Theft of Contractors Equipment is getting bigger and more organized. Five suspects from Metro Detroit Area, were arrested for more than 50 thefts in Michigan, as well as Indian and Ohio.
Here are my Five Tips for covering your equipment:
1) Schedule the larger equipment: This gives you a lower rate. The Blanket rate is 3X as much as the scheduled equipment rate. It also will cover the exact piece of equipment, with description and the value, which makes it easier to process a claim.
2) Rental Equipment: Always add coverage for rental equipment. This will cover you up to a specific limit should you have to replace rented equipment or other losses that you are responsible for should you be held responsible for damage or to theft of rental equipment.
3) Rental Reimbursement and Extra Expense for your own equipment: What do you do when someone has vandalized your own equipment and you have to rent to finish the job? This coverage pays for the cost of the rental equipment and pays extra expense you incur to minimize your suspension of your business.
4) Replacement cost coverage: Did you know that on a new piece of equipment, you may be able to have replacement cost? Normally we insure equipment for Actual Cash Value which is subject to a lower value due to depreciation. If you have newer equipment, ask for replacement cost coverage.
5) Package your equipment with your other coverages: Insurance companies offer a 10% discount if you put both your equipment with your liability insurance coverages.
Questions on insuring your equipment? Scully Monroe Agency understands businesses in the community and will find the best value for your coverage. Our agents are knowledgeable and experienced and take pride in reviewing your options with multiple insurance companies, comparing protection and prices to find the best value for your business.
Whether you need homeowner’s insurance, auto insurance, life insurance, medical insurance, or business insurance coverage we have a plan for everyone. Call our Howell insurance office for a Free Quote today!