If you rely on heavy equipment to help get a job done, malfunctions in the equipment can throw off your completion timeline, delivery mandates, and even create dangerous working conditions. In addition to carrying a commercial property insurance plan that could cover certain damages or injuries, the experts at HILB Group advise that you also secure an industrial equipment insurance policy.
Potential for Loss
There are many things that could go wrong on a job site where heavy equipment is in use. Tools or machinery could be damaged or go missing during the project. Things that could be included in coverage are:
As a contractor, dealing with missing equipment or fixing damaged parts can be financially taxing. Heavy equipment is expensive, and so is the cost of labor to work on the machines and the lost time on your project. The right insurance policy can be used to cover the loss that may occur due to equipment breakdown. Things that are covered can include replacement part costs, business interruption, labor or technician costs, rental reimbursement during equipment downtime, and spoilage.
Assess your equipment inventory to see what could be covered under this type of policy. Proactive measures can help keep your project completion on track even when something goes wrong with your machinery and tools.