A day in the life of a contractor requires a great deal of broadly varied activities. From hauling to lifting and moving to the use of heavy equipment, every day can present a different challenge and a different risk. In many cases, these risks are not only to those doing the work, but to the public at large. If your company does not carry the right specialized equipment and riggers insurance, you could set yourself up for a lot of liability.
Beyond General Liability
Every contractor is required to carry basic liability insurance for every job. However, it is vital to carry additional specialized insurance to cover all of the various issues you might encounter. If your business makes use of heavy equipment like cranes and rigging, your basic liability may not provide adequate coverage. You should consider additional coverage tailored to the risks inherent in using these machines.
Rigging includes pulleys, hoists and other devices used to position and move heavy equipment, and a rigger is a person who is specially trained in using these devices. Given the risks involved in the job and the training required for using dollies, hydraulic jacks, cranes and the like, riggers require special insurance coverage.
Risk management is a vital part of the contracting industry. Every risk you carry affects your balance sheet and your bottom line. This means that it is essential to have strict and rigorous safety standards, policies and procedures in place to manage these risks. In addition, the more insurance you carry, the better off you will be.
We live in a very litigious society, and to protect yourself against liability from accidents and injury, you want to be sure that all of your bases are covered. While specialized insurance may seem like an unnecessary expense, you will not regret having it when the time comes to use it.
Types of Coverage
There are many options for rigger’s insurance. You can set up your policy to cover you per project and for such situations as loss of use by third parties. You can cover options for cranes and booms collapsing over the road due to overloading. You can cover for pollution and transit issues. There is even insurance that will cover the rental and leasing of equipment.
In many cases, specialized equipment and rigger’s coverage may be available through your current carrier. Talk to your insurance representative to see if you can add specialized equipment and rigger’s insurance to your policy.
You will likely have to complete a special application for the coverage, which will include an overview of your safety policies and procedures. You will also need to list the details of all major equipment you use, copies of any subcontracts, rental agreements, monetary claims, workers compensation coverage and other details your insurer may request.