Skid loaders, or skid-steer loaders, commonly known as Bobcats, are some of the most popular machines in construction. Bobcats may be used with various different attachments to perform various different tasks.
It is important for owners and operators to understand what forms of insurance coverage you need under different circumstances to protect your business from the risks associated with Bobcat equipment.
General Liability Insurance For Mobile Equipment
In the context of insurance, mobile equipment refers to land vehicles including bulldozers, forklifts, tractors, and other vehicles that are designed primarily for off-road use. Examples of mobile equipment include crawler tread vehicles, such as excavators, as well as vehicles that carry shovels, loaders, pumps, compressors, generators, and other permanently attached equipment that is bolted or welded onto the vehicle.
General liability insurance covers claims of bodily injury or property damage that arise from the ownership or operation of mobile equipment. This coverage covers claims that arise in the event that you or an employee accidentally injures or causes property damage to a third party while operating equipment on site.
Business Auto Insurance For Bobcat Equipment
Unlike automobiles, transportation on public roads is not the primary purpose of mobile equipment. Mobile equipment vehicles are distinct from automobiles in that they are designed to perform tasks like digging and moving considerable amounts of weight. However, at times, mobile equipment may need to be driven on public roads. In these events, claims of bodily injury or property damage that arise from driving mobile equipment on public roads will not be covered by general liability insurance. Mobile equipment is considered an automobile vehicle when driven on public roads, for which claims can only be covered by commercial auto liability insurance.
Inland Marine Equipment Insurance
Construction teams may need to transport Bobcat equipment to different job sites, either by driving the equipment on public roads, or by having the equipment transported by train or truck.
Inland marine equipment insurance is beneficial for operators or owners who transport high-value machinery like Bobcats. Losses arising from the transportation of products, materials and equipment are typically excluded from standard property and business insurance.
Moreover, while commercial auto liability insurance may cover losses that arise from the equipment being driven on public roads, a different type of insurance is required to cover losses that arise from transporting property on land or storing equipment with third parties.
Comprehensive Insurance Strategies For Mobile Equipment
Machinery is one of the largest capital expenditures and risks a business can take on. Owners or operators of Bobcat equipment should combine different insurance policies to create an insurance strategy that covers claims for the equipment itself as well as for bodily injury, property damage, or losses that arises from operating or transporting the equipment.
Disclaimer: This article is for informational purposes only; it is not an exhaustive list of all forms of coverage that machinery owners or operators need.
General liability insurance, business auto insurance, and inland marine equipment insurance are just a few forms of coverage for Bobcat owners or operators to consider. Each type of insurance provides a different form of coverage for losses that arise in different scenarios.
At SWAN Insurance, we are passionate about helping businesses manage the risks associated with operating and owning high-value machinery.
If you have questions about insurance for your Bobcat or mobile equipment, you can give us a call today.
Call Us Today: 858-381-3108