3 Things You Didn’t Realize Impact Your Insurance Costs
When shopping for the best crane operator insurance rates, knowing what coverage you require to protect yourself and the equipment is essential.
Did you know certain factors could impact your crane operator insurance costs? Usually, the first thing people think of is the size of their business. While it’s true that insurance coverage costs vary, depending on whether your business is small, mid-range, or large, here are three things that you might not have realized also impact your insurance costs:
Location: Crane operator insurance rates may be more expensive depending on where you are working with the mobile crane. Consider the difference in risk between a construction site in a new suburb under development versus an inner-city block with high density and power lines all around. Is the location known for extreme weather conditions? Is it a high-crime area? Do you have to transport the crane a long way or over state lines? All of these factors can affect the cost of your crane operator insurance.
Possible risks: As we mentioned with location, some crane jobs are inherently riskier than others. The higher the risk, the greater the potential for your insurance costs to increase. Fewer hazards nearly always mean more affordable rates.
Your claim history: The more times you’ve made claims through your crane operator insurance, the more likely it is that you’ll have to pay higher insurance premiums. Why? More claims equal more risk for the insurance provider.
It’s important to review your insurance coverage needs with informed agents who understand your niche business. Knowledgeable advisors can recommend options that will benefit your business and protect your assets.
Want to review or explore mobile crane insurance solutions? Crane operators and business owners can contact us at New Heights Insurance Solutions to learn more about the specialized insurance coverage we offer crane rental operators.