Insurance on my chipper

[Fatcord]

Purchased a 2000 250xp, my first chipper (awesome). But I need to get insurance on it. I have general liability insurance on my business. Contacted an agent and he said the only way most companies would insure the chipper is with an "equipment floater policy." It's like I have to have three different policies. One for my truck,one for my GL, and one for my chipper. I figured I could just add the chipper to my GL. Under my homeowners policy, they only offer $2000 for theft. Also, an agent told me that I would be audited EVERY YEAR if I have payroll on my business. Right now, it's just me and my son.

 

[mpriley02]

[ QUOTE ]
It's like I have to have three different policies. One for my truck,one for my GL, and one for my chipper. I figured I could just add the chipper to my GL. Under my homeowners policy, they only offer $2000 for theft.

[/ QUOTE ]

Yup. General liability only covers stuff that you do to other people or their property. You also need a policy that covers the cost of your chipper if something were to happen to it - fire, theft, etc. Most auto insurance companies don't write policies for equipment. You may be able to get a deal if you get equipment and liability insurance through the same company.

 

[SimonCX]

Yeh they won't cover it useless you have equipment coverage on your business ins. From what I was told by my agent, if it is trailer and is hooked up to the truck the truck policy covers it no questions asked but as soon as I unhook it I have to get equip coverage. The audit is mostly general questions about your business over the phone, we do it every year not a big deal.

 

[syeblue]

my general liability insurance carrier, pekin insurance, covers my chipper with full coverage which includes theft, accidents,... they charge me a bit of change...about 240 a year for a maximum payout of 18,000 with a 500 deductible. well worth it though if someone steals it.

 

[lakesregion]

We have an inland marine policy for all equipment. It also covers the units that we put on trucks. For example if you buy a bucket truck, the truck has one policy and the aerial lift has another. This way if you crash, the insurance company will compensate you for both.