Most businesses carry some type of commercial insurance that’s designed to cover their equipment. However, what you may not realize is that commercial insurance is not always helpful when it comes to covering all of your bills. If you own a logging business, you’ve likely spent a significant portion of your budget on logging equipment. Without logging equipment insurance, you may find yourself to be at a financial loss should something happen to it.
Everyone’s Risks Are Different
Often, logging equipment has to be left unattended during a project. It may face elements like unexpected weather or criminal activity, no matter how well secured it is. It may even face danger from your employees if they make a mistake when using it. It’s important to remember that all areas have different levels of risk. Let’s say you complete work in a relatively stable area.
There isn’t a lot of crime, there aren’t a lot of major weather events, and things generally go smoothly from day to do. This may limit your chances of logging equipment destruction, but it won’t eliminate those chances altogether. Let’s say some teenagers get together one night, and decide to cause a little havoc. Their night out may seem like harmless fun to them, but the damages could end up costing you thousands of dollars in repairs. If you have to replace any of the equipment, you’re looking at even higher charges. Insurance is thankfully available to keep your financial holdings intact, so you don’t have to dip into company profits to get everything fixed.
Coverage Is Different
Your policy is likely long and full of words that you don’t always understand completely. If an animal somehow damages your logging equipment, is this covered under your current insurance policy? If an operator uses the equipment while under the influence of drugs or alcohol, is this covered? Should your logging equipment fail to work one day due to water damage, can you call your insurance for help?
Normally, there are clauses and exceptions to your insurance that you’ll never learn about until it’s too late. Getting additional logging insurance equipment may go a long way in ensuring that you have a blanket policy that can cover whatever may happen to your expensive equipment.
Your Money Is Important
Most people forget that insurance is an extension of their savings account. It’s designed to limit your liability when it comes to paying out for new equipment. Chances are, your business absolutely cannot live without the equipment that you currently have. Unless you have a never-ending supply of equipment just waiting to be used, you really need to find a way to protect your money.
Logging is a dangerous industry, even when your days seem to go off like clockwork. Even the most experienced of employees may have an off day, and even the most boring of neighborhoods may see more mischief than you think. Getting logging equipment insurance can save you from having to make difficult decisions about your business. It can be your best chance at saving your business from bankruptcy.
If you think that you may not have enough coverage, you may want to talk to your insurance company. They can answer more questions about common scenarios, but they can also bring up more circumstances you may not have considered. Insurance is all about calculating odds. If you’re in business long enough, you’re likely to experience a number of different events. The best thing you can do is to prepare for them as well as you can.