Protecting your equipment is part of protecting your business. Due to harsh conditions and the demanding use construction machinery withstands, equipment is designed with strong materials so you can use it without worrying about damage. However, no construction machinery is indestructible.
Physical damage insurance for heavy equipment can protect your workers, your clients and your reputation in the construction industry. Whether you rent or own equipment, it should be covered by insurance before you start using it on the job.
It’s true that construction equipment is built to withstand extreme conditions. However, construction equipment can still be damaged or destroyed by fire or weather-related incidents. Getting insurance for your equipment is an essential part of developing a risk management strategy for your construction business.
To choose the right type of insurance for your equipment, you need to understand the kind of protection you need in your industry. There are several types of heavy equipment insurance to consider:
Because these insurances offer different types of protection, it’s important to have them both so your company is protected from different kinds of loss.
The benefits of investing in physical damage insurance far outweigh the additional cost and time spent to obtain it. Getting insurance for your heavy equipment is a smart decision for your business for many reasons. Here are three benefits of physical damage insurance for heavy equipment:
If you break a part of your machine, you can use equipment insurance to replace the broken part. This applies even if the equipment gets stolen or damaged beyond repair. Of course, every insurance policy is different. It’s important to read the fine print and check that you have coverage for what you need before choosing an insurance policy.
Construction equipment can be expensive. If you don’t properly lock your equipment, it can be stolen, leaving you without it until you get a replacement. Equipment theft insurance can help you protect your investment and allow you to easily continue with work on the jobsite.
Having construction equipment insurance will give you peace of mind. It’s important to protect your business and keep it running smoothly. Insurance will also save you from a lot of stress, as you won’t have to worry about financial losses or legal charges in case something happens to a piece of equipment.
You’ll need different kinds of insurance depending on whether you rent or own heavy machinery. In addition to liability and physical damage insurance, there are a few other types of insurance you should consider for equipment you own. They include but aren’t limited to:
If you’re renting equipment, the rental company may already have some insurance to protect their equipment. However, you’re still responsible for liability insurance and covering any gaps not protected by the rental company’s policy.
In the construction industry, heavy machinery is one of your most important assets. Keeping your equipment well-maintained, secured and insured are all important parts of risk management for your business. When you invest in physical damage and liability insurance, you can have peace of mind while on and off the jobsite.
Insuring high-quality equipment is the best-case scenario for your business. If you’re in need of construction machinery, you’ve come to the right place! As one of the leading construction dealers in the country, Groff Tractor & Equipment offers a wide range of the highest quality construction equipment. Contact us for help meeting your equipment needs today.
"*" indicates required fields
