Loggers have a lot on their plate, from challenging work environments to dangerous activities related to logs and equipment operations. Logging equipment poses more risks than just injury to employees; it can also introduce significant financial peril to a logging business should something go wrong.
High-value assets get the job done for logging companies. Still, when they need to be repaired or replaced, it is essential to have proper Insurance for logging equipment to mitigate the cost. In addition to basic equipment insurance, logging companies would be wise to invest in other types of protection for their machinery.
Here are some recommendations for protecting high-value assets with logging insurance coverage for equipment and other policies that a logging company can use to secure its operation against inevitable challenges.
Logging Equipment Insurance
Forestry equipment insurance (or logging equipment insurance) is the foundation of any insurance protection for machinery in this industry. This type of coverage addresses the risks machinery faces while on the job site, including theft, fire, physical damage, repairs, and the need for replacement.
Every policy will be exclusive, but at its base, a logging equipment policy should make sure that damage impacting whether a piece of machinery can be used is protected. The insurance agency may provide the full replacement value, compensation based on the machine’s value for its condition, or something else. Always read the policy details because some coverage is limited based on equipment weight or size.
Inland Marine Insurance
In addition to logging equipment insurance, it is smart for forestry companies to invest in inland marine protection. This coverage provides insurance against damage, theft, vandalism, and other issues that can arise when the logging company transports its equipment to the job site. Suppose machinery is damaged en route to the tract of land on which logging is slated to begin. In that case, workers will not be able to maintain the intended timeline for the project.
Commercial Auto Insurance
Not all logging equipment consists of saws and other tree processing machines. The trucks that transport the wood and even company trucks that haul workers to the job site also count as high-value assets for logging companies and should be protected.
Commercial auto insurance is a great way to provide more complete coverage alongside equipment insurance. Together, the two can address damage, theft, and other issues with machinery ranging from saws and feller bunchers to loaders, trucks, and more.
Pollution Liability Insurance
Not all types of insurance that are essential for logging equipment involve damage to the equipment itself. Logging machines are one of the leading drivers of pollution, whether through oil spills from the machines, accidents when transporting hazardous items in pickup trucks, or other causes.
Logging equipment can introduce pollution into the environment, causing lasting damage to the land and water table and potentially harming the regrowth of harvested tracts. Typically, logging companies are responsible for remediating any pollution they cause, which can be costly. Pollution liability insurance would cover these expenses and assist with related fines.
Other Insurance to Consider
While protecting high-value equipment on the job is an important choice, it should not be the exclusive focus of a logging company’s insurance efforts. Other types of protection are also essential, and bundling policies with the same insurer can make equipment insurance more affordable. Other policies to consider include:
- General liability insurance – If logging causes damage to an unrelated third party or someone’s property (e.g., a log rolls down a hill and hits someone’s car), this insurance can pay for repairs, medical bills, and replacement.
- Workers’ compensation insurance – Logging is a notoriously dangerous industry—one of the most hazardous in the United States. Workers’ compensation insurance can pay for medical bills, rehabilitation costs, and time off work for workers who are injured during the course of performing their job. In the unfortunate event that a worker passes away due to a work-related event, workers’ compensation can provide money to their family.
Trust Industry Experts to Offer Insurance Guidance
Whether you are considering your insurance options for the first time or auditing your existing coverage, it is essential to protect your logging company’s high-value assets with insurance customized to your business’s specific needs. The experts at Burton & Company are industry professionals with experience in the forestry business and the particular insurance challenges this risky industry presents.
We can provide personalized insurance offerings that address the individual needs of your logging company while considering your budgetary needs and how we can bundle coverage to save you money. Contact Burton & Company to learn more about logging equipment insurance and the many other types of coverage that complement it for complete protection.
