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Forklifts fit perfectly in warehouses besides telehandlers. They provide better functionality for loading light to medium cargo. Turns out, just like any other piece of heavy machinery, it is crucial you get those insured by getting forklift insurance coverage.
No one is requiring you to get this but availing is crucial because the financial burden arising from forklift accidents can be as expensive as a Porsche 918 Spyder.
Understanding Forklift Insurance Coverage
A forklift insurance coverage policy is an insurance product carriers underwrite especially for businesses that provide forklift rental services or forklift loading services.
This consists of numerous types of commercial insurance that offer protection against third-party claims, property damage, and other business exposures.
The terms of forklift insurance only apply when the forklift is working at a warehouse or any other place. When traveling on the highway, the terms of a commercial auto insurance policy apply, because the forklift is treated as a heavy transport vehicle
The policies you should get for a comprehensive forklift truck insurance program are general liability insurance, worker’s compensation insurance, commercial auto insurance, and equipment breakdown coverage. Let’s discuss each of these in more detail.
Situations that result in injuries to others can sometimes emerge while using a forklift. In most cases, the primary reason is the failure to exercise due precaution which results in file claims. To protect your business against claims, get general liability insurance.
General liability insurance is the primary inclusion in tailored forklift business insurance – meaning that all insurance companies offering coverage for forklift business underwrite this. The following are the perils covered by general liability insurance:
Third-Party Personal Injuries,Third-Party Property Damage and Legal Expenses that are incurred in case you lose in a court.
Forklifts don’t only expose third parties to dangers. Those who operate them face risks multiple times greater than those who only find themselves near forklift trucks. This is why workers’ compensation insurance is crucial.
Workers’ compensation insurance caters for the cost of the following if your forklift inflicts injuries to a technician, operator, or any other employee.
A report published by Safety In Numbers states there’s only a 10% likelihood that forklifts won’t cause accidents. Let’s take a look at the number of non-fatal accidents from 2011 – 2017 shown in the table below:
| Year | Number of Non-Fatal Accidents |
| 2011 | 7, 920 |
| 2012 | 8, 870 |
| 2013 | 8, 400 |
| 2014 | 9, 440 |
| 2015 | 8, 630 |
| 2016 | 8, 410 |
| 2017 | 9, 050 |
Using the data above, we can conclude that an average of 8,000 non-fatal forklift injuries happened in the past years, and the top 5 causes are:
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Your forklift should have commercial auto insurance too. Your forklift might need to run on a public road someday, which isn’t allowed without any auto coverage. And so, Getting commercial auto insurance is a must.
Commercial auto insurance for forklifts takes care of accidents your forklift causes on public roads. Forklifts are hard to control. They’re prone to rolling over and ramming other cars or objects.
Road accidents, where forklifts are involved, are common.Aside from taking care of your liability for vehicular accidents, commercial auto insurance provides other protection such as:
An equipment coverage will take care of the repair costs of your forklift. Getting this is very important as repairing a forklift is expensive. You might need to order parts, aside from working with a mechanic specializing in forklift truck defects.
Equipment coverage for forklift trucks will also take care of repair costs for leaks.
Leaking is a very problematic defect because it’s hard to diagnose and can cause damage to the major components of the forklift, such as its hydraulic system, brake system, engine, and cooling system.
Insurance coverage will help because it will cover the repair cost of leaking, which can sometimes reach $1,109.
The true cost of your forklift insurance coverage will depend on the number of the forklift trucks you want to cover, the amount of coverage you want to have, the deductible, the condition of the forklifts, and your location.
The bullet below shows the generalized pricing so that you’ll have an idea about how much to pay:
It is an insurance broker that’s owned by AON. Visit this company’s website and use its online quotes comparison platform to find insurance companies providing coverage for forklift businesses.
With its platform, CoverWallet sends you forklift insurance quotes from different carriers so that you can compare pricing and features for an informed buying decision.
Average cost: $180
Thimble doesn’t provide insurance for forklifts but forklift operators instead. This company’s tailored insurance for forklift operators includes general liability insurance. Thimble’s forklift operator insurance can be purchased as a short-term policy lasting for only hours, weeks, days, or months.
Average cost: Contact a Thimble representative for accurate pricing
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
9.4 / 10
Fastest ever online insurance quote and purchase! Also, great rates and professional customer reps that helps with whatever you need, if you need. Nice company!
2.8 / 10
Embroker sells a product that it doesn't honor. We purchased a combination D&O and EPLI policy. However, when it came to renewal, it told us that we only had D&O coverage even through our ACCORD certificate clearly mentions we have both. Basically they refused to honor the EPLI coverage and will leave you hanging with the bag. At time of renewal, they more than doubled our quote to get similar coverage. Basically BAIT & SWITCH. Unacceptable tactics. Easy to buy and pay but you may not be... Read More
2.8 / 10
Great platform. Terrible policy. There is no teeth behind it. No coverage. It's a fake policy that they sell. Sold us an EPLI policy that later we came to find out had no EPLI coverage. Amazing that they can get away with outright fraud. Check the positive reviews. They are all 'Anonymous' posted by Emroker staff. Stay away and find a real policy that will actually provide you coverage. We've been bitten by them and hope to find restitution via a lawsuit.
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
John Murphy Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Worst insurance comapny I have ever dealt with. A commercial vehicle represented by GUARD t boned my wife and daughters family vehicle in the middle of the day. Driver was cited and insurance claim insued. Fast forward 4 months and refusal of full amount of claim is still happening. Driver was found guilty, repairs started on my vehicle and when it comes to the final bill and diminished value we cannot get any help. I am out a family car, have an injured and traumatized wife and children,... Read More
Harshadray Patel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Extremely bad service, when you call , will make you wait on the phone for ever (over an Hour) and still no one to answer , so you end up hanging up. To cancel the policy, bounce you from one department to the other. They are supposed to refund from the date other insurance started and after sending the proof of other insurance policy, still they did not refund based on that actual date instead they use the date i managed to get hold of them. They charged me $7000.00 for a year's insurance on... Read More
Aaron Wensel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Guard Insurance is terrible. They were so bad I cancelled them because them couldn't figure out why I would never get a paper copy of the bill . Verified my address with them and still intermittent billing. I cancelled them in March through my local broker. Today 6/27 I get a letter in the mail from a collections company saying I owe 87.97. This was the first myself or my broker heard of owing this money. Here is some advice for this failure of a company send me a god damn bill and I will pay.... Read More
Michael Swink Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
My employer had to have workers compensation by law. He obtained a policy through this Berkshire Hathaway GUARD and they failed me. I fell from a ladder and fractured my spine in 7 different places, my clavicle in 4 places, and the base of my skull. Going to my Dr visits I was prescribed medication for pain and the insurance company placed a pre-authorization hold on me picking up the medication from Walgreens. The hold lasted 5 days! My weekly benefits have never been on time, right now... Read More
10 / 10
Liberty Mutual is one of the more simple companies to deal with. I had to file a claim for my business owner policy after I caught one of my employees stealing a large amount of products from my business. Liberty mutual paid the claim fast and with no efforts. I wish the legal process was as easy…
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
9.4 / 10
Very pleased with Hiscox - their small business insurance rates are very good and they specialize in small business which gives me a peace of mind as a small business owner. So far so good!
10 / 10
Their customer service is absolutely fantastic. Very patient, knowledgable and provided excellent explanation of the purchased policy. I would highly recommend this insurance company to anyone that's looking to protect their business from unexpected expense. Thank you Hiscox for doing a great job for my business!
0.6 / 10
STAY AWAY! I wouldn't recommend hiscox small business liability insurance to anyone. Better not waste both your money and your time. Hiscox customer service is extremely unpleasant, not organized and not professional. It is the worst company we have dealt with in almost 25 years in business!
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Extremely fast and simple. Wasted a lot of time and money until I found these guys! I feel like my business is in good hands now.
10 / 10
Hiscox's the best! My business is insured with them for over 12 years and am not planning to switch!
10 / 10
Excellent experience with Hiscox BOP for my coffee shop. They provided all it needed.
10 / 10
My HI barbershop is well covered with their great BOP product for 5 years already! not planning to switch!
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
10 / 10
Great experience
6 / 10
Didn't relate to the concept much, but it makes sense if you need insurance to go
0 / 10
It doesn't really feel sustainable to me and doesn't offer business interruption, product liability and commercial property insurance. They have no local agents and despite their technology first approach you cannot file claims online. Additionally, product manufacturers are not covered by Thimble and they don't provide enterprise solutions.
10 / 10
As a contractor that works 3 times a week for a few hours, Thimble gets really handy for me and saves me money. I have no use for these massive business insurance coverages offered by traditional insurance companies.
10 / 10
Excellent concept which is useful to many small businesses!
10 / 10
Been waiting for this type of solution for a long time!
10 / 10
Love their business insurance solutions for freelancers! Great app!
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