Earth Moving Insurance

January 26, 2021


Is your earthmoving equipment essential for your earthmoving business? Making sure that your earthmoving equipment is insured with the appropriate earthmoving insurance makes for a good business risk mitigation strategy.

What types of equipment can be insured?

All sorts of equipment and earthmoving machinery can be insured. Some types of earthmoving equipment that can be insured within your business include but are not limited to:

  • Earth Moving equipment including backhoes and excavation equipment
  • Concrete trucks
  • Water trucks
  • Lifting equipment including forklifts and scissor lifts


Risks of underinsurance with your Earth Moving equipment:

Earthmoving equipment has a large asset value

Earthmoving equipment is large and expensive pieces of equipment. Earthmoving equipment can represent a significant investment for any business. If your earthmoving equipment is underinsured, then the difference between the insured level and the replacement costs may be significant.


Unable to use your Earthmoving equipment costs your business money
If your expensive earthmoving equipment is damaged or you are unable to fully utilise your equipment, then it can have a serious cost to your business. Downtime for your equipment can lead to underutilisation of your earthmoving equipment, leading to loss of revenue and business income or delays to projects and slipping delivery schedules.


Replacement values for damaged or stolen equipment
If you need to replace your earthmoving equipment if it has been stolen or damaged, then replacement values can be significant due to the large cost of the equipment. High earthmoving equipment replacement values can impact significantly your businesses cash flow and financial viability.


Owning or hiring your earthmoving equipment?

Decisions around owning or leasing your earthmoving equipment can depend on the type and nature of your business. Either way, you need to ensure that your earthmoving equipment is appropriately insured.


How to reduce your earthmoving equipment insurance premiums

Insurance premiums on large value assets such as earthmoving equipment can be large. Taking steps to reduce your earthmoving equipment risks can influence your earthmoving equipment insurance premiums.

  1. Store your earthmoving equipment securely to reduce the risk of theft or misuse.
  2. Ensure regular maintenance schedules for your earthmoving equipment are in place and are followed consistently.
  3. Implement proper and appropriate training and inductions for any people; employees, contractors or sub-contractors who will be using your earthmoving equipment.
  4. Periodically review your earthmoving equipment and checking for wear and tear and if needed, make appropriate repairs before using the equipment.


Talk with an insurance broker to better understand your risks associated with your earthmoving equipment.



General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

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