Is your business entirely dependent on using heavy equipment like the Telehandler, bulldozer, forklift, and loader? If you own a good number of these machines, on a daily basis you are exposed to different levels of risks involved in the operation. That’s why you should consider buying a Telehandler Insurance policy as well as the other policies designed to protect heavy equipment. Here is a checklist of what your heavy insurance policy should cover:
Equipment breakdown
Unpredictable events do arise regardless of how careful you or your workers are in handling various types of heavy equipment like telehandlers. It’s imperative when you consider buying a telehandler insurance policy that it offers protection against a sudden breakdown as your business would be greatly affected by a temporary operation stoppage or poor performance. Equipment breakdown coverage should include different types of heavy equipment as well as any parts needing repairs or replacement.
Additional coverage
Among the types of protection you can add to your telehandler insurance policy may include any of the following:
Interruption from operation
If the telehandler plays a major role in your daily business operation, adding the business interruption coverage will definitely give you protection against loss of earnings due to a major breakdown of the heavy equipment. This protection extends its coverage to days you weren’t able to work or expenses incurred due to equipment damage.
Indemnity for loss to the third party
In the event, you are renting the telehandler to other business owners and the equipment has a breakdown, the indemnity for loss to a third party can be applicable. For example, if the person who rented your telehandler encounters financial losses due to its breakdown, this type of protection will compensate whatever claims the third party will file.
Rental expenses
In the event your telehandler requires major repairs and may take time before it’s ready for use again, you have no choice but to rent similar equipment to continue your operation. The rental expense, or reimbursement, is another type of protection where the insured owner will receive compensation to cover the cost of renting another heavy equipment unit.
Sub-limited coverage
There are other levels of protection you can include in your telehandler policy designed for sub-limits, like water damage or hazardous substances.
Owning a heavy equipment unit like the telehandler is a big responsibility. You need to be aware of the risks involved as well as the consequences of operating this machine without being covered by a reliable telehandler insurance policy. If you want to continue your business’ operation while using the telehandler, invest in a comprehensive insurance policy that offers protection where it’s badly needed. If your Telehandler is exposed to shutdowns that result in your business’ non-operation or low production, take time to discuss with a licensed broker about how you can protect both your equipment and your business at the same time with just one insurance policy. Truck Insurance HQ is experienced in Telehandler Insurance so if you are needing a broker to find you insurance to cover your Telehandler or needing some advice, give one of our brokers a call on 1300 815 344 or you can request a quote online.