Specialized Equipment Coverage Insurance For Businesses In MA - New England
Your specialized business is as unique as you are. Much as you depend on the skilled operators of the specialized equipment needed to keep your customers happy, so too will you need to entrust the heart of your business to an insurance professional who specializes in meeting your unique needs. Commercial providers of specialty services rely on the proper equipment for the tasks at hand. Whether your business depends on combines or tractors, conveyors or earthmovers, electronics, lifts, chippers, harvesters, or industrial-grade sawblades, Specialized Equipment Insurance is a must for any business that relies on its unique tools to get the job done.
Preventive maintenance is the simplest method for keeping everything working safely and efficiently, but accidents happen. Significant and unforeseen events can be costly, not only in terms of damage or loss but also in losing your ability to conduct business, satisfy customers, and stay in the black. Small failures can become significant burdens if your coverage doesn’t cover you when you need it most. Protecting your investment and maintaining the stability of your operation is your priority.
Risk Management involves identifying risks, evaluating the potential impacts of a threat, and mitigating any damage, either financial or physical, by applying resources to control or minimize harm to the company. Adverse events can have far-reaching effects in the life of your business.
Rigorous safety standards are intrinsic to the success of unique industries; In an uncertain world, risk management is a necessity. Your business depends on tools and equipment. Some niche services have limited availability, and if your business alone serves an entire region, you are in demand. Outfits involved in construction, sawmills, forestry, or agricultural work, Pearson Wallace has the right insurance for you. For instance, Riggers specialize in mechanical assistance to move objects: block and tackle, pulleys, cranes, and derricks. A Riggers Liability policy will indemnify against damage or loss of HVAC units or generators, for example, while still on “the hook.”
Your current commercial insurance policy in MA is unlikely to cover damage or loss that occurs away from your business location. When you move equipment around from one site to another, additional coverage is Risk Management Best Practice.
If you’re shopping for a Specialized Equipment insurance policy, here are some things to keep in mind:
Be clear on your needs: Do you want the actual cash value (ACV) of your insured items or replacement cost? Do you want blanket coverage or scheduled? Is it your equipment or leased equipment?
Safety first: Ensure your company’s safety program is adequate and up-to-date. A potential insurer wants to see that your commitment to a safe worksite is a priority.
Keep in on the record: Records of any site inspections should be made available for your broker. Any changes to policy and procedure resulting from those inspections demonstrate your commitment to safety.
Maintain meticulous records of preventive maintenance, equipment failures, or injuries related to the equipment’s use.
Keep a detailed description of all significant equipment in use, copies of subcontracts, workers’ compensation coverage, and rental agreements.
A comprehensive policy from your local Massachusetts business insurance agency, Pearson Wallace, includes the peace of mind you need for your outfit to grow and prosper. Let us help you protect your assets with a customized business insurance policy that meets your exact coverage needs.