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Construction sites are abuzz with activities due to the sheer number of workers and heavy machinery. A single mistake can lead to serious and costly accidents, especially seeing as cranes and other heavy machinery are pretty pricey. For professionals installing equipment using rigging equipment, the complexities of said operations make the situation even more high risk.
Fortunately, crane and riggers' liability insurance provide protection and compensation. Understanding what each offers is key to maximizing the benefits of these insurance policies.
Crane and rigging insurance are policies specifically designed to mitigate potential consequences for individuals and businesses that own, operate, rent, set up, or move cranes. These are a collection of multiple coverages meant to protect all crane operations. The term crane insurance will often be used interchangeably with mobile crane insurance. Further, rigging insurance is also referred to as riggers liability insurance.
Typically, these crane and rigging insurance programs are popular go-to insurance products for construction companies that rent out cranes. Licensed operators and rental-only firms that hire out their cranes without operators can also go for crane and rigging insurance.
Construction crane insurance acts as somewhat of a safety net to protect contractors that use heavy machinery. Buying crane insurance online should help you navigate any unexpected occurrences.
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Riggers liability insurance is a coverage for the item of a third party under your custody. For example, if you’re a rigging contractor tasked with lifting an air conditioning unit to the top of the roof and this air conditioner becomes damaged due to your fault, then the rigger's liability insurance will help you refund the owner if a claim is filed.
In other words, this rigging insurance coverage comes into play when the property that you do not own is under your control-being lifted, on the hook, or installed-becomes damaged or destroyed. You and your business are therefore protected from rigger's liability.
Benefits of riggers liability insurance include offering protection to the policyholder and owner of the equipment. Once you purchase riggers liability coverage, you should have peace of mind knowing that you will not end up bearing the cost of the equipment getting damaged.
Riggers insurance also helps prevent long and costly downtimes. In most instances, riggers will be lifting mission-critical materials to the project. If something were to go wrong, and neither the insured nor the equipment's owner has adequate coverage, a single mishap could potentially halt the job. This downtime will have to continue until the owner collects enough capital to repair or replace the item.
Further, more often than not, riggers' liability insurance will be flexible and can adapt to your individual needs. You can get riggers liability insurance to cover a specific project or get the same for an entire year.
General liability insurance, a type of crane liability insurance coverage, is often confused with rigger’s liability insurance. The table below summarizes the differences of rigger’s liability insurance and general liability insurance.
|General Liability Insurance||Riggers Liability Insurance|
|-Covers personal injuries resulting from the use of a crane|
-Covers property damage resulting from the use of a crane
-Can be added with advertising injury coverage, rented premises liability coverage, and products and completed operations coverage
|-Covers any damage or destruction owned by a third party under your custody, which needs to be lifted, moved, or installed using a crane |
-Doesn’t cover personal injuries, only property damage of third parties
As a rigging contractor, you need to purchase general liability and rigging liability insurance. The amount of coverage these policies provide must conform to the requirements of your local authority (if there are none, then see to it that the coverage conforms with the requirements of project contracts).
Crane operator insurance isn't stand-alone coverage. In reality, this is a collective term for business insurance policies that crane operators can use to protect themselves. The most common insurance for crane operators are:
Workers compensation insurance
Professional liability insurance
Personal accident insurance
Workers' compensation insurance will help if you become injured or sick because of work. Usually, this is bought by businesses as coverage for employees. However, you must cover yourself with this insurance if you’re in a state where independent professionals and sole proprietors are required by law to have workers' compensation insurance.
Medical treatments/procedures-There are many perils when working as crane operator. The crane might tip, you might get hit by an object, or an object might fall down on you. Moreover, the dusty environment of most project locations will result in a disease. If ever you sustain a sickness or become hurt due to a work-related accident, workers compensation insurance will help by giving you the money to be used for surgeries, therapies, and other medical treatments or procedures
Hospitalization-You might need to stay in the hospital after getting sick or sustaining a fracture, cut, laceration, contusion, or concussion due to a crane-related incident. In this scenario, workers' compensation insurance for crane operators will cover hospital bills so that you get adequate medical care without spending personal money
Medication-Any injuries or disease you sustain due to work will surely require medicines. It’s also included in the language of workers' compensation insurance that it will cover the expenses for your medication
Rehabilitation-If you need rehab to adopt to an impairment caused by a work-related injury or disease, workers compensation insurance will cover rehab expenses - therapist fees, rehab equipment, and more
Lost income compensation-Workers compensation insurance sees to it that you receive money after requesting a leave due to a work-related injury or disease. This insurance covers your lost wages by providing a weekly allowance equal to two-thirds or 67% of your average weekly wage
Death benefits-You can die due to a work-related injury or disease. Workers compensation insurance recognizes this possibility. That’s why if such a situation does happen, the policy will take care of your funeral expenses and provide an allowance to your dependents
If you’re in a state where independent professionals aren’t required to get workers comp, then personal accident insurance is the best option to have protection against work-related injuries. This kicks in when an accident happens and you end up getting injured. Personal accident insurance covers medical expenses, lost wages, and also things not covered by your health insurance.
It’s possible for you to cause an accident while operating a crane. There are many reasons for this such as:
Failure to do a maintenance check
Using defective or improperly labeled hooks
Utilizing a hitch or sling that’s not fit for the work to be done
Failure to maintain load control
Underestimating the weight of the load
You can be held liable for any accident caused at work. Consider getting professional liability insurance to cover yourself from such an exposure. Professional liability insurance will cover attorney fees, administrative costs, and other legal expenses if you’re sued for negligence after causing a crane-related accident. But note that there are other causes of legal action that professional liability insurance takes care of. These are:
Violation of good faith
Violation of fair dealing
Breach of confidentiality
There are no crane operator insurance requirements. To be clear, insurance isn’t required when getting a crane operator license from NCCCO, OSHA, and your local authority.
Nevertheless, as a crane operator, you should consider getting the minimum professional liability insurance, general liability insurance, and rigger’s liability insurance to have comprehensive protection against job-related exposures.
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A tower crane is significantly different from a mobile crane. It can easily outperform the loading and lifting capacity of any other crane. Besides, their height capacity cannot be paired with any other type of crane. While they have immense stability and can bear the most difficult lifting operations, they represent a significant risk. Besides, these are notoriously expensive to buy and hire, which is where tower crane insurance comes in. Seeing as the tower crane is a key component within the construction industry, you want to protect yourself and your business from any unprecedented occurrence.
Cranes are quite expensive, and in most instances, you will need to rent these on a project basis. While on transit or on the site, you need to protect the equipment from any damage because otherwise, you would need to pay for said damage out-of-pocket. Crane hire insurance offers this protection, ensuring that you can repair or replace any damaged parts. Note that crane rental insurance will only kick in if damage is caused by fire, theft, vandalism, and acts of God. Normal wear and tear are excluded.
When working as a professional hired to restore electricity after a big storm, wash windows, rescue animals, paint, or take photographs, you are going to need bucket trucks. Unfortunately, these are expensive, and their use can cause bodily injury and property damage. These will often attract both physical damage and liability claims, which can be quite costly. You will need bucket truck insurance to provide medical coverage for injuries to both the drivers and passengers as well as third parties. Additionally, the bucket truck insurance should also pay for any damages to the bucket truck, thus eliminating financial losses due to expensive vehicle repair expenses.
Boom trucks, also known as truck-mounted cranes, are a type of lorry fitted with a hydraulic extension that can be used for, among others, lifting. Similar to the other types of cranes, these are prone to not only damage but can also result in significant bodily harm. To cover you from having to pay for these out-of-pocket, it would be best to get boom truck insurance. The latter covers any unexpected expenses and ensures continuity of business
Rigging contractors hired to install lighting and other equipment for concerts and other similar events should get staging and rigging insurance. Staging and rigging insurance consists of:
General liability insurance
Inland marine insurance
Commercial auto insurance
Staging and rigging insurance is a stand-alone policy that you shouldn’t confuse with rigger’s insurance. This is a specialty coverage for riggers providing services in the entertainment industry.
Consider getting commercial auto insurance if you make money through a mobile crane. Not having this insurance policy means that you can’t drive a mobile crane legally on the road. Commercial auto insurance for mobile crane does the following:
Cover your liability for vehicular accidents-Commercial auto insurance has auto liability coverage. If your mobile crane cause a vehicular accident, auto liability coverage will reimburse the value of damage properties and finance the emergency treatment of injured third parties
MedPay/personal injury protection-MedPay and personal injury protection take care of the driver if your crane causes an accident or gets involved in an accident. MedPay pays for the driver’s funeral or medical expenses. The same is also true for personal injury protection, but note that it also covers after hospital visits, rehabilitation, medication, and lost wages
Uninsured/underinsured motorist coverage-Uninsured/underinsured motorist coverage will cover expenses if your crane got involved in an accident caused by a driver who is not insured or who doesn’t have enough insurance
Business interruption insurance is useful if you’re a crane contractor. If business operations are halted by a covered peril, business interruption insurance will provide the money you can use to cover employee wages, loans, taxes, electric bills, and other operational costs.
Crane owner-operators and crane contractors will find this insurance useful. Equipment breakdown insurance protects the crane and its attachments against damage or loss. In practice, this type of crance insurance coverage will recoup losses if the crane or its attachments sustains damage or become lost due to fire, theft, vandalism, and other covered perils.
Inland marine insurance is handy when hauling a crane from one project location to the next. When your crane becomes lost or damaged during the trip because of fire, theft, vandalism, malicious mischief, and other covered perils, inland marine insurance will kick in to recoup financial losses. Inland marine insurance provides $3,000 - $10,000 minimum insurance money depending on the company underwriting it.
It would be unrealistic to go all out and declare an overall crane insurance cost breakdown. Rates will typically vary throughout the United States, with metropolitan areas attracting significantly higher rates. For the provider to give a cost breakdown, they will consider the insured's professional experience and their loss history as well as financial stability.
A rough estimate will often be arrived at by calculating between 1% and 3% of the crane's value. This should cover any physical damage to the crane. Consider a situation where a crane is valued at $1 million. In this case, physical damage to the crane will be covered at the cost of $20,000.
Here's a comparison of the average cost of crane insurance from the best crane insurance companies in the market today.
|Cost per Month||Cost per Year||Best for|
|CoverWallet||$440||$5,280||Crane and rigger insurance quotes comparison online|
|Thimble||$450||$5,400||Short-term general liability coverage for cranes and riggers|
|Business Insurance USA||$430||$5,160||Tailored crane truck insurance|
|State Farm||$465.89||$5,590.68||Professionals needing emergency services|
|Geico||$472.38||$5,668.56||Crane and riggers rental insurance|
|Allstate||$487||$5,844||Online customer service|
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Riggers liability insurance cost is $103 per month or $1,236 per year for a $1 million general liability coverage. Factors that determine the cost of premiums are location, claims history, business experience, deductibles, and policy limits.
Similarly, providing a specific cost breakdown for boom truck insurance is unfeasible. Your work area, whether the boom truck is rented or owned, and whether you want general liability as part of boom truck insurance will determine the cost. But on average, boom truck insurance cost is $330 per month or $3,960 per year for a $1 million general liability coverage.
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If you are looking for a crane insurance company to meet your specific needs, here's a breakdown of the best crane insurance companies you should consider. Read the reviews below to know their pros, cons, and monthly rate for a $1 million general liability coverage.These companies offer competitive crane insurance services, with some extending their offerings to be rigging insurance carriers.
No cancellation fees
You can cancel the policy anytime and get a refund
You can pay premiums and obtain proof of insurance online
CoverWallet has an online quote comparison platform
It doesn't cover high-risk crane and rigging operations
CoverWallet's tailored insurance for crane businesses includes commercial auto, physical damage, personal injury, hired or non-owned auto, and uninsured operator coverage. You can cancel this policy anytime without incurring additional fees. A neat advantage of their offering is that you can get coverage and proof of insurance online in just a few seconds. You will pay an average of $440 per month and $5,280 per year.
Best for: Crane and rigger insurance quotes comparison online
Average cost: $440 per month
Our rating: 10/10
24/7 emergency coverage
Discounted insurance rates are available
Better-than-average customer satisfaction rating
Limited coverage to businesses offering rigging services
Have you experienced emergencies while working with a crane? State Farm provides reliable commercial emergency insurance coverage. When you request the service, you get a service provider deployed to the site to help you with the emergency. The coverage extends to mechanical labor costs, cost of parts, and damage to the crane. You will pay $465.89 per month and $5,590.68 per year.
Best for: Professionals needing emergency services
Average cost: $465.89 per month
Our rating: 9/10
It has a business insurance calculator that you can use to calculate the premiums you'll pay
Includes short-term general liability for cranes
You can't file claims online
Thimble offers its customers custom crane insurance that includes short-term general liability coverage. You have the option of adding business equipment and commercial auto coverage to your crane insurance. You can buy the latter, pay for premiums, and get proof of insurance online. Thimble crane insurance costs $450 per month and $5,400 per year.
Best for: Short-term general liability coverage for cranes and riggers
Average cost: $450 per month
Our rating: 8/10
Online claims management
Exemplary customer service
Available in all 50 states, including Washington DC
Solid financial standing
Slower than standard quotes process
No mobile application is not available in all states
Geico is the best provider for you if you are looking for an insurance carrier that helps you when your crane acts up. The company offers convenient access to emergency road assistance coverage which you can access via the Geico mobile application.
A selling point of Geico's offering is that you can request assistance in less than two minutes. Assistance solutions are available 24/7 and in the event of emergencies, a representative is always available to help you out. On average, you will be charged $472.38 per month and $5,668.56 per year.
Best for: Crane and riggers rental insurance
Average cost: $472.38 per month
Our rating: 8/10
Free certificate of insurance
Doesn’t include workers compensation insurance in it’s tailored crane truck coverage
Business insurance USA provides tailored crane truck insurance for mobile cranes and boom trucks. Inclusions are liability insurance, physical damage insurance, uninsured/underinsured motorist insurance with collision deductible waiver.
Best for: Tailored crane truck insurance
Average cost: $430 per month
Our rating: 8/10
A large pool of insurance agents that work with you for personalized insurance plans
Several discounts available
Strong financial opening
Relatively expensive premiums
Allstate ranks among the top insurance providers for professionals working with cranes. Established in 1931, Allstate offers crane insurance in all 50 states. Their tailored coverage for cranes and riggers includes liability coverage, collision coverage, comprehensive coverage, and uninsured operator coverage. With Allstate crane insurance, you will have to pay $487 per month and $5,844 per month.
Best for: Online customer service
Average cost: $487 per month
Our rating: 7/10
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
It really can't get any better than this... wow
Policy Type: Business Insurance
Company name: CoverWallet Business Insurance
Very good experience
Terrific experience with their construction business insurance! 10/10! Thank you!