Mid-Season Risk Check: Is Your Excavation Insurance Keeping Up with the Job

As we pass the midpoint of the busy season, it's crucial to ensure your insurance coverage remains adequate for your ongoing projects and potential risks. Taking a moment to review your policies can prevent significant financial losses and legal complications down the line. 

Given the inherent risks of excavation work, it's easy to lose track of the details that impact your insurance needs. Changes in project scope, equipment, or personnel can all expose your business to unexpected liabilities if your coverage isn't up to date. 

To be fully protected, check your general liability limits to make sure they're sufficient for the size and nature of your current projects. Confirm that your inland marine policy includes all recently purchased or rented machinery, including attachments and accessories, like extra buckets and hydraulic attachments. Also, review your workers' compensation coverage to ensure all employees and subcontractors are accounted for. 

Consider your projects and their risk factors, such as if you are working in an area prone to natural disasters and verify your builder's risk policy explicitly covers underground pipes, drains, and other similar property to avoid uncovered losses. Finally, verify that you're meeting the coverage requirements for each general contractor or municipality you're working with, ensuring that all parties are notified of cancellation or nonrenewal of the policy.