Whether someone is looking for a party tent for an outdoor wedding, a cement mixer to lay some concrete or an aerial lift for projects where the sky is the limit, the first place many of us turn to is a rental equipment company.
Owners of the equipment rental business need to make sure the organization is adequately covered with the proper liability insurance. The best way to make sure the choices in insurance policies make sense for the business is by working with an insurance company with plans exclusively designed for your unique needs.
Understanding liability risks and potential circumstances the business could face is the key to keeping money in your pocket.
Choosing the Right Coverage
Obtaining the highest level of insurance for equipment at the best price should be your primary goal to maximize your profits. Covering for unforeseen events, property damage accidents, and areas of general liability will help protect your business’s bottom line.
Work closely alongside a rental equipment insurance provider to make sure you have all areas of your business covered, including:
- General Liability
- Property & Equipment
- Auto Liability & Physical Damage
- New Workers’ Compensation/Employer’s Liability
- Excess/Umbrella Liability
Party rental companies may rent both indoor and outdoor equipment, like tables, trucks, or tents. Regardless of your company’s specialty, every item you rent out should have appropriate coverage by an insurance policy to keep your profits protected.
Working with your rental equipment insurance company to create an equipment insurance coverage plan that protects all types of party supplies is prudent. Attending closely to your coverage plan with your agent assures that all your items are properly protected and you are not at risk even if something were to happen with dangerous rental equipment.
Renting Trucks, Vans and Other Vehicles
If part of your business is to rent out trucks, vans, or other types of automobiles, then it is important to ask your insurance provider about specialty coverage for the vehicles in your care, custody and control. Insurance companies may be able to provide you with damage waivers, and occurrence forms.
Damage Waiver or Rentals Insurance
While some people may believe they can protect themselves with a damage waiver once they learn the legal facts about the difference between a waiver and business rental insurance, most people will reconsider using a waiver. A waiver does not provide the same coverage or protection that rental equipment insurance does.
A contract or damage waiver is a tool that many companies may try to use where they charge a customer an amount or percentage of the value of the equipment if it comes back damaged or is lost or stolen.
Unfortunately some items can either cause so much monetary damage that a client may not be financially able to follow through on the damage waiver. Sometimes unforeseen damage can be extremely great from an item a rental company may not expect.
If this situation were to occur the damage waiver can potentially be useless to the owner of the rental equipment. This type of liability would be covered with proper insurance policies that fully protects against risk to business property, and it is a great benefit of having a good plan.
Making the Correct Decision for your Business
If you want to effectively insure the equipment you rent out, you absolutely must find an insurance company that understands your industry top to bottom.
With a 30-year focus on rental insurance for business organizations large and small, Allied Insurance Brokers can anticipate your needs and create a rental equipment insurance plan that addresses those specific needs. To find out more about how Allied Insurance Brokers can help your rental equipment business, contact our team today!