Finding the Best Crane Insurance

(Taking the heavy lifting out of shopping for coverage)

construction worker with crane in the distance

Operating cranes and lifting heavy equipment in a safe manner is no easy task, nor is it one that comes without a wide range of hazards and potential disasters. From colliding with electrical wires, to overloading the crane, to loaded materials falling off (and possibly onto someone), the risks of crane operation can be damaging and extremely costly.

That's why it's super important to know about the different types of crane insurance available. Our independent agents are here to eliminate the hassle of searching on your own by walking you through a handpicked selection of top policies for you.

What is Crane Insurance?

Boiled down, crane insurance protects cranes against third-party damage such as vandalism or theft, natural destruction such as fires or storms and accidental damage during operation and transportation. Coverage typically encompasses most damage accrued by cranes on the job, but does not include general ware and tear on the equipment. Policies also cover third-party liability claims.

What is Rigger's Liability?

Rigger's liability provides coverage for contractors who are responsible for moving the property of others, which generally includes lifting, transporting and setting it into place. The third party's property itself is also covered by this policy.

Is Crane Insurance Mandatory?

Typically, project contracts will require crane operators to have a certain type of rigger's liability coverage. But it's also a good idea to look into additional types of coverage available for crane operators to protect your business and its equipment from costly repairs, or even lawsuits.

Why Do I Need Crane Insurance?

The crane and rigging industry works with heavy and costly equipment that is capable of dishing out massive damage if mishandled, or even if minor accidents occur on the job. There's also the Mother Nature factor - a storm or other natural disaster could inflict permanent damage on your business's equipment. Coverage helps to minimize financial losses, and protects you against liability claims made by a third party.

What Does Crane Insurance Cover?

A crane and rigging insurance policy is designed to protect your business in the event that your crane endures damage or is destroyed on the job, as well as from acts of vandalism by a third party, or even theft. Policies typically also cover third-party liability claims made against your business for damages or injury inflicted during a job.

Some key components of coverage can include:

  • General liability: Protects against property damage or injury claims made by a third party.
  • Physical damage: Covers damage to cranes up to their full value.
  • Theft: Covers replacement of equipment that is stolen.
  • Rented/Leased Equipment: Covers costs of rented/leased equipment needed while awaiting repairs on your own. Also protects the rented/leased equipment while in use by your business.
  • Inland marine: Covers equipment that cannot be permanently affixed to a specific location, including while it is in transit.
  • Equipment floater: Can be added to inland marine coverage to cover equipment, including rentals, from the dangers of transporting it between jobs. Also covers theft while in transit.
  • Auto liability: Covers cranes while driving on public roads.
  • Optional add-ons to coverage:
  • Excess liability: Covers lawsuits that surpass a general liability coverage limit.
  • Equipment breakdown: Covers serious disasters typically excluded by other policies, such as explosions.
  • Business interruption: Covers loss of income suffered while a business's operations are suspended due to maintenance on equipment. 

How Much Does Crane Insurance Cost?

The cost of a crane and rigging insurance policy will depend on things such as the amount and value of equipment owned and rented by your business, as well as your business's size and location. N.Y.C., for example, has huge lawsuits for the rigging industry due to its high property values - so policies for big businesses in major-metropolitan areas will be much more expensive than for a tiny business in the middle of nowhere.

What's So Great About an Independent Agent?

Insurance policies can be incredibly complex and redundant, and thumbing through available coverage options is generally low on the fun-and-easy scale. An independent agent's role is to simplify the process.

Independent agents are there to make sure you get the absolute best deal, and the one that meets your unique needs. They shop and compare insurance quotes for you, and they'll break down all the jargon so that you understand exactly what you're getting.

Finding/Comparing Crane Insurance Quotes

Our supremely wise agents will review your needs and help you evaluate which type of crane insurance makes the most sense for your business. They'll also compare policies and quotes from multiple insurance companies to make sure you have the best protection out there. They'll hook you up - in a comprehensive and affordable way.

TrustedChoice.com Article | Reviewed by Paul Martin

Now, who's ready to get their insurance problems solved?