People always seem to be adverse to getting equipment rental insurance. They think that this is completely unnecessary and a waste of money. Read on to better understand this type of insurance and why it is important.
An overview of equipment rental insurance
This type of policy covers the tools and equipment that a business will rent out. This may include equipment for audio and video recording, construction, or party supplies like serving items and flatware. The items may be made out of valuable metals such as platinum, gold, and silver. This is also applicable for businesses that operate in remote locations and worksites.
Types of coverage included in an equipment rental insurance
Since there are a lot of aspects involved in an equipment rental business, the policy of the insurance should also cover a wide spectrum of coverages. This includes the following:
Equipment lost by the client
Damaged equipment due to weather-related accidents
Costs for cleaning up a covered accident
Benefits of having equipment rental insurance
Avoiding financial burden in case of equipment breakdown
The owner of the equipment for rent will carry a huge financial burden in case he is required to cover the replacement cost of destroyed, damaged, or lost equipment and property. The equipment breakdown coverage of the insurance provides replacement cost coverage, which is the same as the value of the equipment.
Provides coverage in case clean-up is needed after an accident
An equipment rental insurance will be able to provide assistance if there is a need to remove pollutants, contaminants, or debris after an accident has occurred. There is usually a certain amount of monetary help to be given for each policy. Companies require that the incident be reported within a certain number of days in order to grant the financial assistance.
Makes repair and maintenance of equipment easier
The extra expense benefit allows easier replacement and repair of rental equipment. This also covers the amount needed to be able to hasten the replacement or repair of covered equipment and property.
Make Sure That the Equipment You Rent is Insured
Equipment rental insurance helps ensure that the ongoing project is not disrupted in cases of damage and accident. Make sure that the company you are transacting with owns this kind of policy. This way, you are protected from any financial responsibility if any problem arises during your use of the rental equipment.
Written by Lindsey Rentals. Lindsey Rentals offers the best equipment rentals in Columbia, MO.