Insurance 101: What Every Powerline Contractor Needs to Know
So, you’ve got a powerline contracting company. Congrats! But unfortunately accidents happen. Sometimes, there’s just no avoiding them (kind of like that loose lego piece you step on in the middle of the night). The good news? There’s insurance to help when things go sideways. Let’s dive into what you need to keep your business covered.
Property Damage Coverage
Think of this as the safety net for all your tools and equipment. If your trucks and tools are caught in a storm, it’s expensive to replace, especially when you’ve got $40k-$60k worth of tools on a truck. Insuring that property protects you.
General Liability Insurance
This is your shield if you accidentally cause damage or bodily injury to someone else as the result of your work- Imagine you’re maneuvering a machine in someone’s backyard, trying to squeeze into a tight space, and accidentally hit their fence or garden shed. General liability coverage steps in here, covering the cost of repairs to the homeowner’s property so you don’t have to pay out-of-pocket for those unexpected damages.
Auto Insurance (Comprehensive and Collision Coverage)
Your trucks are basically the lifeblood of your operation. Comprehensive and collision coverage are your best friends when it comes to keeping them on the road. Your bucket and digger trucks are much heavier than most vehicles. Therefore, they are harder to maneuver and do a lot of damage when involved in an accident. D.O.T. also has a lot of requirements around your auto insurance so get with your agent to make sure you have what you need.
Umbrella Insurance
Think of this as your “just in case” policy. If a claim is bigger than your regular liability coverage can handle, umbrella insurance provides additional limits. Many times, this is a contractual requirement anyway so it can be critical to have in order to qualify for those power company and electrical co-op contracts.
Pollution Liability Insurance
Nobody wants to deal with a fuel spill or any other environmental oopsie, but it happens. Pollution liability insurance covers the cost of cleaning up the mess and any claims that come your way. This is another typical contractual requirement so make sure you have it to stay compliant.
Workers’ Compensation Insurance
Powerline work isn’t exactly a desk job. Your crew’s out there doing physical work in tough environments or at heights and sometimes, that means injuries. Workers’ comp is a must—it covers medical bills, lost wages if one of your employees gets hurt. Plus, it keeps you from dealing with any awkward lawsuits. Win-win.
You have a lot to think about and manage when it comes to running your powerline contracting operation. Protecting your business financially is one of those things so allow insurance to help. Talk with your agent to make sure you have these basics in place. If you’d like for us to help you evaluate that, give us a call. We’d love to help!
