Millwrights are specialty tradesmen who specialize in the construction and maintenance of heavy machinery. Millwrights must have expertise in many areas and skilled trades in order to build, install, and maintain a wide variety of machinery.
Millwrights must anticipate the risks that can stand in the way of the successful installation, dismantling, repair, or reassembling of machinery and how those obstacles can lead to serious financial losses. Millwrights need business insurance to cover their unique everyday risks both at the jobsite and on your business premises.
An independent insurance agent can help you find comprehensive, flexible insurance programs that address your unique risks and protect your business for the long term.
Why Do You Need Millwright Insurance?
Millwrights are skilled tradesmen who install, dismantle, maintain, repair, reassemble, and move machinery in factories, power plants, and construction sites. Millwrights are commonly involved in leveling, aligning, and installing machinery on foundations or base plates, as well as setting, leveling, and aligning electric motors or other power sources such as turbines with the equipment.
Millwright work is complex and constantly changing as they adapt to working with new machines, different kinds of plants, and lifting, moving, transporting, and aligning machines across a plant or across the country.
Millwrights face unique and complex risks that must be addressed with business insurance that is equally specialized. If you’re a millwright, just a few common risks that you’ll need to protect against include:
- 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
- Accidents involving your business-owned vehicles
What Does Millwright Insurance cover?
Millwright insurance 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:
- Commercial general liability 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 you damage a building or accidentally hurt someone while you’re moving or installing equipment, 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.
- 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.
Do Millwrights Need Crane Insurance?
Millwrights often lift and move the property of others in the course of construction, erection, or installation of machinery. In these cases, millwrights need a variety of insurance policies to cover their valuable cranes, as well as their liability risks when they’re moving the property of others. Your independent insurance agent can help you determine what types of coverage you need for any crane operations, including the following:
- 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.
You may also need riggers liability insurance. It is coverage for the property of others that is on the hook of the crane. The machines and equipment that millwrights move can be worth hundreds of thousands of dollars. If you move machinery that belongs to someone else on a crane, you’re liable for any damage that may occur during the lift.
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 millwright business. A knowledgeable agent has access to the right insurance companies and coverage to make sure you’ve covered all the bases.
Why Do You Need Workers’ Compensation Insurance?
Millwrights perform a lot of dangerous work. Your employees must lift and carry heavy equipment, tools, and parts, and may be exposed to muscle strains, electrical shocks, crush injuries, and a variety of other work-related injuries. While workers are often required to wear hardhats, goggles, and other safety equipment, accidents and injuries still happen.
That’s why you need workers’ compensation insurance. It provides coverage for medical expenses and lost wages for injured workers. Business owners are required to carry workers’ compensation insurance to protect their employees, but specific coverage requirements vary by state.
How Much Does Millwright Insurance Cost?
Insurance for millwrights can range from several hundreds of dollars per month to thousands. The costs to insure your individual business will depend on the size of your operation, as well as a variety of individual risk factors including:
- The size of your business
- The location of your shop and any other buildings that you own or operate out of (office space, warehouse space)
- The number of employees
- The types of tools, machines, and specialized equipment that you have
- They types of machinery and equipment that you install, maintain, dismantle, or move
- How many trucks and drivers you have (if applicable)
- The size and scope of the projects you take on
- The value of all of your commercial property
- The types of coverage and amount of coverage that you need
Ultimately the types and amounts of coverage you need to adequately cover your risks will dictate the cost of your coverage.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right millwright 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 insurance agent now, and get 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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