Skid Steer Insurance: Cost, Quotes From $5 & More

 

Skid steers are small yet powerful pieces of heavy equipment. They can be outfitted with a wide variety of labor-saving tools and connections. They are great for loading dump trucks to carrying heavy loads of concrete In this article, we will explain why you need skid steer insurance and what types of insurance coverage you may need to consider.

Why You Should Insure Your Skid Steer

It’s  to protect your business as a whole. Skid steer business insurance can protect you from being held financially liable if your business ever faces claims.

Your business could face lawsuits or insurance claims if you accidentally damage somebody’s personal property, injure a pedestrian, or even your own employees. If your skid steer business is being subcontracted, you could even face claims from the contractor if you fail to complete a job on time or don’t abide by the general contractor’s regulations.

In some cases, skid steers may be required to carry bobcat skid steer insurance as well. You don’t want to be caught in an accident driving without it.

Commercial Auto Insurance

If your commercial construction company owns a skid steer, you’re going to need a large 2.5-ton truck that’s capable of towing it.  This means that you’ll almost certainly need to purchase a commercial auto insurance policy for your commercial truck. 

The policy will cover many of the same things that a full coverage auto insurance plan would, but typically includes extra coverage limits due to the increased value of commercial trucks and the increased possibility of severe property damage in the event of an accident.

Heavy & Earthmoving Equipment Insurance

A heavy equipment and earthmoving equipment insurance policy might be useful too if you have more than one type of heavy equipment. These policies are designed specifically to protect heavy equipment such as excavators, skid steers, tractors.

These policies usually protect your skid steer from theft or other damage that could come to it, such as flooding, engine malfunction, hail damage, fire, and even sabotage. It may also protect you from accidental damage, like crashing into a tree and damaging the hydraulic arms.

Property Damage Liability Insurance

As we mentioned, there’s a fairly high risk of property damage claims while driving a skid steer. This risk is increased if you’re working in cities or towns.

Property damage liability coverage ensures that after the deductible is paid, your insurer will cover the rest of the costs. With it,  the amount you’ll pay won’t be that hurtful for your pockets.

In addition, commercial property insurance covers your own property from different sorts of damages such as floods, typhoons, storms,  and accidents caused by others.

Public Liability Insurance

Public liability will protect you from claims coming from third-parties such as pedestrians claiming that they sustained an injury due to your skid steer.

 This could be as simple as them tripping over your parked skid steer after-hours or as severe as you running straight into a pedestrian who’s walking by.

General Liability Insurance

Instead of purchasing property damage and public liability insurance separately, purchase a comprehensive general liability insurance policy instead.  They typically include a combination of public liability, property damage liability, and employee liability insurance coverage to guard against different claims.

Workers’ Compensation Insurance

If you have employees operating and maintaining skid steers, you should keep a workers’ comp policy. This will pay for any injuries sustained by your employees while on the job. 

In addition will even compensate them for lost wages if they need time to recover from their injury. It also protects you from any potential lawsuits that your employees may bring against you regarding an accident or workplace safety.

Can I Get Theft Insurance for my Skid Steer?

Thankfully, most heavy equipment insurance providers will give you the option of adding theft coverage to your skid steer. This means that you won’t have to replace your equipment out of pocket if the worst does happen.

What Type of Insurance Do I Need For My Skid Steer Business?

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Many of these coverages can be bundled together under a large “umbrella policy” through the same insurance provider. However, it helps to know exactly what each type of insurance covers so you can build your skid steer business policy the right way.

How Much Does Skid Steer Insurance Price?

On average, general liability insurance for skid steer costs $67 per month or $804 per year.

Insurance coverage for a bobcat that your business uses 1-3 times a month, however, may cost you as little as $7 a month – or $84 a year. The average rate you’ll pay depends on a number of factors, including:

  • The value of your skid steer.
  • How deep you dig 
  • Your personal credit history.
  • Accident history.
  • Experience driving a skid steer or official certifications.
  • Your annual revenue

Listed below are some average rates quoted by top skid steer insurance providers on the market.

Insurance Provider Average Monthly Rate Average Annual Rate
State Farm $65 $780
Allstate $79 $948
Geico $67 $804
AXA Insurance $73 $876
USAA $58 $696
Nationwide $76 $912

How To Get Cheap Skid Steer Insurance

The best way to get cheap skid steer insurance is to compare insurance quotes offered by different insurance companies. Insurance companies are very competitive, and by comparing rates, you control the sales process and can choose whichever insurance company suits your needs and budget.

To get your customized skid steer insurance contact us today or visit our website for assistance.

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