Wednesday, July 28, 2021

Equipment Rental Insurance

     The cost to rent equipment can seem like a pretty penny but it's worth it to get your project completed at a flat rate. How often is the cost for rental insurance considered? Is it just a gimmick to get more money spent? What are the chances that the insurance will actually get used? So many questions for such a little additional cost.

    For starters, the rental insurance usually covers any damages caused by the renter, the outdoor elements or other unforeseen events out of the renter's control. The damages can include floating away in a flood, someone without authorized use vandalising your rental, the rental blown away by a tornado, a worker running it over on accident or the rental being stolen. 

    Unfortunately, you can't just apologize to the company you rented the equipment from and be on your way. You usually have to pay for the damages caused which can run from hundreds, to thousands, to hundreds of thousands of dollars, especially if the equipment has to be completely replaced. What does the rental insurance fee cost? Insurance fees can be as low as five dollars to maybe fifty dollars. Much better than paying out of pocket for renting a piece of equipment that will never be owned by the renter. 

    Remember, rental insurance is to protect the equipment and a consideration for the renter that never knows when the unfortunate event may occur!

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