Business and Management

Important Insurance Coverages To Know

Crane insurance typically refers to physical damage to the crane itself. The construction industry has inherent risks and job sites are often bustling with activity. If you rent cranes, you need crane rental insurance with a limit high enough to cover the rental. To know more you can search for crane, boom trucks & rigging insurance program.

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General Liability

General liability for a crane or rigging company covers bodily injury and property damage. The cost of general liability for a crane company is based on revenues, the scope of work, and location.  The premium can vary greatly depending on state laws where you operate.  

Umbrella & Excess Liability

Many construction contracts require an umbrella or excess liability policy.  Umbrella policies generally provide additional limits over both auto and general liability, while excess liability provides higher limits over only GL.  The cost of an umbrella or excess policy for a construction company depends on many factors. Most contracts in larger cities require contractors to carry a minimum umbrella limit of $5 million.

Workers Compensation

Worker's compensation is mandated in nearly every state.  A work comp policy provides benefits for employees injured on the job.  The rates for operators can be quite significant due to the riskier nature of construction and cranes in particular.  It’s very important to have a knowledgeable broker to help you properly classify your payroll.