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Five Tips for Buying Insurance for Contractors Equipment

May 10, 2021 By Editorial Staff

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Theft of Contractors Equipment is getting bigger and more organized. Five suspects from Metro Detroit Area, were arrested for more than 50 thefts in Michigan, as well as Indian and Ohio.

Here are my Five Tips for covering your equipment:

1) Schedule the larger equipment: This gives you a lower rate. The Blanket rate is 3X as much as the scheduled equipment rate. It also will cover the exact piece of equipment, with description and the value, which makes it easier to process a claim.

2) Rental Equipment: Always add coverage for rental equipment. This will cover you up to a specific limit should you have to replace rented equipment or other losses that you are responsible for should you be held responsible for damage or to theft of rental equipment.

3) Rental Reimbursement and Extra Expense for your own equipment: What do you do when someone has vandalized your own equipment and you have to rent to finish the job? This coverage pays for the cost of the rental equipment and pays extra expense you incur to minimize your suspension of your business.

4) Replacement cost coverage: Did you know that on a new piece of equipment, you may be able to have replacement cost? Normally we insure equipment for Actual Cash Value which is subject to a lower value due to depreciation. If you have newer equipment, ask for replacement cost coverage.

5) Package your equipment with your other coverages: Insurance companies offer a 10% discount if you put both your equipment with your liability insurance coverages.

Questions on insuring your equipment? Complete Insurance understands businesses in the community and will find the best value for your coverage. Our agents are knowledgeable and experienced and take pride in reviewing your options with multiple insurance companies, comparing protection and prices to find the best value for your business.

Whether you need homeowner’s insurance, auto insurance, life insurance, medical insurance, or business insurance coverage we have a plan for everyone. Call our Keego Harbor insurance office for a Free Quote today!

John Linemeyer CCU
Complete Insurance Services, Inc.

Filed Under: Insurance Coverage Tagged With: business insurance, commercial insurance, equipment insurance, insurance, insurance coverage, insurance services in Keego Harbor, insurance services in Michigan, insurance services near me, insuring equipment, Keego Harbor, Keego Harbor MI, Michigan, personalized insurance policies

5 Reasons to Have Business Insurance | Keego Harbor

February 25, 2021 By Editorial Staff

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You need business insurance. Plain and simple. It may seem like a headache or stressful, but a company cannot function without business insurance, in many cases legally. Business insurance is a requirement by law and by function of your professionalism and is one of the first things you should do when you start your own business.

There are a lot of reasons out there to have business insurance.

But if you were to go through the top five, that includes legality, credibility, safety for you, safety for employees, and your protection during potential lawsuits you may face as your business grows and evolves.

Below are 5 reasons to have business insurance for your company.

It’s a Legal Requirement

The short of it is that most states require businesses to hold some form of business insurance in order to stay in business. Depending on where you are and what you do, you may require specific types of insurance for the work you do which may be more hazardous than others. Make sure to check your local legal requirements.

Workers Compensation is a no-fault policy. Your employee collects benefits and gives up the right to sue your business.

It Protects Employees

Having business insurance can increase your talent retention. People want to know they will be taken care of if something happens. Business insurance can cover employees who suffer work related injuries and help provide long term benefits if necessary.

It Builds Credibility

Customers and employees both like to see that a business is insured. This is especially important if your company takes on contract work of any kind. If your employees are working in peoples’ homes or at other business, you need to be insured in case something goes wrong. Seeing that you have the ability to pay for any potential damages during a job or project will make customers and clients more likely to trust you and make your employees feel more secure.

It Protects You

Ultimately, insurance is about protecting the business, but it does that in more ways than you think. It protects management from liability. But it’s not just there to protect you in the legal sense. It protects your physical structures from flooding, fires, hurricanes, and other natural disasters or “acts of god”.

It Helps You During Lawsuits

The longer you’re in business, the more likely you’re going to be handed a lawsuit at some point. It’s just part of owning a business. But no matter what the lawsuit is, insurance can be a huge benefit when a lawsuit comes around. Insurance can help cover legal costs and if someone is hurt on your property, insurance can pay the bills, so you don’t have to.

Related Questions

Does business insurance expire?

Yes. Like any insurance, coverage can lapse which results in gaps of coverage or complete loss of coverage. So, you need to make sure you’re keeping on top of your insurance coverage schedule.

What does insurance cost?

This will depend on a lot. It will depend on your state, the type of work you do, and the level of experience you have. General liability may start at $50/month with additions like payroll and sales.

Questions? Talk to your insurance provider about potential business insurance for your company. If you live in Michigan, Complete Insurance Services is happy to help.

Complete Insurance Services Keego Harbor provides the best insurance protection at the most reasonable price. We understand businesses in the community and offer insurance packages for all sizes of businesses with tailored programs to fit their needs.

Our Business Insurance Products include general liability, commercial property insurance, commercial umbrella insurance, business auto insurance and more. Call and speak to an insurance expert about your options today! Free Quotes

Filed Under: Insurance Coverage Tagged With: business insurance, business insurance policies, commercial insurance, insurance, insurance coverage, insurance coverage add ons, insurance services in Keego Harbor, insurance services in Michigan, insurance services near me, Keego Harbor MI, Michigan, personalized insurance policies, reasons for business insurance, why you need business insurance

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1717 Cass Lake Rd, Keego Harbor, MI 48320

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