Crane rental companies are usually rigging companies who are hired for the use of both the crane and the operator. Other crane rental companies include Licensed Master Riggers (riggers with certain advanced certifications) as well as other licensed operators. There are also pure rental companies that only lease out cranes, without operators.
Whether you rent only cranes or you supply operators as well, crane operation of any kind is risky. How will you protect your business when something goes wrong?
Business insurance tailored for crane rental companies is one way to protect your business from the devastating costs and disruption that these incidents can cause. An independent insurance agent can help you get the coverage you need.
Why Do You Need Crane Rental Insurance?
Crane rental companies are exposed to a variety of risks that can cost you a tremendous amount of money. You need crane rental insurance to protect your livelihood from things like:
- Property damage, theft, or vandalism to your cranes, tools, vehicles, and 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
What Does Crane Rental Insurance cover?
Crane rental is not a single insurance policy, but a set of insurance policies designed for your unique risk exposures. Here are some of the specific types of coverage you need to cover your crane rental business:
- Crane physical damage coverage: Cranes are expensive, and if one is damaged, it costs a lot to repair or replace it. Crane physical damage coverage covers the value of the crane when it is damaged.
- Auto liability insurance: This covers the crane while it is driving on public roads, just like you’d cover any other type of commercial vehicle that you own.
- Commercial general liability (CGL) insurance: This covers a broad range of bodily injury and property damage claims arising out of your operations. This could mean you’re covered if one of your operators damages a building or accidentally hurts someone while operating the crane, for example. It also covers you if someone is hurt on your premises.
- Excess liability insurance: Financial payouts for lawsuits often reach well over the $1 million limit on a typical CGL policy. Most of your customers will require you to have more coverage than that, or an excess liability coverage in the form of a commercial umbrella policy. Commercial umbrella insurance provides liability limits above and beyond certain other liability policies (CGL, commercial auto) at a more affordable cost than increasing the limits of several individual policies.
What Is Riggers Liability Insurance?
Riggers liability insurance is actually the coverage for the property of others that is on the hook of the crane. Riggers are hired to lift generators, HVAC equipment, telecommunications equipment, and all kinds of other heavy equipment that can be worth hundreds of thousands of dollars. If you provide crane operators for a construction project, you’re liable for any damage that may occur during the lift.
Most projects require the crane operator to provide a certain amount of riggers liability limit for the particular job.
Riggers liability coverage can be added as an endorsement to your general liability policy, but this may not offer all of the coverage that you need.
Your best bet is to work with an experienced independent insurance agent who understands the ins and outs of the crane rental business. A knowledgeable agent has access to the right insurance companies and coverage to make sure you’ve covered all the bases.
Basic Insurance Policies That Every Business Needs
Most crane rental companies will need a variety of additional business insurance policies that are common for all businesses. These include:
- Workers’ compensation insurance: This covers work-related injures and illness for your employees. If you provide crane operators as well as cranes, you’ll likely pay more for workers’ compensation insurance due to the dangerous nature of the crane operators’ work.
- 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.).
- Inland marine insurance: This protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites.
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What Are Contractors Bonds and Do You Need them?
You might need a variety of contractors bonds, or surety bonds, depending on the size and scope of the projects that you work on and whether or not you supply crane operators. Bonds are very important for contractors who work on commercial building sites. And you may be required to have certain kinds of bonds in order to secure the required licensing that you need.
Contractors bonds can be essential for finding, securing, and performing work. They are typically used to guarantee some aspect of the bidding process or building project and ensure the project owner that you are fully licensed, insured, and prepared to complete the project as promised.
Every type of bond is unique and tailored to a specific project. While you may not need them for every residential job, you should know what they are and be prepared to obtain them if required.
How Much Does Crane Rental Insurance Cost?
Crane rental 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.
If you supply crane operators in addition to the cranes, your insurance costs will be much higher due to the liability you take on when your employees are operating the cranes.
An independent agent who has experience working with crane rental companies can help you decide the types and amounts of coverage you need for your business. The choices you make will determine your cost of coverage.
Find and Compare Quotes
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right crane rental company insurance. They’ll walk you through the handpicked policy options and explain the details.
Most importantly, they’ll 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.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get — but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent agent now, and get a one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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