Crane Insurance Cost: How to Determine Coverage Needs

The construction industry holds unique challenges and circumstances, with each day and job holding new surprises. One of the most challenging aspects involves the use of cranes when constructing a building or other type of structure.

While the use of cranes is quite safe, accidents or other events can happen. To guard against this, it’s always a good idea to have specialized crane insurance before beginning any job. Understanding insurance coverage needs specifically for your crane operators/riggers liability, workers compensation, inland marine insurance, property/equipment and even commercial auto liability can be critical in determine the overall cost for the policy.

To determine crane insurance cost & liability needs for your business, there are several factors to take into consideration.

Work Area

When deciding how much crane insurance coverage to have, taking into account where the business and most of its jobs are located should be high on the list. In many areas there is always the potential for a natural disaster such as a flood or earthquake which could severely damage company equipment.

In these cases, it’s always a good idea to make sure flood and earthquake insurance is included as part of any insurance package.

Individuals as well as businesses often make the mistake of assuming these events are covered by their basic policy, which is usually not the case.

Rent or Own?

Many construction companies choose to rent cranes rather than buy them due to not requiring them for every job. Crane rental insurance should always be purchased in these cases, making sure specific parts of a policy are included.

Rental reimbursement should be included in the policy, as well as manuscript coverage that can be customized to cover any equipment rented to third-party contractors.

An experienced insurance provider will understand how to help you with a policy that will cover physical damage to a crane or other equipment on the job site.

General Liability

General liability coverage is the part of a policy that covers many of the basics that will be confronted on a job. The levels of crane insurance coverage in this part of the policy should be made to easily cover any potential accidents.

Aspects such as sudden or accidental pollution can be included, with many companies taking out general liability coverage that insures them for anywhere from $250,000 up to $1 million. Many also take out up to $1 million coverage for personal and advertising liability coverage, in the event they are sued for false advertising or other claims.

Loss of Rentals

Property and equipment are some of the most important parts of any reputable construction company, and making sure these areas have adequate crane rental insurance is essential. Most companies have up to $1 million coverage in this area, which includes physical damage or loss of rental equipment that’s in the company’s care, loss of income, riggers liability, and more.

What Insurance Policy Does Your Company Need?

Whatever jobs a company may be involved in, having the right level of coverage for accidents and other situations is crucial.

Crane and many other forms of liability Insurance, while taken for granted, provides peace of mind not only to a business but its customers as well.

For more information about crane and construction insurance, including working with our team of insurance professionals to find a specialized program for your business, contact Allied Insurance Brokers.