3 Insurance Essentials for Contractors Using Heavy Machinery

Working with heavy machinery is a big part of many construction jobs. These hefty machines help complete tasks quickly and efficiently, but they also come with risks. Accidents can happen; when they do, they can have severe consequences. The machinery itself can also be damaged or stolen, leading to costly repairs or replacements.

That’s why contractors’ insurance in Los Angeles is so crucial. It covers these risks, providing workers and business owners with a safety net. So, if you’re a contractor using heavy machinery, it’s smart to understand what kind of insurance you need and why.

Below are some insurance essentials contractors need if they use heavy machinery.

Comprehensive Coverage for Bodily Injury

One of the most critical aspects of contractors’ insurance in Los Angeles is the comprehensive coverage for bodily injury. This coverage safeguards you and your team from financial hardship should a worker or client get injured due to an accident involving heavy machinery. Accidents are unforeseen, and the medical costs associated can be staggering.

The right insurance policy ensures these costs are covered, allowing the injured party to focus on recovery rather than worry about medical bills. Comprehensive coverage for bodily injury protects you as a contractor against liability if a client or visitor to the worksite is injured.

It’s an essential safety net that provides peace of mind in a field where accidents, while not common, can be severe.

Property Damage Protection

Equally important is the property damage protection that contractor’s insurance offers. This protection is designed to cover costs if heavy machinery causes damage to the property being worked on or even the machinery itself.

This can cover things like:

  • Unexpected Damages: From a sudden mechanical failure to an unforeseen accident, various situations can lead to significant property damage. These unexpected occurrences can be stressful and expensive, making insurance critical to mitigate financial loss.
  • Machinery Replacement or Repair: Heavy machinery is expensive to replace or repair. An insurance policy covering property damage can help absorb these costs, allowing the workflow to continue with minimum disruption.
  • Coverage for Third-Party Claims: If the property damage results in a third-party claim, this coverage aspect can help handle the expenses associated with any legal proceedings.

Having property damage protection in place is not just smart—it’s necessary.

Worker’s Compensation Insurance: A Vital Safety Net

Worker’s compensation insurance is another essential component of contractors’ insurance. Heavy machinery accidents can often lead to severe injuries, causing workers to miss significant time from work. In such circumstances, the injured worker is faced with mounting medical bills and the stress of lost wages. This is where worker’s compensation insurance proves its worth.

This type of insurance is designed to cover medical costs for injuries sustained on the job. It ensures that injured workers receive necessary medical treatment without the burden of financial worry.

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