insurance agent who understands the construction industry. The better they know your business and the industry in general, the better they’ ll be able to help you navigate policies, options and claims. That can make the difference between a frustrating response and a great one.
Pro Tips for Optimizing the Insurance Process
Having insurance is just the start. Once you’ ve got policies in place to protect your assets, take a few more simple steps to upgrade that safety net.
Building an ongoing relationship with insurers can be the key to better coverage, lower rates and more complete peace of mind. Find an agent you like and stick with them. Meet with them yearly or when things change for your business to review policies and update coverage as
Insurance needs and policies vary greatly, so talk with an insurance agent you trust about your business and how to best protect it.
your business grows. Regular contact can help you build a strong rapport, which can lead to better communication and faster claims resolution should you need it.
Preventative measures are smart, too. Make time for operator equipment training to reduce the likelihood of accidents, damage and liability. Invest in advanced monitoring systems like GPS tracking devices to track equipment and location. This can reduce theft risk and provide timestamped records
WHAT EQUIPMENT INSURANCE DOES COVER *:
• Heavy machinery
• Power tools
• Protective gear and clothing
• Loss due to theft
• Accidental damage
• Vandalism
• Damage from natural disasters insurers can use to validate claims. Implement a claims protocol, including a detailed plan employees can easily follow after an incident for consistent, accurate, fast incident reporting.
Finally, see if there’ s a way to leverage preventative discounts. Companies that implement safety protocols, secure storage solutions, regular maintenance schedules and employee training, and demonstrate other proactive risk management measures might be eligible for reduced premiums.
Construction equipment insurance isn’ t one-size-fitsall. It’ s a dynamic process that requires understanding your business’ size, scope and unique risks. By selecting the right coverage, maintaining thorough documentation and leveraging risk-management strategies, you can protect your investments, minimize downtime and keep projects running smoothly and safely. When’ s the last time you reviewed your equipment insurance policies? Protect your business today— your next project depends on it.
WHAT EQUIPMENT INSURANCE DOESN’ T COVER *:
• Wear and tear
• Intentional damage
• Damage from misuse or negligence
• Electrical and mechanical breakdowns
• Commercial vehicles
* Common points of coverage only; insurance policies and coverage may vary.
www. contractorshotline. com December 13, 2024 9