Are you worried you might make mistakes while scouting around for Lifting Equipment insurance? If you don’t want to fail when it comes to buying this insurance policy, here are the common mistakes that you need to avoid.
Getting only the basic protection coverage
One of the common mistakes that potential buyers of insurance policies make, especially if they want to save money, is getting only the basic protection coverage. How can this be a downside? Imagine if your lifting equipment is exposed to many types of risk elements that can occur anytime beyond your control. If you only purchase the basic protection coverage, you have no choice but to shoulder any expenses for claims that aren’t part of your lifting insurance policy.
Jumping for the cheapest offer
Another cause of a policyholder’s downfall when buying a lifting equipment insurance policy is jumping for a cheap offer without taking the time to read the whole protection coverage. Again, you might discover the reason the lifting equipment insurance policy you just bought is cheaper compared to other insurers’ proposal is due to your limited entitlements when filing an insurance claim. This is not ideal especially if your equipment is prone to potential damage, theft or vandalism, or causes property damage and even injury to a third party. Sometimes the intention of saving money in a recent purchase may yield negative impacts in the end when you have to pay for the other expenses that aren’t included in your protection coverage.
You don’t have an idea of your real needs
Among the mistakes that a potential buyer of the lifting equipment insurance may make is having no idea about his or her real needs. If you are renting this equipment to a third party such as an independent contractor, but you decide not to include this risk as part of your protection, you might be left on your own to pay for the consequences of any unforeseen event while this equipment is being used by that third party. Imagine if the renter incurs a personal injury and this isn’t covered by your existing lifting equipment policy, you can be sued for this negligence and be required to pay whatever is due as part of the settlement.
Doing the purchase on your own
One of the common mistakes potential buyers of insurance products make when in a hurry to purchase is doing the final purchase on their own. Why is it a drawback? If you are on your own and not aware of the policies that could benefit you when dealing with an insurer, you may be exposed to losses in the event you opt for lower protection coverage. You are then left with no choice but to buy other add-ons to expand your protection coverage. On the other hand, if you are wise and decide to seek the professional services of a licensed broker with a specialization in lifting equipment insurance, you can have all the advantages that come with having your insurance handled by an expert.
Earthmoving Insurance HQ are brokers that have the experience to get you the best quotes for insurance that suits your needs and makes sure that you are covered against risks. Call our friendly team today on 1300 815 344 or go online and request a quote.