What Type of Insurance Do You Need for Your Aerial Truck Rental Company?

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Aerial trucks, or bucket trucks, are specialized vehicles that offer different lift capabilities for construction workers, lineman, or even an everyday person who needs to access something very high in the air. 

Anytime you're renting vehicles and equipment out to someone else, you need the proper business insurance to protect your stuff and your company in the event of an accident. An independent insurance agent can help you find the insurance you need so you're protected long before something happens. 

What Risks Does an Aerial Truck Rental Company Face? 

When you have expensive vehicles and machinery in your care, and you're renting it out to other people to use, there are a variety of things that could cause a financial loss. For aerial truck companies, some common scenarios include the following.

  • A severe storm or fire occurs on the lot where the rental trucks are stored ruining the trucks and other property
  • Someone who is renting a truck from you is injured while operating the lift and claims it was due to faulty lift maintenance
  • An employee is in an accident while driving one of the aerial trucks
  • A rental truck is stolen from your business location or the person renting it
  • Someone hacks into your data system and steals all of your customer information
  • An employee is injured while preparing a truck for rental

Aerial truck rental companies have to consider their property and how their vehicles will be used when finding the proper insurance coverage. 

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Aerial Truck Rental Companies Need Proper Liability Insurance

Even though an aerial truck is designed to safely lift someone up to where they need to perform the task at hand, that's not to say that things can't go wrong. Someone could be injured while using one of your aerial trucks and claim it was your company's fault, or they could damage someone else's property. You could even get sued for someone getting injured on your property.

For all of these reasons, several liability policies are worth discussing with your agent.

  • General commercial liability: Covers third-party bodily injury and property damage claims that anyone makes towards your company or operations. This includes someone being injured on your property, on one of your trucks if it was because of faulty equipment, or if someone operating the truck causes property damage or hurts someone else. 
  • Auto liability insurance: Covers any damage that occurs to the vehicle or damage that the driver causes in the vehicle. This can be whether an employee or renter is operating the vehicle.
  • Excess liability: Should you be sued by a customer, it's possible that the payout amount will exceed your general liability insurance limits. You can purchase excess liability coverage in the form of a commercial umbrella policy which provides limits beyond your general commercial and auto liability policies.

The Benefits of Inland Marine Insurance

While aerial truck rental services need an auto liability policy, it's often inadequate for all of the risks that the company faces. Auto insurance is designed to cover the liability side of things, but for the physical damage that can occur to the trucks, you need inland marine insurance with a contract equipment policy.

Inland marine is a type of property insurance that protects your property while it's in transit. In order for an aerial truck to be covered, you'd need specialized inland marine coverage that covers contract equipment. Under this policy you receive additional property damage coverage in the event that your truck is damaged while being rented out or used by an employee. 

Additional Insurance Coverage Every Business Needs

In addition to the unique coverages mentioned above, most aerial truck rental companies will need the following common business insurance policies.

  • Commercial property insurance: Pays to repair or replace any buildings and assets if they're damaged by fire, windstorm, theft, vandalism or other named perils. 
  • Workers’ compensation insurance: Pays for any work-related injuries and illnesses for employees. This coverage is required in most states.
  • Business interruption insurance: Pays for any lost income should you have to temporarily seize operations from a covered loss such as weather or vandalism.
  • Cyber liability insurance: If you keep customer data on a computer, cyber liability insurance will help pay for any fees associated with a cyber attack or data leak. 

How Much Does Aerial Truck Rental Service Insurance Cost?

Every aerial truck rental service is unique which makes the cost of insurance specific to each shop's needs. Insurance carriers will base your premium costs on factors like the amount of coverage you need, the variety of policies, and the deductible you choose. The higher your deductible, the lower your premiums will be.

In addition, carriers are looking to learn how big of a risk you are. They'll consider the location and size of your business, number of trucks, employees, and even the crime rates in your city to determine how likely you are to file a claim. 

Fortunately, an independent agent can help you price shop policies so you can assure you're getting the best deal. 

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Benefits of an Independent Agent

An independent insurance agent is experienced in working with aerial truck rental services and the type of insurance you need to be adequately covered. 

Agents are not tied to one insurance company. Instead, they work with a network of carriers who specialize in business insurance. For these reasons, they have your best interest in mind and are able to make recommendations of the best coverage from a reputable insurance company.

In addition, agents are there for you long after you've purchased insurance. Should you need to file a claim, review your policy, add or take away coverages, they're just a phone call away to assist you. 

Find and Compare Quotes for Aerial Truck Rental Service Insurance

Online quotes result in unwanted solicitations and inaccurate coverage. Skip the hassle of sorting through online quotes and find an independent insurance agent now. 

Your agent will chat with you, free of charge, and provide one-on-one consultation and affordable options for the best coverage for your unique needs. They'll shop multiple carriers and assist you in choosing the best coverage at the right price point for you and your business. 

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TrustedChoice.com Article | Reviewed by Paul Martin

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 https://tri-liftnj.com/forklift-rentals/aerial-lift-rentals/

https://www.jstor.org/stable/25763179

https://www.iii.org/article/understanding-inland-marine-insurance