Not all businesses want to purchase heavy industrial equipment. Renting can be a great option for those businesses that need heavy equipment without the overhead costs of ownership. Here are some things to keep in mind when renting equipment.
When a business owns the equipment, they are fully liable for any damages to the equipment. The rental company may also hold the business liable for equipment damages. According to Newman Crane, industrial equipment insurance covers those liabilities for the business.
When deciding on renting equipment, make a list of the equipment the business needs. Then obtain at least two quotes to compare. Ask the rental company questions about the equipment including age, any additional fees, transportation costs and financing options. Then select the one that works best for the business.
Carefully read the lease agreement before signing it. The lease should outline how maintenance is handled, the business’s liability and the costs of renting it. The costs can include taxes, term length, transportation and the rental charge. Some contracts even have provisions for a lease-to-buy option.
After spending all that time finding the right equipment for the right price, protect that investment for the term of the lease with industrial equipment insurance. It helps protect the business’s liability should something happen to that equipment.