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Well Drilling Insurance

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Dig into business protection with well drilling insurance

You stoop, you squat, and you crawl. Your well drilling business is tough work, but people in your community depend on your expertise and experience. You know the risks that come with your work, but do you know the obstacles you could face as a business owner?

At Simply Business, we’re dedicated to helping you maintain a thriving well drilling business through the good, the bad, and the dirty.

We’re an online insurance platform that helps connect small business owners with insurance options to protect what they’ve created. We know your time is best spent helping your community, family, and company, so we make getting insured easy. Not sure what policies you should consider?

No worries — we’re here to give you the information and customized quotes you need to make a choice you’re satisfied with.

All you have to do is answer a few questions to get your free, custom quotes.

Ready to get started?

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Need more detail? Read our FAQs:

  • What is Business Insurance?

Coverage Type

Here are two types of business insurance available to water well drillers:

  • General liability insurance
  • Workers compensation insurance

Each type of policy covers different scenarios, but all insurance offers the benefits that:

  • It can protect your business from certain claims.
  • It can cover damages caused by your negligence.
  • Proof of insurance can help clients feel good about your work.
  • It may be legally required where you’re located.

Woman checks safety of water

What type of well drilling insurance do I need?

Want to learn about business insurance? We’re here to give you the information you need about what type of policies to consider, and what they could cover. Consider this a crash course in protecting your well drilling business — but you don’t need to study for a certification exam at the end of it. Phew!

General Liability Insurance

If you want to add a jack-of-all-trades, catch-all kind of advocate to your team, consider general liability insurance. When you think of getting coverage for your business, this type of policy likely comes to mind. General liability insurance typically covers bodily injury, property damage, and third-party (e.g., customer or vendor) accidents.

You also may be able to add Contractors Tools and Equipment coverage to your plan, which could offset the cost if your drilling equipment was to be stolen.

Let’s bring this concept to life with a scenario. Imagine you’re drilling at a job site when you hit a rock. The impact causes your drill to kick back, and it ends up flying into a nearby shed. You damage a structural wall, and understandably, your customer isn’t too pleased.

The average customer injury or damage claim is a whopping $30,000, and without business insurance, you could be left with the entire bill.

GL insurance could help out in the scenario above for those who’d rather be safe than sorry. Your policy could likely cover damages and legal fees if your customer were to sue you.

Plus, some states require well drilling businesses to carry insurance coverage. Our quote process will help you determine your needs.

To recap, here’s what general liability insurance usually can cover:

  • Bodily injury to another person
  • Third-party property damage
  • Personal and advertising injury
  • Medical expenses
  • And more

Now check out what general liability insurance usually doesn’t cover:

  • Damage to your own property
  • Professional services
  • Workers compensation or injury to your employees
  • Damage to your work
  • Motor vehicles while in business use
  • Expected or intentional injury or damage
  • And more

Workers Compensation Insurance

Do you have employees? If so, this is essential information! Each state has its own insurance laws, but if you have employees, it’s likely you’ll need to carry workers compensation insurance. This type of policy also called workers comp, covers medical bills, lost wages, and legal costs associated with an employee who gets sick or hurt on the job.

You can check your state’s requirements here, or answer a few questions to get a custom quote with your location in mind.

The average cost of workers comp claims is $40,051, and a fracture or dislocation while handling machinery on the job could lead to an average claim cost of nearly $60,000. While employee injuries will hopefully be few and far between, the price of a single accident is enough to make workers compensation insurance worth it.

Generally, workers compensation insurance for well drilling companies can cover:

  • Medical payments
  • Lost wages
  • Rehabilitation expenses
  • Death benefits

Well drilling equipment in field

Why Should I Get Water Well Drilling Insurance?

Your knowledge, experience, and commitment to quality and safety have gotten you where you are today. If you want to ensure that your business continues to thrive for years to come, it’s time to think about protecting it.

In every industry, there’s a chance you could have an accident. The chances that a small slip could lead to serious damage or injury are even higher in a job like yours that works with equipment. Nobody plans to have an accident, yet 43% of small business owners polled reported being threatened with or involved in a civil lawsuit.

The average costs companies are exposed to without insurance include:

  • $30,000 for property damage or accident claims
  • $50,000 for reputational harm claims (e.g., slander or libel)
  • $20,000 for a customer slip-and-fall case

These high costs mean that a single slip of your drill could put you face to face with a costly bill or lawsuit. However, you could avoid mounting debt or bankruptcy by proactively protecting your business with insurance.

Understandably, most business owners want to consider the cost of business insurance carefully. The good news is that you don’t have to pay for a one-size-fits-all policy that exceeds your needs.

General liability insurance options with Simply Business are customized based on the information you provide, for your unique situation, so you can find a plan whether you're new to the scene or a veteran.

Let’s shake off the doom and gloom, though. Insurance is there for you on happy days, too! Having a certificate of insurance (COI) could help you rent office space and earn the trust of customers and potential employees.

Question marks

Well Drilling Insurance FAQs

  • Each state makes its own business insurance laws, so your location determines your requirements. However, general liability insurance is a common condition for running a well drilling business. Additionally, in most cases, you’ll need workers comp coverage if you have employees.

    There’s no need to research your state’s laws before you start looking at insurance since our quote process considers your location. Simply answer a few questions, and we can let you know what requirements typically apply to you.

    Our licensed agents can also answer any questions you may have.

  • It’s common for water well drilling businesses to be able to deduct business insurance premiums from their income taxes. We always recommend checking with a local accountant to get answers about your specific tax situation, though.

  • Nobody wants to overpay, and with Simply Business, you won’t have to. Your ideal insurance coverage is based on:

    • The size of your business
    • Your business’s location
    • Your annual revenue
    • And more

    Our quote process takes all of this information into account to provide coverage options. You also can talk to our licensed agents if you have additional questions.

  • You can compare free quotes to determine which policy you’re most comfortable with. If you’re ready to get your free quotes, here’s what you should have handy:

    • Annual revenue estimates
    • Payroll estimates
    • Information on any previous claims
  • Yes, business insurance requirements for water well drillers varies by state. Since navigating state laws can be confusing, we designed our quote process to narrow it down based on where you’re located. We also have licensed insurance agents ready to answer your questions.

  • A comprehensive insurance product — one that includes general liability and workers compensation — can cover:

    • Bodily injury
    • Accidents and damages
    • Employee injuries
    • Unintentional mistakes
    • And more
  • It’s difficult to list a single price since each water well drilling insurance policy is customized. Coverage and monthly premiums depend on your services and how many employees you have. Pricing is also affected by:

    • Payroll estimates
    • The location of your business
    • The specific services you offer
    • And more

    If you’d like to see how much your premiums may cost, simply answer a few questions here to get free quotes and compare prices.

  • If you’re a multi-talented business owner, our licensed agents can work with you to find protection for potentially all of your services.

Man checks water in field

Why Choose Simply Business?

We understand that getting business insurance isn’t how you’d like to spend an afternoon, so we aim to get you covered as fast as possible.

Simply Business is an online business platform that helps business owners protect what they’ve built. We are one of the fastest-growing online providers of small business insurance, with thousands of customers trusting us to protect their work.

So why choose Simply Business?

  • We’re fast and affordable. While we can’t give you an extra hour in a day, we can help you find your perfect policy in under 10 minutes.

  • We’re flexible with coverage. Each business is unique, so we’re here to help you from day 1 to day 1,000 and beyond in your business.

  • We get your business. Get protection that’s tailored to your well drilling business — you deserve no less.

You deserve a policy that works as hard for your business as you do for your customers. We’d be honored to help you protect your tomorrow.

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This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.

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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated reinsurance carrier by A.M. Best. Harborway Insurance is a trade name of Simply Business, Inc., which is a licensed insurance producer in all 50 states and the District of Columbia.

© Copyright 2020 Simply Business. All Rights Reserved. Simply Business, Inc. is a licensed insurance producer in all U.S. States and the District of Columbia. Simply Business has its registered office at Simply Business, 1 Beacon Street, 15th Floor, Boston, MA, 02108. In the state of California, we operate under the name Simply Business Insurance Agency, Inc., License #0M20593. In the state of New York we operate under the name Simply Business Insurance Agency. In the state of Texas we operate under the name, U.S. Simply Business, Inc. For more information, please refer to our Privacy Policy and Terms & Conditions.