The Risks Associated With Transporting Construction Equipment
Construction companies are constantly moving large equipment to job sites, or taking equipment off job sites for maintenance and repairs. When we consult with our clients, we always take the time to point out the many risks involved with transporting equipment and how those risks can affect job productivity and the company’s bottom line. Even if you outsource your equipment transportation needs, you still need to be aware of the risks that can affect your business.
Transporting Owned Equipment
If you own your own trucking service, then you assume all of the risk when you transport your construction equipment. It is relatively easy for our risk assessment experts to set up the proper insurance coverage in the event that your trucking company has an accident while transporting your equipment. We can make sure that your truck and your heavy equipment are fully covered, and any losses you assume because of the accident are generally reimbursed.
But what if you outsource your transportation needs and the company you hired gets into an accident while transporting your construction equipment? Any damage done to your equipment while being transported by another company should be covered by that company’s insurance. But if you want to get a replacement piece of equipment in place as fast as possible, then you should have your own insurance in place to do so.
Damage After The Fact
Most construction equipment in transit is required at the job site immediately. That is why it is important to have coverage in place that will get a replacement piece of equipment sent ASAP. The damaged equipment will be returned to your maintenance shop, where it will get looked over before it is put back into the field.
In some cases, damage caused by the transit accident can be overlooked and cause problems when the equipment is put back into commission. You can try to sue the insurance carrier of the transportation company to recover any revenue lost and any costs associated with repairing your equipment, but that will take time. Once again, having the right risk management company on your side will help you to get your equipment repaired and back into service while you pursue possible legal avenues.
Transporting Leased or Rented Equipment
When it comes to having rented equipment damaged while being transported to your job site, obviously your company is not going to have to worry about any of the costs associated with the accident. However, you still need that piece of equipment on-site and every day you don’t have it is causing you money.
This type of situation is the one where many of our clients fail to see the big picture. No, our clients will not be financially responsible for the costs associated with the accident, but the lost revenue due to the equipment not being on-site is our client’s issue. We can put protections in place that offset those losses, and get a new piece of equipment on-site quickly.
A construction job cannot move forward without construction equipment. When that equipment is damaged or delayed due to a transportation accident, the construction company will suffer financial losses. When you have a good risk management team on your side, you can be protected against those losses and get your job back on schedule quickly.