What Types of Insurance Do You Need for Construction Equipment?

Insurance is a tool used to manage risks for various construction projects. In determining insurance needs, it is important to identify the risks associated with the project and make sure that the policy terms and limits are adequate to cover potential loss. It is beneficial to know there are different many types of construction insurance available to you, as just one coverage likely will not be sufficient to cover all of your operation’s occupational hazards.

When it comes to insuring the equipment your operation uses, you’ll want to consider the coverages below.

Inland Marine Insurance

Don’t confuse “inland marine” with “marine insurance,” which covers products when transported over water, while inland marine insurance covers a wide range of products, materials, and even specialty equipment when transported over land, by truck,  train, or temporarily warehoused by a third party. Collisions and cargo theft are the two most common causes of inland marine losses.

If your business transports products or equipment, you may want to consider inland marine insurance. This policy is especially important if you ship high-value products or materials, which are often excluded from basic property coverage.

Evaluate the nature of your business and operations. Inland marine insurance isn’t just for companies that ship products to retailers and customers. If you have a valuable trade show booth that is frequently shipped around the country and stored offsite by a vendor, you may seek proper protection through inland marine insurance. Also, if someone else’s property is temporarily in your possession, inland marine insurance may provide coverage against the loss of the property.

Equipment Breakdown Insurance

Equipment breakdown often occurs unexpectedly. Sometimes, these breakdowns are even unpreventable. An equipment breakdown insurance policy will cover you if a key piece of machinery fails on you. There are many types of construction insurance, and this is one you’ll want to have on your side.

Commercial Auto Insurance

Commercial auto insurance will protect you against liability risks and vehicles used for business. Vehicles are typically a vital aspect of a construction company; therefore an insurance plan must reflect that. Commercial auto insurance is typically required to sufficiently cover employees, passengers, work gear, and other people and/or equipment.

Commercial Property

Commercial property coverage is designed to protect your buildings, contents, and other premises-related losses.

Since so much goes into running a business, there are types of construction insurance you want to be protected by. With so much at risk, be prepared for loss with this program addressing various exposures the construction sector faces.

 

About Daniels Insurance, Inc.

At Daniels Insurance, Inc., we have a unique understanding of the risks that businesses like yours face on a regular basis. With the backing of our comprehensive coverages and our dedication to customer service and quick claims resolution, your business will be fully protected. For more information, contact us today at (855) 565-7616.