Do backhoe policies extend coverages to other types of equipment?
Some backhoe policies may extend protections to hydraulic hammers, post hole diggers, road rollers, pavers, trailers, and other equipment that’s of similar size. Whether a policy extends coverages depends on the terms and conditions of that particular policy,
A knowledgeable insurance agent can help businesses, that have other equipment, check whether a specific backhoe policy would cover that equipment as well.
What coverages are available through backhoe policies?
In order to protect against both liability and property risks, backhoe policies usually package multiple coverages together. Some coverages that a policy might offer include:
- General Liability Coverage, which may cover common accidents around a backhoe
- Operating Risk Coverage, which may cover accidents directly involving a backhoe
- Damaged or Destroyed Coverage, which may cover damage to a backhoe
- Theft Coverage, which may cover theft-caused loss of a backhoe
- Rental Reimbursement Coverage, which may cover temporarily renting a replacement
How much are premiums for backhoe policies?
Premiums for backhoe policies vary, as they’re based on many different details. Some of the factors that can impact premiums are the following:
- Backhoe’s location when not in use
- Areas where a backhoe is used
- Size of the backhoe
- Policy’s chosen coverage and limits
- Business’ recent insurance claims
An independent insurance agent can help businesses find out how much different insurance companies would charge for insuring a backhoe. Coverage can generally be had at affordable rates, partially because this type of policy is fairly specialized in its protections.
Can backhoe policies be canceled if the equipment isn’t used for a season?
Landscapers and other businesses that only use backhoes part of the year sometimes want to cancel coverage during the offseason in order to save on premiums. Canceling coverage altogether usually isn’t recommended, however, as it can leave a backhoe unprotected against damage and theft.
A knowledgeable insurance agent can help businesses adjust coverages when a backhoe isn’t used, which could result in premiums savings without sacrificing important coverages. An agent can also re-adjust policies when a backhoe will be used, and thus the normal coverages are required.