Having insurance is crucial when owning heavy equipment. However, being insured does not guarantee you will not have to pay out of pocket for any losses. Caterpillar’s Lee Warren offers insight on how to ensure your equipment is covered in his blog, "Tips for Building an Effective Loss Prevention Strategy.” Lee suggests machine owners and operators consider the possible scenarios to create the best loss prevention plan.
Asses Risk | Risk varies based on machine size, type, industry and jobsite location. Determine the level of risk for where your equipment will be working. For added security, strategically park machines on secure property, install ant-theft devices in unsafe locations, and keep fire-suppressing equipment on hand.
Coverage Options | Once you have assessed risk, determine your insurance coverage options. Your insurance policy should protect your equipment from damage and loss. Remember that Cat dealerships have their own insurance policies that cover all inventory and rental units.
- Physical Damage policies cover collision, flood, overturn, fire, vandalism, theft and more. It’s a great option for broad protection and can be individualized for each machine owner’s situation.
- Equipment Protection Plans offer extended coverage options to machine owners of new, used and rebuild equipment. This is a good choice for those who want extra coverage for certain components beyond the manufacturer’s basic warranty.
- Extended Service Coverage is available for engine and power systems owners looking to add to the manufacturer’s basic warranty.
Read blog. Contact a Hawthorne Cat Representative to review your risk and coverage options.