Generations ago, excavation and grading were some of the most labor-intensive tasks in construction – but even as times have changed and technology has advanced, the work remains important.
With new technology has come an emphasis on eco-friendly excavation and grading; companies are now more mindful of the surrounding environment and protecting resources while conducting critical pre-construction work. Without excavation and grading, there’s no construction (well, there could be…but it may not go well).
Let’s quickly take a step back and cover the basics. Excavation, by definition, is the process of moving rock, earth and dirt to prepare a site for construction. This work is typically done by heavy machinery or explosives, and can impact tunnels, underground infrastructure and more. Depending on the amount of work required, excavation can last a matter of days or stretch into a week or more.
Grading often occurs after the excavation work is complete. This process involves reshaping land – raising or lowering ground level, sloping, etc. – at the construction site so the formal build can begin.
We’re going to take a deeper look into this industry and why it should be a target to grow your client portfolio – along with a leading insurance product that will elevate your brokerage above the competition.
What’s happening in the excavation and grading industry?
The most notable development is the evolution of technology – and beyond simply its evolution, its widespread adoption in the construction industry.
With land becoming harder to find and population density increasing, particularly in urban centers, precision is the name of the game in excavation and grading. Drone surveys, sensors and robotic-assisted site evaluations have transformed the industry, paving the way for greater efficiency and reduced need for on-site workers (which means a reduction in unnecessary labor hours).
According to Dynamic Earth Solutions, “by utilizing automation, bots, remote sensors, and drones for task management, companies can expect quicker deployment times and fewer errors, which translates into more profitability. This technology also opens up possibilities for faster project completion due to greater accuracy with fewer delays caused by human error.”
This advent of technology comes at an ideal time, as well; the demand for construction work is not currently being met by the job market, which has been historically slow. Technology and automation will help contractors get work done despite a lagging labor market, as excavation is expected to exceed a valuation of $120 billion (USD) in the coming years.
Problems facing excavation and grading businesses with regard to insurance
Insurance is a complicated field and many business owners or contractors don’t have the time to dive deep into the weeds. Demand is high, labor is struggling and experts agree those two concepts will be at odds for at least the next few years.
On top of that, many construction businesses and their contractors are underinsured; what we’re seeing is companies purchasing minimum coverage and limits to keep costs down, but all that does is expose them to greater liability.
Benefits of adding excavation and grading to your client portfolio
This industry isn’t slowing down despite its challenges. Excavation and grading contractors are under more pressure than ever before, up against tight deadlines with big dollar projects that simply need to get done.
Construction as a whole needs more workers – and those workers need insurance coverage that protects them from tip to tail. As a broker, adding clients in excavation and grading to your portfolio will not only help grow your business but it gives you an opportunity to provide an insurance product that separates you from the competition.
And if you’ve dabbled in the construction insurance market, you have probably noticed that there’s a lot of noise. Rising costs, inadequate coverage, carriers that aren’t intimately familiar with the nature of the work and what’s required…the list goes on.
Let’s talk about SitePro, an industry-leading insurance solution
SitePro, offered through NIP Group, is a comprehensive solution for contractors who specialize in site preparation, excavation, and grading.
Rather than out-of-the-box insurance programs sold by major carriers, SitePro provides businesses and contractors with enhancements that are specifically designed for their unique situation. There’s no “stock coverage” or “basic plan,” instead it’s coverage they actually need (and that will help).
SitePro’s best-in-class service includes specialized coverage for excavators and graders, risk control and a dedicated team to handle claims management. For you, the broker, it represents an opportunity to add clients to your book while providing them with coverage that (at the very least) allows them to focus on what’s important: the work.
No matter the size of the business – independent contractors or companies with jobs in multiple states – SitePro’s approach doesn’t change. It’s a win-win partnership.
Niche expertise that competitors can’t offer
Larger insurance carriers don’t have the insight and knowledge of excavation and grading that SitePro does. When you insure a client with SitePro, they get access to a dedicated team of insurance experts who are well-versed in laws, regulations and compliance matters.
Positive impact on client retention
When a client feels valued, they’re more likely to stick around. SitePro’s hands-on approach means they will be supported through any risks or challenges.
Growth opportunity for your brokerage
It’s not just about retention – it’s about growth, too. Offering clients a ready-made insurance program, one that removes a lot of headaches for decision makers and lets them focus on the job at hand, gives them confidence and peace of mind. Word travels fast, too – you may not be the best-kept secret for long.
A true competitive advantage for your business
SitePro is the largest insurance program of its kind and carries an “A+” rating from A.M. Best, providing strength and stability that enables contractors to keep growing their business.
Tailored risk management and resources
Understanding risk is key to mitigating it, especially with the unique challenges of the excavation and grading industry. With more than 30 years of experience, SitePro’s insurance solution is the gold standard and tailor-made for your clients.
Construction insurance benefits your clients (and your business)
SitePro is better coverage for excavation and grading contractors – by design. Brokers are well-positioned to offer a variety of coverages (see more here) that begins with proper valuation of client operations, property, and equipment.
The extensive industry expertise of SitePro means you can support clients and educate them on risks that may not be as apparent as others, which is another benefit of using an insurance program that’s so different from typical products.
SitePro offers unparalleled coverage and support for construction clients in excavation and grading
NIP Group and SitePro believe in giving clients everything they need to know, and additional resources if and when they are needed. With SitePro coverage for excavation and grading contractors, your clients get access to:
- More than 35 years of industry-specific experience
- Tailored risk management that’s proactive, not reactive
- A full library of educational resources, including training material
- Claims management that’s hands-on and user-friendly
If you’d like to learn more about SitePro, let’s connect and have a conversation about how you can expand your client portfolio with a game-changing insurance program.
