Forklift operators face a variety of hazards daily on the job - from equipment overturning, to being crushed or run over or falling off of it - this line of work is not to be entered into lightly. Workplace incidents can be costly for businesses, as can needing to repair or replace forklifts due to operating or third-party damage.
That's why it's so important to know about the different types of forklift 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 Forklift Insurance?
Broken down, forklift insurance is designed to protect forklifts and their operators from workplace mishaps, and your business from liability claims. In case of an accident, a forklift insurance policy would cover costs of injuries to workers as well as damage to the machine or to property. Coverage, however, typically does not include general ware and tear.
Is Forklift Insurance Mandatory?
Most commonly, project contracts for construction do require forklift and other heavy equipment operators to carry at least some level of liability coverage. While starting here is a safe bet, it's also a good move to look into additional coverage options to protect your business from costly repairs/replacement of equipment - or lawsuits.
Why Should I Get Forklift Insurance?
Well, construction work is risky business - literally. A day on the job is met with a myriad of opportunity for disasters, including damage to property, your equipment, your workers, or other people. Coverage can help cushion the blow of financial losses due to workplace mishaps, as well as allow your business to continue smooth operation while your equipment is out for repairs.
What Does Forklift Insurance Cover?
Forklift insurance policies exist to protect your business in the event of your heavy equipment enduring damage, destruction, vandalism or theft. Coverage protects against most operating risks, as well as liability claims made by third parties.
Some key components of coverage can include:
- General liability: Protects against property damage or injury claims made by a third party.
- 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.
- Physical damage: Covers damage to forklifts 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.
Optional add-ons to coverage:
- Business interruption: Covers loss of income suffered while a business's operations are suspended due to maintenance on equipment.
- Equipment breakdown: Covers serious disasters typically excluded by other policies, such as explosions.
- Excess liability: Covers lawsuits that surpass a general liability coverage limit.
- Auto liability: Covers forklifts while driving on public roads. Coverage is not required in all states, and necessity depends on the type of forklift being used.
How Much Does Forklift Insurance Cost?
Your forklift insurance policy's cost will depend on the amount and value of the equipment your business owns and rents/leases each year. Bigger cities, such as N.Y.C., have sky-high property values, and therefore lawsuits in the construction industry are far more costly than for businesses in smaller towns. Premiums for smaller businesses with less expensive equipment will also be cheaper than for large businesses with lots of costly equipment.
What's So Great About an Independent Agent?
Insurance policies are complex and tricky beasts - perusing available coverage options can be confusing, time-hogging and utterly boring. 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 Forklift Insurance Quotes
Our supremely wise agents will review your needs and help you evaluate which type of forklift 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.