Cranes are gigantic pieces of equipment with the potential to cause tremendous harm to both people and property. For this reason, getting crane insurance is essential for any business renting cranes to contractors or using them for construction projects. It spares you from having to pay compensation out of your own funds should third-parties make successful claims against you.
Crane Insurance Explained
Cranes are dangerous pieces of equipment that have a significant capacity to do harm. For instance, mechanical faults could cause the hook to snap under load, causing materials to plummet to the ground, injuring people, and damaging equipment and buildings below.
Even if the malfunction is not your fault, you could still face legal action. Fortunately, crane hire includes public crane liability insurance which pays compensation in the event that claimants win their case against you. It lets you protect your operation, even if the court believes you’ve been negligent.
What Do You Get with Crane Insurance?
Crane insurance is a modifiable product that protects you against a range of risks associated with the commercial operation of cranes. Policies can include:
● Physical Damage: Physical damage coverage protects you against catastrophic damage caused by crane failure.
● Inland Marine: Inland marine protects your crane while it’s in transit, covering your losses, for instance, if docks, warehouses, or distribution companies damage it.
● Umbrella Policy: Umbrella coverage (sometimes called “excess liability” coverage) adds to your standard liability cover, kicking in once you exceed the liability limit on your regular policy. Many commercial enterprises that use cranes opt for umbrella coverage because of the high cost of many public liability lawsuits, many of which can exceed $1 million.
● Commercial Auto: Commercial auto liability provides coverage for cranes driven on public roads and works similarly to regular car insurance. You or your contractors will need to transport cranes via road from one site to another frequently. This type of insurance protects you against capital losses and reimburses you if your cranes are lost, stolen, or damaged.
Hiring out and operating cranes can be extremely hazardous, so fully considering your insurance options is wise. Ideally, you want to make sure that you adequately cover yourself against all the risks that you face.
Get Crane Insurance Today
If you rent out cranes or use them to construct metal buildings, commercial buildings, schools, office complexes, or other major projects, finding an insurer who will cover you can be tough. Cranes represent a unique risk, and many insurers don’t have products to match.
Fortunately, our underwriters love a challenge. We specialize in creating bespoke crane insurance programs that give you the cover you need to protect your business’s finances in the event of a loss.
So if you’re interested in crane insurance coverage, get in touch with us today. We consult with you about the level of coverage you need and overall crane insurance cost.
Are you shopping Insurance for a Crane Business in the Colorado Springs area? Or if you’re on the Western Slope of Colorado, Mountain Insurance can help you get the best rates and the coverage you need. Call us today at 970.901.0062 or email us at Chris@dcimountain.com for more information or a free quote!