Shawn
I do not know all the circumstances that you are insured for, but I know that you are not paying nearly enough for the coverage you need and the "buy backs" you need.
Even the barest 'third party" coverage should be upwards of 5000.00 a year to start. This only covers injury and damage done to a "third party" - a bystander, or someone who is not part of the project you are working on. Even then, you still need a "Waiver of Subrogation", "Under-ground Lines Protection", Fire coverage, "Explosion Buy Back" and maybe even "Store Front Protection".
To cover damage to equipment and materiel associated with the contract you are working on, you need "Inland Marine"coverage, "Personal Articles Floater", Waiver Of Subrogation, Uninsured Contractors coverage, Fire coverage, Explosion Buy Back, "Environmental Damage", "Demolition and Dismantling" coverage, and the highest Umbrella coverage you can afford (at Least 6 million dollars).
If you work over a navigable waterway, or out beyond the High Tide Line,and on some docks, you also need Long-Shoremans and Harbor Workers Protection Act Insurance, in addition to your Workmans Compensation Insurance. If you work on bridges, they may be over "navigable waterways", If you work on Railroad Right of way, you probably will need Railroad Protection insurance, which can usually be obtained through the Railroad you are working for. (Most railroads will make you buy that coverage through an agent they want you to use, so they are sure you are properly covered.)
Consider getting an "Also Insured" rider, if you are going to hire sub-contractors, or you are going to do jobs with a buddy, who may not have the coverage you do. Do not do jobs with anyone else, unless they are direct employees and they are using your equipment. If they are using their equipment, you have an uninsured contractor situation if something happens.
Beware of "Insurance Ignorance". Just assume that you are uninsured at this point. Find an insurance "agent" who can get you contractors coverage, and explain what it covers and what you need to get yourself covered the way you want to. Be candid about what you do or what you might do, because there is no "Everything coverage". Be candid about elevated work, over the hole work, hazardous locations, ETC.
All this type of business insurance is based on a "base amount" that is figured on what your "Estimated Gross Income" will be that year. Each year you will be audited and a new risk assessment will be performed. The agent will tell you how much more you owe for last year, and how much more you will owe for the next year.
Automotive Insurance coverage on your truck, does not cover any business activity, including crushing lines you run over, culverts you run over, telephone lines you cut, (Especially Fiber Optic Lines), hitting anything on the job site, and spilling fuel (when you back into anything and rupture your fuel tank and cause a reportable spill). It may not cover workers and vehicles on the job-site.
If you do not own your own home, and are not going to inherit anything... My advice --- go bareback. If you get sued, - Go Bankrupt. Be very careful and do not get involved where risk is greater, or adventurism is part of the thrill. Try to get included as "Also Insured"in the insurance held by the contractor you are working for, if you absolutely need coverage.
Finally beware anyone who tells you they are insured to the MAX. Even if they give you a "Certificate Of Insurance", they may not have put all the workers on the books for that job. The workers may be employed by another company that they own, which is uninsured or underinsured, but offered to you, on your job, as employees of the company you are employing. When an incident occurs, you are left holding the bag with uninsured workers! If you need to hire casual workers, and you cannot use your own company,use a temp agency, or a "Job Shop" agency, and tell them what the insurance requirements are.
Joe Kane
I use Progressive, Commercial Auto 1 million liability, 300k underinsured motorist, medical payments 5k each person, comprehensive 500 deductable, collision, rental reimbursement.
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