Depending on the scope of your business, it may be time to take a closer look at your business insurance. Many companies believe they have ample insurance in place to protect against threats. Yet, they lack comprehensive insurance products to minimize risks.
With the help of your insurance agent, you can protect most risks impacting your company. This includes those related to contractors’ equipment.
Does Your Basic Coverage Apply?
Most basic types of business insurance will provide equipment coverage. However, it is generally limited to equipment that your business owns and uses.
If you hire a contractor who uses their own equipment, that equipment may not benefit under your insurance. Take a closer look at your insurance plan to find out how it covers contracted equipment.
Contractors Equipment Insurance
In most cases, companies should consider investing in contractors equipment insurance. This policy can provide a wide range of coverage for damaged or missing contractor equipment. It can also cover more than just large equipment. It may also cover tools and even the employees’ equipment they bring onsite to complete a project.
In some situations, this policy can also cover the cost of cleaning up debris or materials should the equipment break down on your job site.
What Does Your Contractor Bring to the Table?
When hiring a contractor to handle any project on your site, be sure they have adequate business insurance. In most cases, their equipment policy should protect all their equipment. You do not need to insure their equipment if you can verify that it is already a part of an existing insurance plan. However, you should never assume that your company has this coverage. Ask to verify the policy with the provider instead.
Ask your business insurance agent to take a closer look at your existing insurance plan. They can determine if you have coverage for contractors on your work site. It may be time to get more insurance or to enhance your liability coverage to cut extra risks of these workers. You should adjust coverage depending on the type of work and length of time workers will be with you.
We have coverage when you need it. Buschbach Insurance can help you get a fast, free insurance quote. Call us at (708) 423-2350 for more information.