Landscaping and snow removal business owners understand the importance of reliable equipment for efficient operations. However, are you properly insuring the storing of your equipment during the winter months? There are common coverage gaps in property policies that can arise so it’s important to review strategies to ensure your valuable equipment is adequately protected.
Typically, in the landscaping and snow removal industry, equipment is stored either at the business yard or on job sites. However, if you choose to store your equipment in shipping containers that are located far from your shop, it can result in a gap in your insurance coverage. This realization highlights the need for additional measures to ensure the protection of your equipment during the winter months.
To ensure comprehensive coverage for your equipment, it is crucial to take proactive steps.
- Review your property insurance policy: Work with an experienced insurance broker who will carefully examine your existing property insurance policy to understand the extent of coverage for equipment storage. They can identify any limitations or exclusions that may apply to storage units or containers located outside the primary coverage area.
- Add an endorsement: If your property insurance policy does not provide coverage for equipment stored in shipping containers or storage units, work with your insurance broker toto secure the proper protection. This additional coverage will bridge the gap and protect your valuable assets.
- Implement security measures: Enhance the security of your storage units by installing surveillance cameras, motion sensors, and sturdy locks. These measures not only deter theft but also demonstrate your commitment to safeguarding your equipment.
- Maintain detailed records: Keep a comprehensive inventory of all equipment stored in shipping containers or storage units. Include serial numbers, purchase dates, and photographs to facilitate the claims process in case of loss or damage.
As a former landscaping and snow removal business owner, I know importance of properly storing your equipment during the winter months and how best to protect. Don’t let a gap in coverage compromise your business’s success.
