Rigging Company Insurance

Finding the Best Rigging Company Insurance

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Rigging Company Insurance

Rigging companies are specialty trades companies that specialize in machinery moving, plant relocation, and installation. Heavy industrial and manufacturing equipment relocation can be a serious challenge, so rigging companies need business insurance to cover their unique everyday risks both at the job site and on the main 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 Rigging Company Insurance?

The work that rigging companies perform is complex and constantly changing as they adapt to working with new machines, different kinds of plants, and lifting, moving, transporting, and installing equipment across a plant or across the country.

If you own a rigging company, you face unique and complex risks that must be addressed with business insurance. Some typical occurrences that need to be covered with rigging company insurance include the following.

  • 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

As a business owner, it’s important to understand all of your business risks and how your insurance can help protect you from certain financial losses.

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What Does Rigging Company Insurance Cover?

Rigging company 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: 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 dismantling, moving, or installing equipment.
  • Commercial umbrella 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.  This coverage 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: 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: 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.).
  • Extra expense coverage: Pays for non-ordinary expenses (e.g., buying or leasing equipment for a temporary site, paying overtime, hiring temp workers) that are above and beyond your normal operating costs if you can’t operate out of your usual location or if your equipment is damaged from a covered event.
  • Inland marine insurance: Protects your equipment, tools, portable computer equipment, and other supplies from theft, loss, or damage while they are in transit to and from worksites.

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 rigging company insurance program.

Crane Insurance for Rigging Companies

Rigging companies often lift and move the property of others in the course of dismantling, moving, or installing machinery. 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: 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 you 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. 

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Why Do You Need Workers’ Compensation Insurance?

Rigging companies 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 hard hats, 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 Rigging Company Insurance Cost?

Insurance for rigging companies 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.

Ultimately the types and amounts of coverage you need to adequately cover your risks will dictate the cost of your coverage.

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Benefits of an Independent Agent

An independent insurance agent who has experience working with rigging companies 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 Rigging Company 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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