Riggers work in dangerous conditions as they move objects weighing several tons, work at tall heights, and continue working in inclement weather. The potential for falls and accidents are quite high, causing the need for safety training and adequate insurance protection. Riggers coverage comes in a variety of options from general liability to commercial auto insurance. Understanding which insurance policy to purchase is essential to protect the employees and the company. Here are five reasons why riggers need to invest in the right insurance protection.
1) Coverage for General Public
Since there is a risk for injury to the public, it is a wise decision to have insurance coverage to have them insured in the event of an accident. Some other qualities the coverage will take care of include mobile equipment liability, pollution coverage, and personal injury.
2) Coverage for Operators
Another reason why riggers need coverage is for the operators. A crane operator can easily be injured while working. Crane operator insurance will compensate for any bodily injuries to the operator and other members of the crew. Recovering from painful injuries is hard enough, but the loss of income is another substantial blow. Operator insurance also compensates individuals for lost wages as well as medical expenses.
3) Equipment Coverage
Millions of dollars are invested into the rigging industry to care for equipment needs. If equipment owners do not have adequate coverage on the machines, it can end up halting a job if the equipment breaks down. Insurance will not only pay for repairs sustained through operator damage, it also pays for basic repair and maintenance needs depending on the contract clause. This allows companies to receive temporary operating equipment while their machines are being fixed for minimal work interruption.
4) Pollution Coverage
Many states have passed new laws pertaining to pollution. If the equipment you use is in violation of the laws, you can end up with substantial fines. Pollution coverage is one way to protect the company from large fines and lawsuits.
5) Risk Management
Risk management services provide companies with counseling to minimize losses that can occur as a result of the inherent risks associated with the job. Risk management advisors will provide information regarding financial risks, operational risks, and strategic risks. The process can help to streamline operations, detect risky behaviors, and determine what type of insurance is necessary or recommended for a particular job. For example, understanding how labor strikes and management changes can alter the outcome of the job will make a huge difference on costs and timeframe parameters. Riggers coverage will address the specific risks that other insurance plans do not cover.
6) Gain More Business
Crane operator insurance helps to ensure that companies will have an easier time obtaining contracts with certain clients because they can show adequate coverage. It is not uncommon to hear about major crane liability lawsuits, so insurance is a factor that clients are on the alert for. In a competitive market, any advantage over the competition is almost certainly worth it.
For a host of riggers insurance options as well as risk management assessments, contact Allied Insurance Brokers.
*Allied does not deem this blog entry as a complete and thorough listing or overview of the above topic, and does not recommend it be primarily relied on. It only highlights some common issues and resolutions. For a thorough overview, please contact Allied’s Risk Engineering Division.