Bulldozer Rental Service Insurance

Best Bulldozer Rental Service Insurance

Get the best coverage for your unique business.

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Bulldozer rental services typically rent out bulldozers and other equipment including tractors, excavators, loaders, skidsteers, and forklifts that are used for construction purposes.

Bulldozer rental service insurance is one way to protect your business from property losses and lawsuits that result from your operations. A local independent insurance agent can help you find business insurance that covers you in a variety of situations.

Why Do You Need Bulldozer Rental Insurance?

You need bulldozer rental insurance to protect your livelihood from losses that result from things such as the following issues.

  • Property damage, theft, or vandalism to your bulldozers and other rental equipment
  • Worker injuries
  • Lost income due to property damage or some other type of work stoppage
  • Lawsuits for causing damage to someone’s property or causing injuries to a third party
  • Car accidents involving your business-owned vehicles

Your bulldozer rental service insurance should help you cover the costs to repair or replace damaged property and compensate anyone that you harm as a result of doing business.

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What Does Inland Marine Insurance Cover?

Your rental tractors and other equipment are your reason for being in business, and they are very valuable. These can be lost or damaged while they’re on your premises, or while they’re in a customer's possession. That’s why it’s so important to appropriately cover the items that you offer for rent.

Inland marine insurance covers your rental tractors and other equipment on or off your business premises, regardless of who’s handling it. Inland marine policies normally provide broad protection on covered items, and you’ll have to pay a deductible on each.

Why Are Rental Agreements Important for Bulldozer Rental Services?

It’s important to have a solid rental agreement in place which you use and enforce for each and every rental. You’ll need to work with an attorney to develop your standard rental agreement, and it’s an important step in protecting your equipment and your business.

The rental agreement will state who is responsible for loss or damage of bulldozers while in the possession of others, as well as who is responsible for any liability issues that arise while your tractors are not in your possession. 

It’s also important to understand that no matter how much responsibility the agreement transfers to the renting customer, you’re never fully off the hook. You could be held responsible for injuries or property damage caused by one of your bulldozers if you didn’t provide proper instructions to a customer, or if you rented the bulldozer to someone with invalid or unacceptable credentials or skills to it.  

That’s where your commercial general liability insurance comes in. This policy, if written in a way that considers your unique risks, may cover you for any bodily injury or property damage that results from your operations, including rental bulldozers or other equipment in a customer's possession.

Other Protections for Bulldozer Rental Services

Beyond your rental agreement, you still need to take a variety of steps to protect yourself even further from negligence claims.

  • Customers should be property trained in using the tractor or any other construction equipment that you rent out.
  • You should have a clear understanding with your insurance carrier about any rules or restrictions concerning the rental of potentially dangerous or hazardous equipment.
  • If you’re renting high-value equipment, or renting a tractor for a long period of time (e.g., to a contractor), you may want to insist that the customer purchase an insurance policy on the equipment and/or a liability policy to cover its use. You can ask that you be an additional named insured on that policy.

You should also consider investing in excess liability insurance, also called commercial umbrella insurance. Commercial umbrella insurance provides liability insurance limits above and beyond certain other liability policies (CGL, commercial auto) at a more affordable cost than increasing the limits of several individual policies. If you have a claim that exceeds the coverage limit of your other applicable policy, your commercial umbrella policy kicks in to cover the rest (up to its policy limits).

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Basic Insurance Policies That Every Business Needs

Most bulldozer rental services will need a variety of additional business insurance policies that are common for all businesses, such as the following.

  • Workers’ compensation insurance: This covers work-related injures and illness for your employees.
  • Commercial property insurance: This covers your buildings, workspaces, and all kinds of commercial property including equipment, tools, office furniture, computers, and more if they’re damaged or destroyed by fire, smoke, theft, vandalism, or a weather event.
  • Business interruption insurance: This reimburses you for lost income and helps pay for certain ongoing expenses if you are temporarily unable to operate due to a covered loss (fire, weather, vandalism, etc.).
  • Commercial auto insurance: This covers your business-owned autos (cars, trucks, vans, etc.) when they’re involved in an accident. It’ll help you pay for injuries and property damage to third parties, and can help you repair and replace your own vehicles that are damaged as well.

These and other policies and policy endorsements can be customized to cover your unique risks, and together make up a large portion of a comprehensive bulldozer rental service insurance program.

How Much Does Bulldozer Rental Service Insurance Cost?

Bulldozer rental service insurance costs will vary depending on the size of your business, the number of employees you have, and how much business property (buildings, tools, and equipment) you have.

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Benefits of an Independent Agent

An independent insurance agent who has experience working with bulldozer rental services and other similar businesses can help you decide the types and amounts of coverage that you need for your business. The choices you make will determine your cost of coverage.

Independent agents can work with numerous, reputable insurance companies who specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Find and Compare Quotes for Bulldozer Rental Service Insurance

Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.

Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.

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TrustedChoice.com Article | Reviewed by Paul Martin

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