Do you own a Forklift? If yes, have you ever considered getting it insured? Owning a forklift is a huge investment and if you normally use it yourself or rent this heavy equipment to others, perhaps it’s time to consider buying a forklift insurance policy. So, before you contact an insurance company, take a moment from your busy schedule and read the following information.
What is a forklift insurance policy?
A forklift insurance policy is a type of insurance product created for owners who own different types of heavy equipment like forklifts, loaders, excavators and other machinery used in construction, farming, engineering and other businesses. A forklift is a type of heavy equipment that is referred as movable machinery and often categorised within commercial general liability (CGL).
What should the forklift insurance policy cover?
The protection coverage of a forklift insurance policy should cover the following:
#1 Body injury that may arise while using the forklift equipment.
#2 Property damage is also part of the protection coverage while in use, either at the owner’s business site or wherever the renter intends to use this movable equipment.
#3 Capacity for additional coverage to be added your existing forklift insurance policy like general liability coverage.
How to reduce the cost of your forklift insurance policy
There are many strategies to lower the cost of your proposed forklift insurance policy and among them are:
1# Hire a licensed insurance broker to do the negotiations for your insurance.
2# As a responsible owner of a forklift, you should only appoint a certified driver for this heavy equipment because of the driving and technical skills required to operate it.
3# Know the different types of protection you can be covered in your insurance policy, such as; accidents due to tipping over, the driver being crushed in between the equipment, an accident due to a collision with another vehicle or a third party being run over by the forklift.
What to avoid when buying a forklift insurance policy
#1 Buying the first thing offered. If you don’t want to end up buying the wrong protection coverage, don’t just accept the very first proposal from an insurer
#2 Not learning about the scope of different policies. Take time to read about the various types of heavy equipment insurance policies, such as the extent of protection coverage you should include.
#3 Assuming that all policies are similarly priced. Ask the insurance provider to give you as many relevant quotes on different levels of protection as possible.
#4 Forgetting to request a Product Disclosure Statement. You must receive a copy
#5 Don’t just think that once you purchase a policy that making a claim is simple. Know the terms and conditions that may apply when filing an insurance claim
#6 Don’t find out too late that an unforeseen incident isn’t covered. Get to the bottom of the inclusions and exclusions of your forklift insurance policy.
Insuring your heavy equipment is one of the best approaches to ensure your investment is fully protected. If you want to know more about how you can extend the protection of your forklift insurance policy, talk to an insurance broker who specialises in heavy machinery. Ask this expert for professional advice to avoid buying either incomplete insurance or more policies than needed for your business.
Truck Insurance HQ are experienced and professional Insurance brokers who specialise in Heavy equipment Insurances. Give one of our team a call in the office on 1300 815 344 to get advice/quotes on the coverage needed for your situation or you can request a quote online.
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