Rental equipment is one of the growing sectors in the property market. With more people investing in new technology, gadgets and equipment that need electricity, hot water and air conditioning can be rented to get one’s home connected to the electricity grid or to cut down on soaring electricity bills. Rental equipment is an insurance category available to all equipment renters, for a short-term or a long-term period. Renting equipment can also be beneficial for businesses, which may have seasonal employees or be taking over an office.Learn more about us at Bobcat of St. Louis – Fairview Heights Rental Equipment
Rental equipment insurance, however, is an entirely separate insurance category than equipment leasing. Rates for this type of insurance are typically higher because rental companies are usually more prone to making an error on the amount of coverage given to an individual piece of equipment. In addition, to the rates paid by the renter, rental equipment owners must also pay to transfer the insurance risk from their individual equipment to the rental company. In some cases, there may be additional charges depending on the location of the equipment and its condition. Longer terms for equipment rental can reduce the rate, but make sure you check with your agent or insurance provider before signing any contract.
If you’re renting equipment for a business, it’s best to get the best piece of coverage possible, even if it means spending a bit more for your monthly insurance premium. Rental equipment insurance policies typically cover lost, damaged or stolen equipment, but not from any liability or damage to your business itself. In order to protect your investment and your company, it is best to get a full policy in place covering all types of risks to both your equipment and your business itself. When shopping for an appropriate rental equipment insurance policy, consult your insurance agent or broker to find out exactly what kinds of coverage are available.