Why You Need Forklift Insurance
The ability to operate a forklift around the warehouse is incredibly useful for those working in the warehousing and storage industry. However, just like a car, you will need to have insurance in order to safely and legally drive these nifty machines. Without forklift insurance coverage, you run the risk of being totally liable for any damage or theft that could well occur to your equipment. As such, this article will discuss:
- How important is forklift insurance?
- How can you obtain forklift insurance coverage?
- Final points
How Important is Forklift Insurance?
A somewhat uncommon market, many people forget to insure their forklift and other machinery. This can often result in costly difficulties later down the line if any accidents occur. Many business insurance policies won’t cover damage arising from using a forklift, so an insurance policy needs to be put in place. It’s also important to note that forklifts can be utilised for road use so long as they meet the necessary vehicle standards. For more information on forklift road use, visit our blog on our website which further discusses: “Can you drive a forklift on the road?”
How Can You Obtain Forklift Insurance Coverage?
First of all, you will need to identify which type of cover you require:
- Comprehensive – Covers damage to your forklift or someone else’s forklift regardless of who is at fault.
- General liability – Protects against property damage or injury claims made by a third party.
- Equipment floater – Covers equipment from the dangers of transporting between jobs (including theft)
- Rented Equipment – Covers costs of rented equipment needed while awaiting repairs on your own.
You can also have additional extras added onto your insurance such as:
- Equipment breakdown – Which covers serious disasters excluded by other policies such as explosions.
- Auto liability – Covers forklifts while driving on public roads.
It is recommended that forklift owners opt for comprehensive cover wherever possible since it covers you on all bases, especially if the forklift is worth a considerable amount of money.
In order to obtain forklift insurance your best bet is to browse the internet for UK based warehousing and machinery insurance business. Alternatively you can use sites such as Quotezone which compares insurance across many industries from pet insurance all the way to forklift truck insurance. You simply fill in the parameters with your vehicle specification and the website will find suitable insurance for your vehicle.
To end this blog, it is worth considering that there will be a cost implication when purchasing insurance. Our recommendation here at Trucks Direct is to not accept the first quote you receive but instead, enquire for multiple policies and compare what best suits your needs. Insurance companies may offer discounts to companies that require workers to complete forklift safety training so this is definitely something to consider if you really want to drive the cost of your insurance down.