General Liability insurance will protect your equipment rental business from slip and fall claims and other liability risks. Commercial Auto insurance will cover your vehicles in case of an accident. Inland Marine will cover rental equipment that is in transit.

Does general liability cover stolen equipment?

General liability (GL) is there in the event of third-party bodily injury and property damage. Unfortunately, general liability typically won’t cover your losses if your own tools and equipment are lost or stolen. A standard GL policy won’t cover your tools against theft.

What is equipment hire insurance?

HireGuard is an equipment hire insurance, and event hire insurance that’s been designed specifically to meet the needs of EHA and HAE members. It’s a unique product that covers loss or damage to your equipment when out on hire.

How much does insurance cost for a rental company?

Cost Of General Liability Insurance The average car rental company in America spends between $450-$1,000 per year for $1 million in general liability coverage.

What do you need to know about rental equipment insurance?

The company requires insurance that exempts them from liability claims, covers the cost of the equipment if it is lost or damaged and guards against liability for injury or death if the equipment is improperly used.

Can a rental company be covered by general liability insurance?

Companies that use rented equipment should inform their insurer. General liability insurance will usually not cover rented equipment. That said, every policy is different, and your insurer may have included clauses for equipment rental if your description of operations includes reference to rental equipment.

Who is liable if you rent a piece of equipment?

You may rent a piece of equipment to someone who subsequently becomes injured by the equipment. If this happens, you may be held responsible and held liable for the ensuing damages, including any medical costs and any costs for property loss.

What kind of insurance do I need for a rental car?

General liability: Provides coverage if you or your staff members are responsible for bodily injury or property damage to others. Commercial vehicle: Your policy will need to include auto liability to cover both bodily injury and property damage for you and all employees who drive on the job.