Can I Get Theft Insurance for my Skid Steer?
Skid steers can be quite expensive, with newer models costing a cool $35,000 to $50,000, depending on the brand, engine size, and hydraulic power. As such, they are often a target for theft. While most skid steers are locked with a numeric code that only the driver knows, there’s no way of telling whether a crafty hacker can gain access or if a disgruntled employee shows the access code to a criminal.
Thankfully, most heavy equipment insurance providers will give you the option of adding additional theft coverage to your skid steer. This means that you won’t have to replace your equipment out of pocket if the worst does happen.
What Type of Insurance Do I Need For My Skid Steer Business?
Now that you’re informed of some of the common risks associated with owning a skid steer or running a skid steer business, let’s take a few minutes to discuss the various types of insurance coverage that your small business might need.
Many of these coverages can be bundled together under a large “umbrella policy” through the same insurance provider. However, it helps to know exactly what each type of insurance covers so you can build your skid steer business policy the right way.
Commercial Auto Insurance
If you run a skid steer business or your commercial construction company owns a skid steer, you’re going to need a large 2.5-ton truck that’s capable of towing it. Some companies even tow their skid steers around with a large dump truck!
This means that you’ll almost certainly need to purchase a commercial auto insurance policy for your commercial truck. The policy will cover many of the same things that a full coverage auto insurance plan would, but typically includes extra coverage limits due to the increased value of commercial trucks and the increased possibility of severe property damage in the event of an accident.
In addition to covering your commercial truck, though, the policy will also cover whatever you happen to be towing with that truck. This means that while your skid steer is loaded onto a trailer and is being towed by the commercially insured truck, it will be fully covered. This means that if another driver slams into you or you’re otherwise involved in an accident, your skid steer will be covered for repairs and damages.
Additionally, if you will be driving without load you will be smart to get yourself bobtail insurance as well.
Heavy & Earthmoving Equipment Insurance
As far as insuring the skid steer itself, your best bet is going to be to purchase a heavy equipment and earthmoving equipment insurance policy. These policies are designed specifically to protect heavy equipment such as excavators, skid steers, tractors, and other large equipment that’s often used on commercial construction sites or farms.
These policies usually protect your skid steer from theft or other damage that could come to it, such as flooding, engine malfunction, hail damage, fire, and even sabotage. It may also protect you from accidental damage, such as an employee driving your skid steer into a pond or crashing it into a tree and damaging the hydraulic arms.
Property Damage Liability Insurance
As we mentioned, there’s a fairly high risk of property damage claims while driving a skid steer. This risk is increased if you’re working in areas that already have finished construction, such as neighborhoods or public city streets. You could easily smash into a parked car, destroy somebody’s brand-new $5,000 sod, or smash into a building, causing significant structural damage.
Property damage liability coverage ensures that after the deductible is paid, your insurer will cover the rest of the costs. This can potentially save you tens of thousands of dollars.
In addition, commercial property insurance covers your own property from different sorts of damages.
Public Liability Insurance
Public liability claims aren’t quite as common with skid steer businesses, but this type of coverage is still something that you should consider talking to your insurance agent about. Basically, this coverage will protect you from claims coming from third-party individuals, such as pedestrians claiming that they sustained an injury due to your skid steer. This could be as simple as them tripping over your parked skid steer after-hours or as severe as you running straight into a pedestrian who’s walking by.
General Liability Insurance
Instead of purchasing property damage and public liability insurance separately, many skid steer companies choose to purchase a comprehensive general liability insurance policy instead. They typically include a combination of public liability, property damage liability, and employee liability insurance coverage to protect you from a wide range of different claims.
Workers’ Compensation Insurance
If you’re the only person operating the skid steer, then you probably won’t need workers’ compensation insurance. However, if you have employees operating the skid steers or assisting in the loading/unloading of the skid steer, you should keep a workers’ comp policy. This will pay for any injuries sustained by your employees while on the job and will even compensate them for lost wages if they need time to recover from their injury. It also protects you from any potential lawsuits that your employees may bring against you regarding an accident or workplace safety.
