Dry Hire Risks and Cover
Risks are always a part of running a business. Mitigating them and lessening the overall damage is vital for companies to survive. Operating a dry hire business has the typical business risks as well as the risks that come from handing your tools and equipment to a third party.
Examples of these risks include,
- Damage to your equipment or tools
- Injury of another person during use of your equipment or tools
- Damage to others’ property by your tools or equipment
- Theft of your equipment or tools while hired out
- Theft of your equipment by the company who hired your equipment
Because there are a variety of potential risks, you need to be prepared with the right insurance cover. Dry hire equipment insurance covers most of the potential risks. You also will need other kinds of liability insurance cover.
Why You Need Insurance for Equipment Dry Hire
Many business owners incorrectly assume that because their dry hire equipment is in the hands of another company, they will not incur costs because of a loss. A number of situations exist where a regular insurance policy may not cover a loss when tools and equipment are out on hire.
- Accidental damage
- Equipment breakdowns
- Fire
- Malicious damage or vandalism
- Legal fees
- Third-party theft of tools or equipment
Grace Insurance Experts
For 20 years, Grace Insurance has made sure our clients have the right cover. We have a team of top-notch professionals with years of experience as brokers and underwriters, and your company’s insurance cover is their priority.
We understand that insurance can be complicated, and our team of experts will help you understand the many essential details regarding your cover. No matter what size of business you have or your niche, the team at Grace Insurance is here for you.