The list of items a business can rent is as long as the list of things that can go wrong with rentals. From exotic cars, inflatables, ATVs, UTVs, and Jeeps to watersports equipment, video equipment, party supplies, tools, and more, we offer liability insurance for rental equipment that covers many items and many things that people can do with them.
Liability insurance for rental equipment is vital. Each item made available for rental is part of the overall business investment, and those investments need to stay valuable. The company understands how important it is to keep equipment in great shape. However, when it’s rented, they lose control of how it’s treated the moment it leaves their sight.
An excellent rental agreement is important, but it is not enough to deal with every situation. Also, general liability insurance does not typically cover rental equipment. That’s where liability insurance for rental equipment comes in, protecting your insureds in any situation where things do not go as planned.
Prime now provides communicable disease coverage as an optional add-on to your insurance policy. Other companies are tightening guidelines while we’re opening our eyes, providing solutions, and willing to offer communicable disease coverage to ensure our insureds don’t have any blind spots/gaps in coverage. Liability Insurance for Rental Equipment should include this specialty coverage so the insured can operate his or her business with true peace of mind.
Why Companies Need Liability Insurance for Rental Equipment
There are generally two major risks for rental equipment necessitating liability insurance. Rental equipment can be lost, damaged, or otherwise lose its value or functionality while it is being used by a customer or in the company’s possession.
Another major risk of using rental equipment is that it could cause bodily injury or property damage, potentially leaving the company on the hook. If, for example, a company rents heavy equipment and the operator accidentally damages adjacent property, the homeowners will probably come to that same company looking for compensation. There is also the chance of a negligence or errors and omissions lawsuit.
Lawsuits involving rental equipment can be extensive. In one New Orleans case, an employee of a rental company sued after he was injured by equipment, alleging that the company should have inspected and maintained it properly. The plaintiff sought an award of damages for lost wages, court costs, medical expenses, mental anguish, pain and suffering, and loss of enjoyment of life.
In other situations, people refuse to pay for the damage they cause to rental equipment or if the equipment is stolen. These scenarios mean more lawsuits and/or liability insurance for rental equipment that will recover the cost. One source says that nearly 1,000 pieces of commercial equipment are reported stolen every month.
Your clients may also find they need liability insurance for rental equipment so that some of their clients consider partnering with them. Carrying liability insurance shows that a rental equipment company is committed to quality and responsibility.
Insurance keeps your clients going during all of these scenarios, protecting the people, equipment, and reputations that bring in profits. Offer the best liability insurance for rental equipment by partnering with Prime Insurance Company.
Prime Insurance Company’s Liability Insurance for Rental Equipment
We understand that rental equipment is often expensive and that rental companies face hefty challenges and risks. If your clients have been turned away or turned down by other insurers in the past, rest assured that Prime Insurance Company is different. We focus on specialty and hard to place risks, taking care of the clients that are too frequently left behind.
We do this by working in close collaboration with everyone involved, from insureds to producers to risk management specialists and skilled underwriters. Our partnership approach ensures that you can write business like never before, as all of these great minds put together find tailored solutions to even the most challenging risks. If there is a way to provide suitable coverage for a liability risk, we will do it.
Our liability insurance for rental equipment does not stop there. Your clients will have access to our expert risk management team and all our strategies to mitigate and manage risks. This is beneficial for everyone involved. We tailor advice and techniques to every insured, seeking legal and expert advice where needed to keep risk low even in the event of an incident, claim, or lawsuit.
Expand your offerings and write more business by working with Prime Insurance Company. We’re happy to discuss all we can do for your clients and their need for liability insurance for rental equipment.
To get started with a quote, use our online application today. You can also call Prime Insurance Company at 800-257-5590 or email at info@primeis.com. We’re also active online, so please join us on Facebook, Twitter, YouTube, LinkedIn, and Instagram, or read our blog!
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Authored by Rick J. Lindsey, CEO, President, and Chairman of Prime Insurance Company
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. Prime Insurance also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are Prime Insurance can help.
