Heavy Equipment Insurance

Heavy equipment insurance, or commercial contractor’s equipment insurance is broad ranging coverage created to cover any equipment that gets damaged or goes missing during a job.

While simple in theory, this coverage is so much more than that. You can also cover loss, employee equipment, borrowed tools, clean up, and more. In all honesty, the coverage can be a bit confusing without the help of a professional insurance agent.

If you’re looking to protect your construction business, then get in touch today, At Balsiger Insurance, our licensed agents can discuss needs and coverage options with you before it’s too late.

We’ve helped dozens of general contractors find the right coverage for their business.

What is Heavy Equipment Insurance?

While heavy equipment insurance can be complex, it doesn’t have to be. Basically, heavy equipment insurance is covered under an Inland Marine policy that provides protection to loaders, cranes, and other heavy equipment that is often used in construction and during other tasks.

For many contractors and those in the construction industry, equipment that is used frequently can cause a major financial headache if damaged or replaced - because the item is not insured properly.

Without proper heavy equipment insurance, damage to a machine can completely drain the finances of a company.

Types of Heavy Equipment Coverage

Within heavy equipment insurance coverage (Inland Marine), contractors have some options. The ideal coverage options allow a contractor to easily replace damaged or stolen equipment without cost after the deductible.

Operating risk refers to any damage that happens while the equipment is in operation or being transported. Things like fire, theft, weather, and more are covered.

What About Leased Equipment?

If you lease equipment for a job, you can be held liable for any damages to the machinery. Many times, you won’t have coverage under a contractor's insurance policy either.

When you rent or lease heavy equipment, it’s imperative to thoroughly review the contract and find out if the leasing firm requires you to purchase an additional heavy equipment policy.

The Endorsement can be added to your Inland Marine coerage.

Can You Loan Equipment?

Every contractor should speak with their insurance agency and find out if they can loan heavy equipment. You want to confirm your existing policy will cover a machine if you were to loan it out.

Generally, insurance companies frown upon this. Certain policies will allow it, but you must confirm before engaging in such activities.

Do You Need Specialty Equipment Insurance?

There are a variety of coverages that contractors can take out to protect their business, especially when in unique situations.

Will Your Current Heavy Equipment Insurance (Inland Marine) Policy Protect You If Something Bad Occurs?

There should be no such things as a one-size-fits-all heavy equipment insurance policy. Contractors have unique needs and require specialized insurance offerings to meet the demand within the industry.

Our agents at Balsiger Insurance understand this fact. Due to our experience in the industry, we understand how equipment insurance should work and we’ve seen cases where other insurers don’t do things properly. This leads to disaster.

As a contractor or company within the construction industry, it’s imperative you dive into your current policy and see if there are any gaps.

For example, here’s just one situation where a contractor had a gap in their equipment coverage and it costed the company dearly:

A contractor leased a piece of equipment for a job and failed to add Equipment Rented Coverage on their Inland Marine policy.  The equipment was destroyed by vandals.  The contract with the rental company required the contractor to protect/cover the equipment.

Result:  The Contractor paid in full out of pocket!

Finding the Perfect Heavy Equipment Insurance Policy For Your Needs

If you’re a contractor looking for the ideal insurance company to help navigate the murky legal waters in the industry, reach out today. Our professional staff at Balsiger Insurance has helped dozens of contractors, developers, tree trimming businesses and more find the right protection before.

We look forward to helping you find the perfect heavy equipment protection today.