When a person needs a party tent for a wedding, a rototiller to dig up a garden bed, or a cement mixer to lay some concrete, often the first place to look is an equipment rental company. Whether you need to rent equipment for a project or party, or you are in the business of renting out equipment and supplies, you may be wondering whether you need rentals insurance to cover your risks.
Where do you find equipment rental insurance programs, and which companies offer the best coverage at the best rates? An independent agent in the Trusted Choice® network can help. These agents have access to quotes from multiple insurance companies and can assess your needs and compare coverage costs. To get quotes on equipment rental insurance, contact a local member agent today.
If you rent equipment, whether it is a specialty ladder, a trencher, a party table and chairs, or a dump truck, who pays if any sort of accident, injury or property damage occurs while you are using it?
The answer depends on several factors. Here are some possible scenarios:
Of course, there are many other scenarios in which you may need to rent equipment or supplies, such as stereo equipment, a stage, furniture for a wedding or party, a bounce house for a child's birthday party, or medical equipment such as a wheelchair.
In each case, you will need to determine how to cover your legal responsibility. You will also need to know whether your current insurance policies, such as your homeowners insurance, will provide coverage for your risks when using rented items.
Equipment rental insurance programs vary widely depending upon the type of equipment and the risks involved. Sometimes equipment damage and liability coverage may be built into the cost of the rental, while other times the equipment rental service will offer you the choice to purchase coverage. Be sure to consider whether you are willing to take the risk of covering damage, total loss and liability claims before denying coverage.
If you run an equipment rental or party rental business, you may be wondering how to ensure that you and your equipment are covered against the risks you face. What if someone is injured while using your equipment? What if your equipment is damaged? Who pays?
For starters, you will need several basic business insurance policies, such as:
You will need several additional types of coverage to manage your risks as an equipment rental company. An independent agent in the Trusted Choice network can help to fully assess your risks and provide a complete rentals insurance package. Some additional coverage types you may need are discussed in subsequent sections.
Your have risks regarding your rental equipment in two areas:
To adequately protect your tools, machinery and other rental items, be sure to work with a knowledgeable agent who can put together a complete equipment rental insurance package for you.
Note that regardless of how much responsibility the agreement transfers to the customer, you need to be fully insured yourself. For example, there is the possibility that the customer does not have adequate skills or knowledge to use the equipment properly. The customer may lend the equipment to a friend or neighbor to use before it is scheduled to be returned. If anyone is injured under these circumstances, you may be in a position to defend yourself in court.
In any given instance, the customer may not be willing or able to meet the contractual obligations in the agreement. Or, in a worse case scenario, the customer may leave with your property and never return.
Work with an agent who can advocate for your needs and will help to ensure that you are not left with coverage gaps that leave you exposed to liability and financial loss.
The rental agreement your customer signs should assign responsibility to the customer for loss or damage of the rental items, and for any bodily injury or property damage liability arising from the use of the rental item. However, when renting certain equipment, you have some responsibility as the equipment rental business.
Here are some important considerations:
Your rentals insurance policy is an asset of your business. Protect it by using common sense in regard to what you rent and to whom.
Party rentals can be simple or complex, and may include:
Your rental insurance program needs to be designed to cover all these items and more wherever they may be at any given time. If your equipment requires heavy lifting, use of items that can become very hot or can potentially cause a fire, be sure to discuss these hazards with your agent.
If you rent out cameras, video equipment, projectors and other audio/video supplies, there are a few important considerations to review with your insurance agent.
It's a good idea to work with an agent who has access to multiple insurance companies and can help you find the most targeted coverage for your needs at the most affordable rate.
A rental company can be a challenging business. You will have to deal with many different people in various situations. There is always the risk of lost or damaged equipment or a liability claim arising from improper use.
A local independent agent in the Trusted Choice network can help you compare equipment rental insurance quotes from several different insurance and choose the best coverage for your needs and budget. Find a local member agent today to get started.