Protect Your Assets by Getting Equipment Insurance

Worker with equipment

When asked about getting equipment insurance, most business owners think that it’s safe to skip it. After all, they most likely have a commercial general liability (CGL) insurance already.

However, equipment insurance is something that entrepreneurs should get, especially if they work in an equipment-reliant industry like construction or landscaping. Their business may very well rely on it. Here’s why:

  • Think of equipment insurance as an extended warranty of sorts—it provides protection for machine breakdowns that are not caused by normal wear and tear. Some policies even insure against all kinds of physical loss or damage stemming from any external cause. These include theft and vandalism.
  • Meanwhile, commercial general liability insurance won’t be enough to insure all equipment used in a project. Many CGL policies have exclusions when it comes to property damage, especially for those arising from human error.
  • CGL insurance coverage also focuses on either the premises (damage at the site of business operations) or products (damages resulting from business operations) of your business. It doesn’t concern itself with the equipment per se.
  • Off-site protection is usually offered by equipment insurance. This is important for industries such as construction, wherein equipment has to pass through numerous external risks coming to and leaving the project site.
  • Not all CGL insurance policies cover rented equipment. Many equipment insurance policies do.
  • Equipment insurance can be tailored to the needs of specific industries. Construction is one of the biggest fields to have special equipment insurance.
  • Being insured and paying premiums is cheaper and easier than purchasing the same equipment again. This is especially true in construction jobs, as buying heavy machinery isn’t as easy as purchasing a car. (And yet auto insurance is seen as a must.)
  • Equipment insurance doesn’t end at the equipment itself. Additional coverage for accessories, spare parts, and attachments can be also purchased.

Of course, these pointers are just a general overview of what equipment insurance can offer. There may be still differences from policy to policy.

To get a clearer picture of available options, contact Quote Texas Insurance. Having served thousands of businesses in Texas since 2001, we can lead you to the policy that can address all your needs. And we only get these policies from the top 65 rated carriers in the industry, using our unique 8-step process. Call us now at 844-402-4464 to know how we can make insurance simple for you.