Lifting Equipment Insurance – Are You Properly Covered?

If your business involves the regular use of cranes, hoists, forklifts, or other lifting machinery, then Lifting Equipment Insurance is not just an option – it’s a necessity. These high-risk, high-value assets are exposed to a wide range of dangers on worksites, in transit, and even during storage. Yet many business owners make costly mistakes when choosing insurance coverage.

To help you make an informed decision, here are some common pitfalls to avoid – and what to do instead.

Mistake #1: Choosing Only Basic Cover

Basic insurance may seem cost-effective upfront, but it can leave you dangerously underprotected. Lifting equipment is frequently exposed to complex and unpredictable risks such as mechanical failure, operator error, site accidents, or third-party liability.

What to do instead:
Ensure your policy includes cover for:

• Accidental damage and mechanical breakdown

• Theft and vandalism

• Liability for third-party injury or property damage

• Cover during transport and while equipment is on hire

Mistake #2: Picking the Cheapest Policy

Going for the lowest premium might seem smart – until you need to make a claim. Many budget policies have exclusions or sub-limits that can result in out-of-pocket expenses when the unexpected happens.

What to do instead:
Compare quotes carefully and read the Product Disclosure Statement (PDS). Understand:

• What’s included and what’s excluded

• Claim limits and excess amounts

• Whether the insurer offers agreed or market value cover

Mistake #3: Not Understanding Your Operational Risks

Do you rent out your lifting equipment to subcontractors? Does your team operate across multiple sites? Is your machinery used in hazardous environments?

What to do instead:
Speak to a specialist insurance broker who understands your industry. A tailored policy can protect your assets across all job sites, including third-party use, legal liability, and business interruption due to equipment failure.

Mistake #4: Buying Insurance Without Professional Help

Trying to navigate commercial insurance products on your own can lead to missed opportunities or expensive oversights.

What to do instead:
Work with a licensed broker who has access to a wide range of insurers and can negotiate on your behalf. Not only can they help you secure a more competitive rate, but they’ll also ensure your cover reflects your actual risk exposure.

Get Covered by Experts Who Know Your Industry

At Truck Insurance HQ, we specialise in providing tailored insurance solutions for businesses operating heavy and lifting equipment. With access to over 170 insurers, our brokers will help you:

• Compare multiple quotes

• Understand your policy inclusions

• Ensure compliance with site requirements

• Get fast claims support when you need it most

📞 Call us today on 1300 815 344 or
📝 Request a free quote online to protect your lifting equipment – and your business – with confidence.