What Is Riggers Liability Insurance

Riggers Liability Insurance safeguards rigging service providers from potential accidents or mishaps involving property damage or injuries during heavy lifting operations, offering financial protection.

Who Needs Rig Insurance Services

If employees often use cranes for moving property, consider crane and rigging insurance.

While other policies like builder’s risk or inland marine may offer some coverage, rigging contractors often require riggers liability insurance for full protection.

Riggers Liability Insurance
What is riggers liability insurance: Photo source (Reddit)

Companies with occasional rigging services or in-house equipment transport might not need this coverage.

Consult an experienced insurance agent if unsure.

Benefits of Rigging Insurance Coverage

Understanding the value of riggers liability insurance, especially with existing general and property coverage, can be challenging.

However, it proves valuable in various scenarios.

Here are some benefits of obtaining riggers insurance.

IT Helps You Get Jobs

In the competitive construction industry, securing bids requires more than a strong proposal.

Property owners often demand proof of insurance, including riggers liability, before signing contracts.

This reassures them of financial accountability in case of rigging site issues.

Investing in riggers liability insurance not only enhances your competitive edge in bids but also safeguards both you and the property owner during the project.

It Protects You From Financial Loss

On major oil, gas, or commercial construction sites, you may handle equipment worth millions.

A single error could lead to significant financial losses.

Riggers liability insurance saves you from hefty out-of-pocket expenses.

It covers repair or replacement costs for damaged equipment, preventing financial strain.

It Prevents Costly Delays

Numerous companies lack the funds to promptly cover equipment damage.

Without riggers insurance, it could take months to repay the full amount, causing project delays.

Having sufficient riggers liability coverage ensures swift payment for damages, maintaining job site progress.

But if a claim surpasses your limits, you must cover the remainder, underscoring the importance of reviewing coverage when starting a new job.

Key Takeaways

  • Riggers liability insurance is essential for risk management among rigging contractors, covering the risks associated with moving others’ property. General liability insurance typically excludes such coverage, necessitating this specialized policy to avoid financial losses.
  • Any contractor involved in moving others’ property should address these coverage gaps with a riggers liability policy. While installation floaters or builder’s risk policies may provide some protection, they often fall short of fully safeguarding rigging contractors.
  • Investing in riggers legal liability insurance enhances your job prospects, as property owners prioritize insurance coverage in the bidding process. This coverage also acts as a financial safety net in case of equipment damage lawsuits, sparing you from potentially massive financial liabilities.
  • Riggers insurance payouts can prevent frustrating construction site delays by swiftly addressing damage-related costs.

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