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Working with heavy equipment is risky and the probability of an accident occurring is so high. This is where heavy equipment insurance coverage gets into the fray – tailored business insurance that mitigates costs associated with accidents and other exposures so that your business’s valuation won’t decrease.
This guide explains various policies we’re going to cover the details of business insurance for heavy equipment. Also, we’ll review the companies offering the best and cheapest heavy equipment insurance coverage.
Heavy Equipment Rental Insurance
Those who rent bulldozers, snow plow, backhoes, and other types of heavy equipment can never trust the owner to provide coverage if something goes wrong. The owner of rented heavy equipment has liability. However, this is only the case if injuries or deaths happen due to defects.
And so, it might be difficult to file a claim against the equipment owner’s construction equipment insurance coverage.
However, if it turns out that the accident was due to the mistake of those who rented the heavy equipment, there’s no legal responsibility on part of the heavy equipment owner.
Those who rent heavy equipment should get heavy equipment rental insurance. This policy provides coverage for the cost of accidents and injuries associated with rented heavy equipment.
Also, this insurance takes care of repair and replacement. A heavy equipment insurance policy providing comprehensive coverage offers the following:
This insurance will account for the costs of personal injury claims or property damage third parties file. By the way, many carriers commonly offer general liability as a primary inclusion in heavy construction equipment insurance policies.
The table below shows the injuries and their estimated settlement cost, which is very costly without construction equipment insurance policy and other related coverages.
| Type of Injury | Settlement Cost |
| Head and Neck | $85,000 |
| Spinal Cord Injury | $313,567 |
| Broken Bones | $13,452 |
| Concussion | $800.10 |
| Burns | $208,231 |
| Cuts and Lacerations | $5,423 |
| Amputation | $89,563 |
| Death | $1,000,000 |
Backhoes and dozers are the most common heavy equipment involved in road accidents. Injuries these machines cause are fractures, head injuries, amputations, cuts, lacerations, and deaths.
The table below shows the importance of earthmoving insurance with commercial auto coverage by outlining the cost of settlement according to the severity of injuries.
| Severity of Injury | Person-Injury or Per-Vehicle Cost |
| Death | $1,567,833 |
| Disabling | $83,023 |
| Evident | $21,445 |
| Possible | $21,321 |
| Cost per vehicle damage | $3,213 |
Workers’ compensation insurance is a common inclusion in heavy construction equipment insurance rates, which covers backhoes, dump trucks, bulldozers, compactors, pavers, tower cranes, excavators, and graders.
Heavy equipment might injure operators and technicians and workers’ compensation insurance will help with this. The coverages of workers’ compensation insurance are as follows:
| Coverage | Function |
| Employee Treatment/Medical Procedure | workers’ compensation insurance covers the surgeries and therapies of an injured heavy equipment technician or operator |
| Hospitalization | In line with this, workers’ compensation insurance takes care of hospital bills |
| Medication | Workers’ compensation insurance pays the expenses for a heavy equipment operator or technician’s medication |
| Rehabilitation | If rehab is needed to correct such impairment, workers’ compensation insurance will pay for the fees of the therapist |
| Lost Income Compensation | Workers’ compensation supplements lost income by providing a weekly allowance equal to two-thirds of the average weekly wage. |
Freighters, large trucks, and tractor-trailers are covered by bobtail insurance. The terms of this insurance apply the moment the said machines get involved in an accident while traveling with no trailer attached to get another load.
Get all the best quotes from leading providers in a click of a button!
Some businesses haul dump trucks, dozers, and other heavy equipment and take them to distant project sites. Inland marine insurance will reimburse losses of the owner if his or her heavy equipment got damaged during the trip.
This insurance covers destruction or damage due to fire, theft, vandalism, other types of malicious mischief, and acts of nature.
The cost of heavy machinery insurance varies since it depends on the type of equipment the business is looking to insure.
However,The average heavy equipment insurance cost is $256 per month or $3,072 per year for a $1 million general liability coverage. These are what you’ll have to pay for based on the coverages needed:
| Coverage | Insurance Rates per Month | Insurance Rates per Year |
| General liability+equipment breakdown | $108 | $1,296 |
| General liability+commercial auto | $156 | $1,872 |
| General liability only | $89 | $1,068 |
| General liability+commercial auto+equipment breakdown | $190 | $2,280 |
Let’s talk about contractors equipment insurance cost. On average, this is $17 a month or $204 a year. Pricing absolutely depends on the number of equipment needing coverage and how long a contractor was using them.
Here’s a review of some of the best heavy construction equipment insurance companies in America. Know about each company’s pros, cons, and pricing for a $1 million general liability coverage.
CoverWallet is an online insurance broker. With this company, you can get quotes and compare the pricing of different insurance companies offering tailored heavy equipment insurance coverage. CoverWallet allows you to buy any insurance products from any carrier at its website.
As soon as you get insured, CoverWallet grants you access to the MyCoverWallet app where you can pay premiums, check the status of insurance policies, and get certificates of insurance online.
Average Cost:$225 per month
Rating:10/10
Liberty Mutual provides heavy equipment policies through its contractor’s equipment insurance package. Heavy equipment covered are cranes, skid steers, dump trucks, bulldozers, backhoes,and loaders.
Liberty Mutual’s insurance for heavy equipment protects you from losses related to repair or replacement of crucial construction tools, as well as contractors plant and machinery insurance.
Average Cost:$268 per month
Rating:9/10
Get all the best quotes from leading providers in a click of a button!
Progressive’s heavy equipment insurance coverage is worth the try even though it only offers coverage for trucks. One reason why it’s great is that customers are sure to enjoy fast processing of claims.
Also, progressive offers federal and state filings – documents your business need to comply with to attract clients and initiate ambitious building projects.
Average Cost:$247 per month
Rating:8/10
The Hartford’s heavy equipment insurance coverage is very comprehensive. Aside from backhoe insurance, trucks, cranes, and other equipment, it also ensures handheld tools, rented equipment, and employee safety gear.
You’re also covered in cases of disaster too because.The Hartford’s heavy construction equipment insurance policies covers debris cleanup.
Average Cost:$268 per month
Rating:7/10
On the other hand, the State Farm Contractor insurance is what you need to get if you’re business is concerned with electrical services, plumbing, HVAC installation, interior decoration, or lawn care service.
Average Cost:$280 per month
Rating:6/10
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
9.4 / 10
Fastest ever online insurance quote and purchase! Also, great rates and professional customer reps that helps with whatever you need, if you need. Nice company!
2.8 / 10
Embroker sells a product that it doesn't honor. We purchased a combination D&O and EPLI policy. However, when it came to renewal, it told us that we only had D&O coverage even through our ACCORD certificate clearly mentions we have both. Basically they refused to honor the EPLI coverage and will leave you hanging with the bag. At time of renewal, they more than doubled our quote to get similar coverage. Basically BAIT & SWITCH. Unacceptable tactics. Easy to buy and pay but you may not be... Read More
2.8 / 10
Great platform. Terrible policy. There is no teeth behind it. No coverage. It's a fake policy that they sell. Sold us an EPLI policy that later we came to find out had no EPLI coverage. Amazing that they can get away with outright fraud. Check the positive reviews. They are all 'Anonymous' posted by Emroker staff. Stay away and find a real policy that will actually provide you coverage. We've been bitten by them and hope to find restitution via a lawsuit.
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
John Murphy Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Worst insurance comapny I have ever dealt with. A commercial vehicle represented by GUARD t boned my wife and daughters family vehicle in the middle of the day. Driver was cited and insurance claim insued. Fast forward 4 months and refusal of full amount of claim is still happening. Driver was found guilty, repairs started on my vehicle and when it comes to the final bill and diminished value we cannot get any help. I am out a family car, have an injured and traumatized wife and children,... Read More
Harshadray Patel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Extremely bad service, when you call , will make you wait on the phone for ever (over an Hour) and still no one to answer , so you end up hanging up. To cancel the policy, bounce you from one department to the other. They are supposed to refund from the date other insurance started and after sending the proof of other insurance policy, still they did not refund based on that actual date instead they use the date i managed to get hold of them. They charged me $7000.00 for a year's insurance on... Read More
Aaron Wensel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Guard Insurance is terrible. They were so bad I cancelled them because them couldn't figure out why I would never get a paper copy of the bill . Verified my address with them and still intermittent billing. I cancelled them in March through my local broker. Today 6/27 I get a letter in the mail from a collections company saying I owe 87.97. This was the first myself or my broker heard of owing this money. Here is some advice for this failure of a company send me a god damn bill and I will pay.... Read More
Michael Swink Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
My employer had to have workers compensation by law. He obtained a policy through this Berkshire Hathaway GUARD and they failed me. I fell from a ladder and fractured my spine in 7 different places, my clavicle in 4 places, and the base of my skull. Going to my Dr visits I was prescribed medication for pain and the insurance company placed a pre-authorization hold on me picking up the medication from Walgreens. The hold lasted 5 days! My weekly benefits have never been on time, right now... Read More
10 / 10
Liberty Mutual is one of the more simple companies to deal with. I had to file a claim for my business owner policy after I caught one of my employees stealing a large amount of products from my business. Liberty mutual paid the claim fast and with no efforts. I wish the legal process was as easy…
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
9.4 / 10
Very pleased with Hiscox - their small business insurance rates are very good and they specialize in small business which gives me a peace of mind as a small business owner. So far so good!
10 / 10
Their customer service is absolutely fantastic. Very patient, knowledgable and provided excellent explanation of the purchased policy. I would highly recommend this insurance company to anyone that's looking to protect their business from unexpected expense. Thank you Hiscox for doing a great job for my business!
0.6 / 10
STAY AWAY! I wouldn't recommend hiscox small business liability insurance to anyone. Better not waste both your money and your time. Hiscox customer service is extremely unpleasant, not organized and not professional. It is the worst company we have dealt with in almost 25 years in business!
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Extremely fast and simple. Wasted a lot of time and money until I found these guys! I feel like my business is in good hands now.
10 / 10
Hiscox's the best! My business is insured with them for over 12 years and am not planning to switch!
10 / 10
Excellent experience with Hiscox BOP for my coffee shop. They provided all it needed.
10 / 10
My HI barbershop is well covered with their great BOP product for 5 years already! not planning to switch!
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
10 / 10
Great experience
6 / 10
Didn't relate to the concept much, but it makes sense if you need insurance to go
0 / 10
It doesn't really feel sustainable to me and doesn't offer business interruption, product liability and commercial property insurance. They have no local agents and despite their technology first approach you cannot file claims online. Additionally, product manufacturers are not covered by Thimble and they don't provide enterprise solutions.
10 / 10
As a contractor that works 3 times a week for a few hours, Thimble gets really handy for me and saves me money. I have no use for these massive business insurance coverages offered by traditional insurance companies.
10 / 10
Excellent concept which is useful to many small businesses!
10 / 10
Been waiting for this type of solution for a long time!
10 / 10
Love their business insurance solutions for freelancers! Great app!
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Disclosure: Insuranks.com is an independent educational comparison service and an advertising-supported publisher. Some of the companies/offers that appear on the website are from our partners which we may receive compensation from. This may influence which companies/offers we write about and where and how it appears on the site. However, this does not impact our assessments. We solely highlight companies, products, and offers that can help you make smarter insurance decisions.
