/accidents that damage the property or limit its accessibility; and
- Lost income due to business interruption arising from the above causes.
Some commercial property insurance plans may cover equipment as long as it was stolen or damaged within the covered premises. However, some policies will exclude heavy equipment that are more expensive (e.g. hydrovac trucks).
Construction Equipment Insurance
Hydrovac trucks are the most important heavy equipment used in hydro excavation. Whether you rent or own hydrovac trucks, construction equipment insurance will cover the repair/replacement costs in the face of incidents such as:
- Equipment theft/vandalism; and
- Equipment damage by a covered peril.
Workers’ Compensation Insurance
Hydrovac accidents can involve the equipment itself or miscalculations that lead to hitting underground utilities, hitting overhead electrical lines, falling into excavated areas, and so on.
This is why hydrovac contractors need reliable workers’ compensation insurance that offers the following:
- Coverage for ongoing treatment costs for a work-related injury or illness;
- Compensation for lost wages while recovering;
- Disability benefits; and
- Coverage for funeral expenses.
Who Can Benefit From Hydrovac Contractors Coverage?
Hydrovac contractors insurance is recommended for all businesses that offer hydro excavation as their main service. Insurance bundles can also be customized for businesses that only rent hydrovac trucks.
In any case, whether you run a small business or a large company, our customized hydrovac contractors coverage will protect your business from a wide range of risks.
Why Is It Important for Hydrovac Contractors to Have Excavator Insurance?
Because hydro excavation involves the use of powerful heavy equipment, accidental bodily injury and property damage can happen. However, risks are not solely tied to the hydrovac truck.
As with other industries, lawsuits can also arise from advertising injuries, injuries within business premises, commercial vehicle accidents, and so on. In an increasingly litigious society, hydrovac contracting businesses need to be equipped with a customized insurance bundle targeted to their needs.
Hydrovac Contractors Insurance Claim Examples
Claims Example #1
A supplier coming into the site falls into an excavated area and sustains a leg fracture. It was found out that the warning signage was not properly set up and was not visible to the supplier.
The supplier, a third-party individual successfully sues your hydrovac company for bodily injury. Commercial general liability will pay for settlement fees amounting to $80,000.
Claims Example #2
A commercial vehicle was being driven to a job site when an accident occurs that damages the vehicle as well as the car of the other driver.
If your business gets sued, commercial auto insurance will cover the legal fees and repair fees for both vehicles amounting to $20,000.
Claims Example #3
One of your hydrovac trucks was stolen while parked at a job site. A long investigation leads to a dead end.
Construction equipment insurance, as part of your hydro excavator insurance bundle, will cover the replacement fee amounting to $200,000.
Count on the Leading Provider of Hydrovac Contractors Insurance
Our customer-centric culture drives everything we do here at Contractors Insurance.
Once you let our team take care of your business, you can look forward to the following benefits:
Personalized Insurance Plans
Getting tired of high-priced plans with unnecessary riders? We can help! Count on us to design a cost-effective but exemplary insurance plan for your business.
Utmost Transparency on Coverage and Limitations
In commercial insurance, jargon and ambiguities are commonplace. But we like to do things differently here at Contractors Insurance. We are 100% transparent from the get-go. You will learn about the details of your policy, including when a claim is triggered, policy limits, and policy exclusions.
Thorough and Straightforward Insurance Education
We consider every client as a partner. We’ll make sure you have all the information you need to make well-informed decisions regarding your commercial insurance. You will always have access to our expert recommendations and unbiased information.
Frequently Asked Questions About Hydrovac Contractors Coverage
The core of hydrovac contractors’ coverage is CGL. CGL for contractors can range from $55 – $200 a month, depending on the identified risks of the business.
Additional coverage (e.g. equipment insurance for hydrovac trucks, property insurance, etc.) will likely add to the cost, but you can get access to discounts by bundling your insurance.
In Ontario, hydrovac contractors are required to carry at least a CGL policy in the interest of protecting the general public, clients/customers, and other third-party individuals.
Ready to Get the Coverage You Need?
Tailor-fit hydrovac contractors insurance will help you secure your business’s future and get the peace of mind you need to focus on your company. Take the first step today! Contact our team of insurance experts for more information.