Covers bodily injury-related accidents as well as property damage to third parties. It also includes personal liability which will protect you if you commit libel or slander against a competitor, such as a social media post or ad that unintentionally impacts them.
Just like your personal auto policy, Commercial Auto Insurance covers liability, collision, and medical payments should an accident occur with your commercial vehicle.
If you have employees, it’s likely that your state also requires Workers’ Compensation coverage. One of the benefits of Workers’ Comp is that it also protects your business against many types of lawsuits related to work injuries, making your coverage essential protection for both you and your workers.
Do I need equipment rental insurance during a crisis?
During times of financial hardships, many small business owners look for ways to cut costs. One way to do this is by renting, instead of buying, business equipment. Therefore, you might see an increased demand for your business but this also increases your liability. Equipment Rental insurance will protect you and your business against claims associated with injuries or damages from your equipment. It's important to make sure you're covered with the right policy, especially during a crisis, check with a CoverWallet advisor for more information.
What are risks equipment rentals could face?
Equipment rentals are at risk with slips, falls, auto collisions while transporting the equipment, property damage or theft. The list is exhaustive but these instances could cause a huge dent in your financial resources from medical bills, repair or replacement of the equipment and lawsuits. Your equipment rental insurance will make sure these risks are mitigated.
How can I reduce my equipment rental risks?
Make sure to have the right equipment rental insurance that covers all instances. General Liability insurance will protect your equipment rental business from slip and fall claims and other liability risks. Commercial Auto insurance will cover your vehicles in case of an accident. Inland Marine will cover rental equipment that is in transit. These are just some of the needed insurances that can help reduce equipment rental risks.
Do I need Workers Compensation for my equipment rental business?
Yes. Workers' Compensation is mandatory in most states. If you meet the state-mandated minimum number of employees then you'll need a Workers' Compensation for your equipment rental business.
How much does equipment rental insurance cost?
The price varies based on the type of insurance needed to protect your business. General Liability is essential and could cost around $400-$500 annually. To protect the liability risks Professional Liability insurance is required, which could cost up to $3000 per year. Driving your rental equipment to and from clients, you´ll need Commercial Auto insurance, which would cost up to $1900 annually.