Using your compactor for various construction projects can expose you to greater risks and you need to make sure you have enough protection before anything unfortunate strikes. Remember, any disruption to work while a construction project is underway could mean future delays or massive financial losses. Below are the reasons why you need to buy a compactor insurance policy.
It’s a must for anyone engaged in a construction business to be insured
Due to the extent of hazards that you, your workers as well as a third party group face, under the law you must be covered by reliable insurance, including compactor cover, while engaging in any construction business. Keep in mind, there are different types of policies out there to consider that offers protection where you need it most. For example, you can opt to buy a basic protection that covers damage in the event of a fire or theft. But if you are worried about damage caused by an unpredictable weather condition like severe flooding, you may need to add another protection to cover such natural disasters.
It’s your main responsibility as owner of this equipment
Another reason why you are compelled to buy a compactor insurance policy is because it’s your responsibility as owner of this type of heavy equipment to do everything to safeguard your investment and your business’ name. Remember, buying this huge equipment can be very costly and if you didn’t foresee that potential theft is possible due to the resale value of this unit, you have no one to blame in the end if you haven’t bought a compactor insurance policy.
It’s the best instrument to protect your business
Buying a compactor insurance policy is your key to protecting your business from encountering future losses that may occur without any warning. In fact, even if you observe safety measures and appoint a knowledgeable operator to drive this compactor equipment, you can still be exposed to risks like unavoidable accidents causing personal injury of the driver or a companion. If you are covered by a comprehensive compactor insurance policy you won’t encounter major expenses in the event a third party claims compensation. Your compact insurance policy will extend the appropriate support stated, like the amount that insurer will release as part of the claim.
Additional tips and warning:
Using compactor equipment on a road or foundation project can pose many risks and if you haven’t purchased compactor insurance, you can be sued for negligence in the event of a major road accident or property damage and worse, could lead to potential foreclosure of your construction business. As a construction business owner it’s a must that you strictly follow the rules concerning what needs to be covered by insurance, so that you are not put in the challenging situation where, because of your negligence, you have no other option but pay for the expenses straight from your own pocket.
Earthmoving Insurance HQ are brokers that will work with you to make sure that you have the best Compactor Insurances to protect you and your business. Call today for your obligation free quote on 1300 815 344 or request a quote online.