Water Well Drilling Insurance Connecticut Policy Information
Water Well Drilling Insurance Connecticut. Well drilling contractors dig or drill wells for water for agricultural or industrial use, or for drinking water for residences, businesses or communities. Shallow wells are occasionally made by driving (pounding) lengths of screen-covered piping into sand or soft soil until it reaches the water table.
The more common method is to drill with a truck-mounted rig, using an auger attached to lengths of piping. Typically, a pump with a submersible motor is then installed at the base of the pipes to supply water to the customer.
Companies engaged in CT water well drilling have very specific insurance needs that must be met if they are to remain in operation. The legal requirements regarding insurance policies vary depending on the state. However, it is not enough to simply have the bare minimum.
In order to ensure that your entire business operations, including your staff, equipment, and reputation, stay protected, you should be sure you have full and comprehensive water well drilling insurance Connecticut policy.
Water well drilling insurance Connecticut protects your business from lawsuits with rates as low as $87/mo. Get a fast quote and your certificate of insurance now.
Key Areas of Coverage Well Drillers Should Have
Regardless of industry, there are a few key areas of coverage that all businesses should have. They may not be mandated by state legislation, but it is always advisable to opt for increased coverage to ensure you stay protected. These common areas include:
- General Liability to protect you from third party claims of bodily injury or property damage. Drilling rigs are powerful and accidents can be costly.
- Commercial Property to protect your buildings, products, tools, equipment, assets, information, and personal property. Property liability insurance also extends to third parties in most cases, covering their belongings and land should something go wrong.
- Business Auto to cover any commercial vehicles. Many water well drilling companies opt for property and inland marine insurance, which often contains flow down-the-hole coverage and compensation for lost or damaged tools.
- Commercial Umbrella to protect your company should a catastrophic liability claim render it impossible for you to conduct business at the same volume as you once could.
- Workers Compensation to cover medical expenses and to compensate employees for lost wages if they get injured on the job.
- Employers Practices Liability coverage to ensure you and your company have funds to defend yourselves against lawsuits and other employee-related claims.
Insurance Needs For CT Well Drilling Companies
In addition to the basic insurance needs that all companies have, water well drilling companies have specific and unique concerns. If something goes wrong for one of these companies, the cost of any damage could be astronomical. Instead of risking it, and potentially losing your company, it is best to invest in extra insurance coverage.
Flow breakout containment coverage and limited pollution coverage are two types of policies that all water well drilling companies should invest in:
- Flow breakout containment coverage compensates companies for the costs they incur when containing any type of flow breakout, including the services, labor, and materials involved.
- Pollution coverage is a must-have, as it protects you from paying financial damages caused by any accidental contamination or pollution affecting any water well drilling sites.
Another type of water well drilling insurance Connecticut coverage that water well drillers should have is inspection liability. It covers any errors or omissions made regarding work done in cooperation with water inspectors. For example, if there are any environmental concerns that arise as a result of a faulty or inadequate inspection, this type of coverage can compensate you for delays in work.
Data breach protection is another type of coverage that most companies should receive. Water well drilling companies in particular should consider this type of policy. Most companies in the industry have a lot of information about their clients. If a data breach or cyber-attack occurs, you could potentially lose that information, or have it stolen by unauthorized third parties. This type of technological coverage guarantees that you have the funds needed to secure your systems, notifying your clients, and settle any legal claims without going into debt or losing your company.
Connecticut Water Well Driller's Risks & Exposures
Premises liability exposures at the contractor's office are generally limited due to lack of public access.
At the job site, excavation and construction pose numerous hazards. The area of operation should be restricted by barriers and proper signage to protect against trips, slips and falls from debris, equipment, or uneven ground. Construction sites create an attractive nuisance hazard, especially if work is close to residential areas.
Digging can result in cutting utility cables, damaging property of the utility company and disrupting service to neighboring residences or businesses. Absence of detailed procedures to determine utility locations and to research prior uses of the land before digging may indicate a morale hazard.
In certain areas, upfront testing is imperative as deep drilling may take place near natural gas pockets that can explode unless controls are in place.
Completed operations exposures may arise from the failure of the well to supply the water expected. Submersible pumps are expensive to replace.
Workers compensation exposures can be high. Back injuries, hernias, sprains and strains can occur from lifting, material handling and work with hand tools. Overturn of equipment can result in severe injury or death from crushing or suffocation. Cumulative exposure to the high-decibel operations may result in permanent hearing impairment.
Underground hazards may arise from striking objects or utilities, collapse of retaining or holding walls, mudslides, landslides, underground water, and sinkholes. Any contact with utilities, specifically electrical cables or gas lines, can cause injury from explosion, electrocution, or inhalation of caustic substances.
The absence of good maintenance, proper use of basic safety equipment, such as steel-toed shoes, hearing and eye protection, and strict enforcement of safety practices may indicate a morale hazard.
Property exposures at the contractor's own location are usually limited to an office and storage of materials, equipment, and vehicles. The equipment and material in the yard is not normally susceptible to damage by fire or weather, but may be subject to vandalism.
Welding equipment, if any, presents a heavy fire exposure and should be conducted away from flammables. Any flammable chemicals or oxygen tanks must be properly labeled, separated, and stored in approved containers, cabinets, and rooms.
Crime exposures are from employee dishonesty. Background checks, including criminal history, should be obtained on each employee prior to hiring. Ordering, billing, and disbursement should be handled as separate duties with reconciliations occurring regularly. There should be appropriate procedures in place when employees accept payments off site.
Inland marine exposures include accounts receivable if the driller offers credit to customers, contractors' equipment taken to job sites, and valuable papers and records for customers' and suppliers' information. Drilling equipment can be large and difficult to transport without adequate loading, tie-down, and unloading procedures.
Ground at the construction site may be uneven. Equipment may strike underground objects, strike utility cables, fall into holes or pits, slip or fall into mud, water, or sinkholes, be damaged in rock, land or mud slides, or burst into fire from overload. Equipment left at job sites may be targets for theft and vandalism.
Commercial auto exposures can be high due to the transport of materials, machinery, and equipment. All drivers must be well trained and have valid licenses for the type of vehicle being driven. MVRs must be run on a regular basis. Random drug and alcohol testing should be conducted.
Vehicles must be well maintained with records kept in a central location. Since the drilling rig is normally truck-mounted, much of the actual drilling falls under the auto liability hazard rather than premises liability. Some of the driving may be done on temporary access roads, increasing the risk of collision and overturn.
What To Look For In An Insurer
Water well drilling companies need to be incredibly picky when looking for an insurance provider. You need to be sure that the company you opt to go with understands your industry and can put together a customized insurance package that meets your needs. This may mean spending a bit of time searching for insurers that offer multiple types of policies, including the ones listed above.
Consider asking other leaders in your industry which insurers they use and start your search from there. It is very important that the water well drilling insurance Connecticut company you go with can offer you all the coverage you need and getting recommendations from others in the industry is a great way to do this.
All CT water well drilling companies need to have robust insurance policies to keep them protected. Well drilling is a complex field, so it is crucial that you consult with an insurance broker before purchasing any policy.
Connecticut Economic Data, Regulations And Limits On Commercial Insurance
Entrepreneurs who are thinking about starting a business knows how crucial it is to choose the best location for their business. Selecting an area that offers a healthy workforce and the right demographics for your target market is key to the success of your business.
If you are considering the state of Connecticut for the headquarters of your corporation or a new division of your existing company, it's vital to ensure that state provides a climate that will enable success.
By assessing the unemployment rate as well as the key industries that are booming in the state, you will be able to determine if Connecticut is the right place for your operation.
Additionally, being aware of the types of business insurance that you are required to carry is also important for your success. Below, we offer an overview of these areas to help you decide if the Constitution State is the right place for you to establish your business.
Economic Trends For Business Owners In Connecticut
The unemployment rate of a state is a good indicator of the economic growth of a state, as it indicates that business is growing and there are enough jobs available to support the state. As per the Bureau of Labor Statistics, as of 2020, the unemployment rate in Connecticut was 3.7%, which is 0.3% higher than the national unemployment rate.
However, in one year, the rate has dropped by 0.1%, as it was 3.8% in December of 2018, and in a two year period, it dropped 0.9%, as it was 4.6 in December of 2017. Economists have indicated that job market is expected to increase in coming years, as it is predicted that the economy will continue to grow.
There are numerous areas in Connecticut that are beneficial for business owners. Key areas include major cities and the suburbs that surround them, including:
- West Hartford
These areas offer a well-educated workforce, the highest number of both established and newly opened businesses, the lowest unemployment rate, and the healthiest median household income.
While several industries are thriving in the CT, the sectors that are seeing the most success include:
- Advanced, large-scale manufacturing
- Bioscience and healthcare
- Digital media
- Green technology
- Insurance and financial services
- Tourism and entertainment
Commercial Insurance Requirements In Connecticut
The Connecticut Insurance Department regulates insurance in CT. Connecticut mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Connecticut requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees who work fewer than 26 hours per week, though you should check to make sure any contractors you have are true contractors, and not employees.
Connecticut also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Contractors & Home Improvement Insurance
Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.
- Air Conditioning Systems Installation Repair
- Appliance Repair & Service
- Blacksmith & Metal Workers
- Builders Risk
- Building Cleaning & Maintenance Services
- Cabinet Installer
- Cable And Satellite TV Installer
- Chimney Sweep
- Contractor Liability
- Curtain Cleaners
- Deck Builders
- Door And Window Installers
- Dryer Vent Cleaning
- Drywall Contractor
- Electrical Contractors
- Environmental Remediation Contractors
- Fence Installation
- Fire Sprinkler Contractors
- Fire & Water Restoration Contractors
- Flooring Contractor
- Garage Door Installer And Repair
- Glass Contractor
- Glazier Insurance
- Gutter Installation And Repair
- House Cleaning
- HVAC Contractor
- Insulation Contractor
- Janitorial Cleaning Services
- Lawn Care
- Lawn Irrigation Sprinkler System Installation
- Paperhanging Contractors
- Plastering And Stucco Contractor
- Pressure Washing Contractors
- Propane And Fuel Dealers
- Rug, Upholstery & Carpet Cleaning
- Sandblasting Contractors
- Security Alarm
- Septic Tank Cleaning
- Siding Contractor
- Sign Installation & Repair
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Surety Bonds
- Swimming Pool Contractor
- Swimming Pool Service And Maintenance
- Tree Surgeon
- Tree Trimming
- Tank Cleaners
- Upholstery Shop
- Waste Haulers & Garbage Collection
- Water Well Drilling
- Welding Contractor
- Wildlife & Pest Control
- Window Cleaning
A contractor that wants to begin or stay in business, liability coverage must be obtained for the premises or operations, off-site locations and products/completed operations exposures. These coverages may be included as a part of a businessowners policy (BOP) or purchased in a commercial general liability (CGL) policy. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to obtain a particular job.
Physical damage coverage for tools, supplies and equipment, both on and off the contractor's premises, is a concern. Liability exposures at the premises of the contractor, and at the premises of the contractor's customer, must be properly addressed along with completed operations. Business insurance is very important as is workers compensation insurance protection for employees.
Contractors may work under a general contractor as a subcontractor in larger construction projects - like a new commercial site or residential subdivision. They can work on smaller projects directly with a home owner, usually specializing in renovations or remodels.
In business insurance speak, often called 'artisan contractors' or 'casual contractors', they are involved in many aspects of construction and contracting work – and include various trades and skills. Carpenters, painters, plumbers, electricians, roofers, tree trimmers, landscaping are just a few examples. They may do roofing, fencing, drywall, tile work and many other trades that involve skilled work with tools at the customer's premises.
An artisan contractor performs a single trade or job, and each has its own specialized liability needs with its own exposures to risk and accidents. Contractors liability insurance can offer coverage for bodily injury, property damage, advertising injury and medical payments.
Most artisan contractors should have commercial general liability at the very least, but many need broader coverages - like an umbrella to increase their limits of liability, inland marine policy to protect their tools, workers compensation if they have employees, and even commercial auto if they use vehicles for business purposes.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Contractors' Equipment and Tools, General Liability, Employee Benefits Liability, Umbrella Liability, Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivable, Builders Risk, Computers, Goods in Transit, Installation Floater, Valuable Papers and Records, Cyber Liability, Employment-related Practicesand Stop Gap Liability.
Request a free Water Well Drilling Insurance Connecticut quote in Ansonia, Avon, Berlin, Bethel, Bloomfield, Branford, Bridgeport, Bristol, Brookfield, Burlington, Canton, Cheshire, Clinton, Colchester, Coventry, Cromwell, Danbury, Darien, Derby, East Hampton, East Hartford, East Haven, East Lyme, Ellington, Enfield, Fairfield, Farmington, Glastonbury, Granby and East Windsor, Greenwich, Griswold, Groton, Guilford, Hamden, Hartford, Killingly, Ledyard, Madison, Manchester, Mansfield, Meriden, Middletown, Milford, Milford city, Monroe, Montville, Naugatuck, New Britain, New Canaan, New Fairfield, New Haven, New London, New Milford, Newington, Newtown, North Branford, North Haven, Norwalk, Norwich, Old Saybrook, Orange, Oxford, Plainfield, Plainville, Plymouth, Prospect, Ridgefield, Rocky Hill, Seymour, Shelton, Simsbury, Somers, South Windsor, Southbury, Southington, Stafford, Stamford, Stonington, Stratford, Suffield, Tolland, Torrington, Trumbull, Vernon, Wallingford, Waterbury, Waterford, Watertown, West Hartford, West Haven, Weston, Westport, Wethersfield, Wilton, Winchester, Windham, Windsor, Windsor Locks, Wolcott, Woodbury and all other cities near me in CT - The Constitution State.
Also learn about Connecticut small business insurance requirements for general liability, business property, commercial auto & workers compensation including CT business insurance costs. Call us (860) 900-0799.