Multi-Terrain Loaders and Compact Track Loaders. While for some folks, these terms might be interchangeable, they are not the same and can affect how well you can do your job. This then begs the questions, “What is the diffe
Insurance is the ultimate safeguard designed to protect you, your operators, and your machines. While we understand the benefits of having insurance, it’s also good to understand what types of insurance you should have, and what they’ll do to make your job easier. Your machinery works hard for you day in and out and you’d be remiss to not have the right insurance protecting your investment.
When dealing with insurance, it’s important to work with an agent you know and trust. Understanding your policy and what it covers is just as important as knowing the price of premiums. Dealing with an insurance broker can help you save money and be covered when you need it.
Ideally, your insurance is going to cover you to replace a piece of equipment that is damaged or stolen either at no cost, or a small deductible. Most policies will also cover equipment for operating risks and third-party liability. Operating risk is anything that happens while the vehicle is in operating, whether on worksites or on the road.
For example; fire, explosion, spontaneous combustion, lightning strike, theft, fraud, or misappropriation-related damage.
Third-party liability will cover you for claims from entities other than the insurance company; for example; another contractor, a project owner, a developer, or a municipality.
Beyond insurance that covers the actual machine, there is other insurance that can help you and your business. As a heavy equipment operator, your business depends on your machines, and if a machine is down being repaired, or replaced, you aren’t making money. Some insurance policies cover business interruption, meaning that if you can’t work due to a breakdown, you could be protected against a loss of income and continuing expenses. There is even insurance that will help you with the cost of rental equipment!
Running heavy equipment comes with risks, but with the right insurance and the right training, those risks can be minimized. Do you have questions about heavy equipment operation training? We’d love to hear from you.