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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.
  • Accidental death cover: 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.
  • Personal accident cover: 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.

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