As an equipment rental business, your task is to provide users with tools, equipment, and machinery for a set period. If a client blames your business for a defect or deficiency in the asset it hired, you could face a lawsuit. Equipment rental insurance can cover lawsuits from dissatisfied clients. It can also cover medical bills after an injury, the cost of replacing damaged or stolen equipment that they’ve hired from you.
When you also have equipment or operate from an office
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
With the equipment you hold and manage for customers there is a deal of financial risk that occurs with everything under your roof. With workers on the move with the equipment and potential damage to your building, there is much to cover in case there is need for repair or replacement. Possible injury on the job needs coverage for medical costs while also preventing employee lawsuits in those events.
If your equipment rental business is sued, you'll be glad to have General Liability insurance. This equipment rental insurance will safeguard your business against "general" claims for bodily injury, personal injury, advertising mistakes and property damage. This insurance will help pay for the legal expenses including attorney fees and court settlements.
Business Owners Policy (BOP) is an insurance package that protects the specific needs of your business. It combines the protection from the major property and liability risks in one convenient plan. This means that you'll receive better coverage with more savings in the long run as you don't need to purchase individual equipment rental insurance plans.
In the event of a data breach, your customers' personal information like addresses and credit card numbers can be exposed. Cyber Liability will help you get back on your feet afterward. This insurance will help pay for the costs of customer notification, credit monitoring and other expenses associated with the data breach including the court costs, and penalties.
Your equipment rental business needs trucks and service vehicles to transport the rented equipment to your customers. Accidents could be very costly without this insurance. Commercial Auto covers the costs of collision damage, medical payments, rental reimbursement, bodily injury, and protects you even if the at-fault driver doesn't have enough liability insurance to cover your bills.
Workers' Compensation, or Workers' Comp, is a state-mandated insurance that provides medical benefits to employees in the event that they become sick or injured at work. The insurance will pay for the employee's lost wages until they are able to work again. Employees then relinquish their rights to sue their employer for negligence.
Inland Marine covers what your Commercial Property insurance won't be able to cover - movable property. This is excellent for equipment rental businesses as your equipment moves from location to location. As it is transported, it will be at risk of getting damaged or lost. This equipment rental insurance will cover the repair or replacement of the properties in transit.
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.
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.
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.
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.
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.
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