Hey guys, Mike here.
As a contractor, I don’t always own every piece of equipment I need. Some jobs require lifts, skid steers, or specialty tools that make more sense to rent than buy. That’s why one of the first things I asked my insurance broker was: if I rent equipment, am I covered, or do I need separate coverage?
Here’s what I found out:
Most general liability policies don’t cover rented equipment.
Liability covers injuries and property damage, but it usually won’t pay for a rented lift or power tool if it gets damaged, stolen, or broken on the job.There’s a special type of coverage called “rented equipment” or “equipment floater.”
This is an add-on to your policy that protects equipment you don’t own but rent for a project. It usually covers things like theft, fire, or accidental damage while it’s in your care.Some rental companies offer their own insurance.
When you sign the rental agreement, they may push you to buy their protection plan. It’s usually more expensive than adding coverage through your own broker, but it’s an option if you don’t have coverage in place.It’s on you once the rental leaves their yard.
The rental company expects you to bring it back in the same condition. If something happens on the job site and you don’t have coverage, you could be paying thousands out of pocket.
For me, the answer was simple: I added rented equipment coverage to my policy. That way, whether I’m renting a scissor lift for a roofing job or a trenching machine for plumbing work, I know I’m covered.
If you’re in the same boat and not sure what your policy includes, take five minutes and call your broker. It’s better to find out now than after you’re staring at a bill for a busted machine.
If you want to talk to someone about getting this coverage set up, give The Sarrica Insurance Group a call at 516-277-0812 or fill out the quick form here: Get a Quote.
— Mike