I am currently looking for insurance, I am a owner operator and only use a skid steer, max digging depth 24 inches. The lowest quote I can get is 4500/yr which is just to much. they tell me excavation is excavation, dig 2ft or 24 its the same, use a big backhoe or a small skid steer its the same. Looking for advice or agent that would have an affordable policy for the light excavation work I do.
I use erie for my insurance needs and my gen. liability is way less than that. Mine is excavation and colapse for my 450c deere, a 6.5t mini hoe and dumptruck.
If you can depending on the type of work you do try quoting the insurance as grading not excavation. My guess would be you meet the requirements for the most part with a skidsteer. Or talk to an agent about a percentage of excavation. I've heard a few conversations in my area about these tips.
My partner just mentioned ours to me the other day ( he does all banking and insurance stuff ). Seems like he said ours is gonna be around 1800 a year now that we added a trexcavator to the list. I also think he said when we added the skidsteer to the general policy it raised it 18 dollars a month. The trackhoe I think is a liitle more around 28 or 38 a month. Those numbers are just for 2M general liability. You didn't give any info as to the policy coverages you are looking at. I recently priced a balloon policy for another 2M over the top of my general and it was in the 4K range before I added the excavator to the list. When it was priced the company only held one tri dump truck, one pickup, and the skidsteer. If that number is based off of equipment I'd hate to see the quote with the excavator and when I add the dozer.
That 4.5k, is that just your liability insurance or is that for the whole business? My insurance is about that for everything, from memory the insurance just for damage from excavations and AU$20m liability is AU$1.8K/year, plus I have insurance on the vehicles and equipment. Insurance is necessary evil and I haven't had a claim yet but could lose the lot tomorrow.