Companies that routinely rely on heavy equipment like loaders or cranes are exposed to risks during their transportation and operations. The nature of these operations increases the likelihood that accidents or damage could to both operators, facilities, or other equipment.
Replacing expensive equipment that constitutes the heart of the business operations can be a financial drain on the company, especially if the machinery has not been properly insured. Before you decide to purchase an equipment policy, do sufficient research. When it comes to industrial equipment insurance, you need to compare prices against services. A higher price doesn’t always mean better coverage. The industry experts at HILB group of Florida recommend looking at a company that offers coverage based on replacement costs.
The most cost-efficient coverage would help a contractor replace stolen or damaged equipment that has either zero cost or just a small deductible. Operating risks and third-party liabilities are typically covered in a policy, and these risks include explosion, fire, theft, fraud, or third-party claims against the initial contractor. This policy usually picks up the conditions excluded from another policy.
The costs associated with repairing or replacing heavy equipment can be steep for a company that is unprepared for the loss. The right insurance policy can ensure that you don’t lose any downtime waiting on broken equipment and it can protect from significant financial strain.