Are you still having difficulty making a decision whether to buy earthmoving machinery insurance right now or not? Keep in mind, this is a major investment and it’s crucial as a business owner not to be financially burdened with the monthly payments in the event you go ahead with the purchase. So while you are in the process of evaluating your present situation, here is a list of top questions to ask.
Question #1 – Do I need earthmoving machinery insurance?
One of the questions you have to ask yourself before buying any policy is whether you really need this insurance for your business. If you are just a start-up business, then this could be a pressing issue, especially if your present earnings aren’t sufficient to fund another major expense. But if your business relies heavily on this machinery, it is a must to have it insured. Imagine facing a catastrophic situation where severe damage has been done to this heavy machinery. Having it insured will give you something to rely on, especially getting financial assistance to cover the cost of repairs or replacement.
Question #2 – Are there different types of insurance products?
If this is the first time you’ve considered buying earthmoving machinery insurance, most likely you have no idea about the products available in the market. There are different types of insurance policies with multiple types of protection coverage to choose from, like: product liability, general or public liability, rental cost, non-operation as well as third party liability. It’s crucial at this point that you know the risks your heavy machinery faces and the possible scenarios involved during its use, such as fire or accidents resulting in injuries to others.
Question #3 – What insurance I should buy?
This is the most challenging part of your decision making; selecting what type of earthmoving machinery insurance policy to buy. Again, check over your specific needs. For example, if your assessment confirms there are very high risks involved while operating the heavy equipment like personal harm to the operator, renter or a third party, then a third party liability could be the best option. This will protect your workers as well as dealing with third party claims. On the other hand, if you are an independent contractor operating your own business in a construction site, then property insurance must be prioritized.
Question #4 – Are there other concerns that I should be aware of?
Buying the earthmoving machinery insurance is a tough decision because of other concerns that could affect you such as your available budget, obtaining free insurance quotes and choosing an insurer who can comply with your needs. If you remain undecided due to lack of information and guidance, I suggest you contact a licensed insurance broker specializing in heavy machinery insurance products and schedule a meeting to discuss your apprehensions. An experienced broker could be the key to making a wise decision about what type of insurance to buy and where to buy it.