12 Mar Equipment Rental Insurance

When you rent equipment from a store, whether it be for heavy construction, do-it-yourself projects or special events & party supplies you are often required to show proof of insurance.  Most of the time, even if you are renting the equipment for your business your insurance won’t cover this type of situation.  Most rental stores offer what’s called a Liability Damage Waiver (LDW).  They are very careful to fully disclose that this is NOT insurance.  If you read the fine print or ask the company, they will likely tell you that you are still responsible for all damages.  In fact, a lot of rental store employees are hesitant to even offer it because, as previously stated, if you read the fine print, it covers very little leaving you exposed and at risk.

Sometimes companies who rent equipment will pay for the LDW for years with no incidences.  Then when an accident happens and they still have to pay for the damage they are left to wonder what they have been paying for.  This is an easy way for a rental store to lose long-term customers.  In a small market, this may affect the store’s reputation. In a large market, this may send good business straight through the open doors of their competitors.

The best solution is to rent from a store that can offer real insurance protection right from the counter or over the phone.  The store personnel should be able to tell you within a matter of moments what the price of insurance is, what it covers and who to contact if you have any questions.  They should also be able to print your certificate of insurance right at the store or email it to you.  Good insurance will even go a step further and provide some liability or property damage protection.  Whether you own a rental store, need to provide proof of insurance to rent, or just want to protect your assets, feel free to contact me if you have questions about rental equipment insurance.