5 TOP BENEFITS OF EXCAVATION CONTRACTOR INSURANCE
Protect Your Reputation
Plan For The Future
Prevent Financial Ruin
Get Peace of Mind
Choose Small Business Liability for the Right Insurance at the Right Price.
How Much Is Excavation Contractor Insurance Worth?
Digging Into The Excavation Industry
The excavation industry is the fastest-growing sector of the construction industry. It is worth around $67.9 billion. Over the last 5 years, the demand for excavation contractors has grown by 4.6% — and it isn’t going to stop any time soon. With current construction and infrastructure projects valued at $ 629.3 billion and the need for a further $3.6 trillion needed for infrastructure repair and development by 2020, the future looks great for excavation contractors.
Despite being the fastest-growing sector of the construction industry, the excavation market is mostly dominated by regional small and medium scale contractors. These medium and small excavation contractors face cut-throat competition in their operating areas.
Is Your Excavation Business Working?
The skillful workforce is the backbone of any labor-intensive industry. Excavation contractors market depends heavily on the skilled labor for the accomplishment of technical tasks. Many medium and large scale excavation contractors offer lucrative salary packages to retain their workforce. According to a survey by AGC, despite handsome pay packages in the construction sector, 78% of businesses struggle with finding the right persons for vacant positions. High employee turnover is also a concern for most small excavation contractors, despite this high pay scale. Large scale companies provide fringe benefits to their employees, which is quite impossible for small contractors to match.
The High Cost Of Doing Business
A small excavation business faces 3 immediate risks. The first is cash flow. Small contractors need continuous cash flow to maintain equipment. For instance, a single tool or operating machinery for excavation can cost from $ 10,000 to $ 1,00,000. Maintenance of this equipment is necessary but expensive. Limited cash flow and resources makes your business vulnerable to risks like injury on site, theft or breakdown of equipment, and negligence on the part of your workers. Without the protection provided by a business owners policy, your business could be one of the 48.9% forced to close in the first five years.
There’s a game changer for all the construction-related industries. Technologically advanced excavation contractors are set to give a rough time to those who have not invested in development. This isn’t the only threat to your business. Companies that are protected by excavation contractors insurance are more likely to get big projects because this is often one of the conditions. So, without your excavation contractor insurance in place, you could be missing out on even more opportunities.
Protect Your Business With Excavation Contractor Insurance
The impact of ignoring the need for excavation contractor insurance can be devastating to a small business. This seemingly insignificant decision puts your business at risk. For instance, even with the best safety measures in place, you could face liability claims for injury, equipment damage or property damage. Besides, you’ll be surprised at the low premiums you will pay for comprehensive insurance coverage, if you work with an experienced insurance company like Small Business Liability. Find out how we can help to protect your business now and in the future.
What Insurance Coverage Do You Need?
Equipment Breakdown Coverage
the damaged items covered.
Commercial Auto Coverage:
Business Owners Policy
General Liability Insurance
Protect Your Excavation Business Today. Free Advice From The Professionals.
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