Crane Insurance

Operating cranes and lifting heavy equipment safely is no easy task, nor is it one that comes without a wide range of hazards and potential disasters. From colliding with electrical wires to overloading the crane and loaded materials falling off (and possibly causing injury), the risks of crane operation can be damaging and extremely costly. That's why it's critical to know about the different types of crane insurance coverage available.

A local independent insurance agent can help you get set up with all the crane insurance you need. They'll make sure you and your business get equipped with the right coverage. But first, here's a breakdown of crane insurance and what it covers.

What Is Crane Insurance?

Crane insurance protects cranes and crane operators against the cost of third-party damage such as vandalism or theft, fires and other natural threats, and accidental damage during operation and transportation. Coverage typically encompasses most damage accrued by cranes on the job but does not include general wear and tear on the equipment. Policies also cover lawsuit expenses related to third-party liability claims arising from bodily injury or personal property damage.

What Is Riggers Liability?

Riggers liability insurance provides coverage for contractors who are responsible for moving the property of others, which generally includes lifting, transporting, and setting it into place. A rigging liability policy also covers third-party property against theft, vandalism, and damage. This coverage can help riggers and their businesses get reimbursement for potentially expensive lawsuits related to cargo transporting accidents and other mishaps.

When Is Crane Insurance Required?

Typically, project contracts require crane operators to have at least riggers liability coverage. But it's also a good idea to look into additional types of coverage available for crane operators to protect your business and its equipment from costly repairs or even lawsuits. Having a complete business insurance policy can help keep your company's financial interests safe after many common and unexpected disasters.

What Does Crane Insurance Cover?

Crane and rigging insurance policies are designed to protect your business if a crane gets damaged or destroyed on the job or if your company's equipment gets stolen or vandalized. Policies typically also cover third-party liability claims made against your business for accidental property damage or injury inflicted during a job. Some key components of coverage can include:

Commercial general liability insurance: This can reimburse your business for lawsuit expenses related to property damage or bodily injury claims made by third parties.
Physical damage coverage: This covers damage to cranes caused by many different threats, including vandalism and various weather incidents.
Theft coverage: This covers the replacement cost of equipment that is stolen.
Rented/leased equipment coverage: This covers the costs of rented and leased equipment needed while awaiting repairs on your own and protects the equipment while it's in use by your business.
Inland marine insurance: This covers company equipment that cannot be permanently affixed to a specific location, including while it is in transit.
Commercial auto liability insurance: This covers your business against expenses related to accidents, lawsuits, and more while driving cranes and other company vehicles, like trucks, on public roads.

An independent insurance agent can help your business build a complete crane insurance program.

Additional Types of Coverage to Consider

Your construction business may benefit from adding additional types of coverage to its policy. Here are some additional forms of business insurance to consider:

Equipment floater coverage: This can be added to inland marine insurance to cover equipment, including rentals, from the dangers of transporting it between jobs, including theft.
Commercial umbrella insurance: This covers excess liability or lawsuit expenses that surpass your underlying general liability or commercial auto liability coverage limits.
Equipment breakdown insurance: This covers the costs of serious disasters typically excluded by other policies, such as explosions, that damage or destroy company equipment.
Business interruption insurance: This covers a loss of income suffered and continues to pay operating expenses while a business's operations are suspended due to covered disasters such as fire damage.
Employment practices liability insurance: This covers lawsuit expenses if your business gets sued by an employee or their family for claims of sexual harassment, wrongful termination, etc.
Builders risk insurance: This covers costs related to stolen, damaged, or destroyed property on a construction site before the project is complete.

Work together with an independent insurance agent to ensure your crane insurance policy is truly complete.

How Much Does Crane Insurance Cost?

The cost of a crane and rigging insurance policy can depend on factors such as the amount and value of equipment owned and rented by your business, as well as your business's size and location. Policies for big businesses in major metropolitan areas are typically much more expensive than for smaller businesses in small towns. Work together with a local independent insurance agent to get your business insured with an affordable crane and rigging policy.

Why Work Together with an Independent Insurance Agent?

Independent insurance agents have access to multiple insurance companies, so they know where to find quality crane insurance. Your agent can help you get matched to coverage from a reputable carrier in your area. And down the road, your agent can help you file crane insurance claims and update your coverage as necessary.

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