Whether you rent out video equipment, party supplies, or gardening tools, your business has a pretty big investment on its hands. Just think of all the property you own to rent to others. And an investment like that, combined with the liability risks involved with whatever the heck your customers do with your equipment while renting, makes having the right insurance in place a must.
Fortunately, our independent insurance agents are here to eliminate the hassle of searching on your own by walking you through a hand-picked selection of top insurance policies to cover both your business and your employees. But first, let’s talk more about the protection you need and why you need it.
If you run an equipment rental or party rental business, you may be wondering how to know that you and your equipment are covered against the risks you face. What if someone’s injured while using your equipment? What if your equipment is damaged? Who pays?
For starters, you’ll need several basic business insurance policies, like:
You will need several additional types of coverage to manage your risks as an equipment rental company. An independent insurance agent in the Trusted Choice network can help assess your risks and provide a complete rentals insurance package.
You 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, which may include:
Note that no matter how much responsibility the agreement transfers to the renting customer, you need to be fully insured yourself. For example, what if the customer doesn’t have the skills or know-how to use the equipment properly. Or what if the customer lends the equipment to a friend or neighbor to use before it’s returned. If anyone is injured under these circumstances, you could be in a position where you need to defend yourself in court.
In any given case, the customer may not be willing or able to meet the agreement’s contractual obligations. Or, in a worst-case scenario, the customer may leave with your property and never return.
Work with an agent who can advocate for your needs and help make sure that you aren’t 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 coming from the use of the rental item. However, when renting certain equipment, you have some responsibility as the equipment rental business.
Your rental business insurance policy is an asset of your business, and probably the most valuable, at that. Protect it by using common sense in regard to what you rent and to whom.
Our agents will review your needs and help you evaluate which rental business insurance coverages makes the most sense. They'll also compare policies and quotes from multiple insurance companies to make sure you have the best protection out there. They'll hook you up — in a comprehensive and affordable way.
Independent insurance agents excel at matching the most appropriate policy to the business in need. Shopping around for insurance policies can be tricky, confusing, and time-consuming, and an independent insurance agent's role is to simplify the process.
They’re also there to help make sure you get the absolute best deal, and the one that meets your unique needs. They shop and compare insurance quotes for you, and they'll break down all the jargon so that you understand exactly what you're getting.