The 5 Best Places to Buy An Excavator

An excavator is one of the most versatile and reliable pieces of heavy equipment. Available in a range of sizes and with a variety of features, excavators can play a role in construction, excavation, and landscaping. 

If you run a construction company or an equipment rental business, you’ll want access to the best-performing excavators on the market. Here are some tips on how to select the right excavator for your needs.

Where to Buy an Excavator: 7 Places to Look

You can buy excavators from a heavy equipment dealer. Some equipment rental companies will sell their used excavators, but to buy a new machine you’ll have to shop at a heavy equipment dealership. 

The websites of major brands will often allow you to search for licensed dealers in your area. This can be ideal if you’re looking for an excavator from a particular manufacturer.

Here are some of the best ways to buy excavators for your rental business.

Ask around in your network

If you know other people in the construction industry, your network can be your best resource for making decisions about what equipment to buy. Ask around about recommended models, local dealers, and what other people recommend.  

Use Google to search online

Google searches can be a great way to get a feel for the market landscape. You’re likely to come up with a variety of brands, dealers, and auction services.

It’s also a good idea to look for real, firsthand customer reviews of excavators you’re considering.

Check out Construction Equipment Guide

Construction Equipment Guide is an online directory that aggregates auction listings for heavy construction equipment like excavators. While you can’t bid directly through their website, it’s a great way to find auctions near you.

Search on Ebay

Believe it or not, Ebay is actually a prime destination for heavy equipment sales and auctions. Most listings are restricted to “‘Buy it Now,” meaning you usually don’t have to worry about someone outbidding you at the eleventh hour.

Search on Equipment Trader

Equipment Trader offers both new and used construction equipment for sale. You can also use them as a platform for selling off old equipment.

Look on IronPlanet

IronPlanet is an online marketplace that bills itself as the “Netflix of construction equipment.”

Sellers cosign the equipment they want to sell, then IronPlanet inspects it and lists it on their website. You’ll find a great selection of excavators here.

Look on Machinery Trader

Machinery Trader is a site for selling new and used construction equipment. They also have great discounts on accessories and replacement parts.

What to Consider When You’re Buying an Excavator

Excavators come in a variety of sizes and styles. Before you commit to a purchase, you’ll need to find an excavator that matches your needs or the needs of your rental customers. Consider these three questions before making your purchase.

How Will the Excavator Be Used?

The size and type of excavator can make it uniquely suited for specific applications. For example, a caterpillar excavator can be ideal for uneven surfaces, while a wheeled excavator offers speed and maneuverability when working around asphalt.

Since size usually translates into power, it’s also important to ensure you purchase a machine with enough horsepower and hydraulic flow for the job site. However, you don’t want to buy an overpowered machine that’s not right for the job. 

Look for machines that offer specialized features (such as a longer boom arm) that can be used for specific projects.

What Size Excavator Do You Need?

Excavators can be as small as a mini-excavator, which weighs roughly six tons. But you can also purchase excavators in very large sizes. Again, you’ll need to select an excavator that is appropriate for your needs without being too weak or too much for the job.

How Are You Transporting the Equipment?

Larger excavators naturally require specialized care during transport, so it’s important to ensure you have the means to transport the machine from place to place. If you need to purchase additional equipment for transportation, factor that into your overall heavy equipment budget.

Buying New vs. Buying Used: Which Is Best for Excavators?

The price of a new excavator can range from $75,000 to $600,000, depending on its size, brand, and features. Some users opt for a new excavator for the following benefits:

  • The full manufacturer’s warranty
  • Better condition
  • Less chance of requiring maintenance

But despite these benefits, the price break of a used excavator can be very persuasive. And because the average operating lifespan of an excavator is 8,000 to 10,000 hours, it’s easy to find used machinery in good condition.

If you’re on a budget, you might consider buying an excavator that’s two to three years old with fewer than 5,000 hours of total operation. You can generally expect to pay 25% less than a new model.

To go even lower, you can find an excavator that’s more than three years old for as little as 50% of the cost of a new machine. Just make sure to inspect each machine thoroughly to ensure you’re getting an excavator of sufficient quality and value.

Tips for Inspecting Used Excavators Before Buying

If you choose to buy an excavator that has some years on it, you’ll need to make sure the machine is still in good operating condition. Here’s how you can inspect an excavator to ensure top quality.

Check for Slew Ring Damage

The slew ring is found between the excavator’s housing and undercarriage. Metal particles or flakes in the lubricant indicate that wear is taking place. Grinding or clicking noises coming from the bearing can likewise indicate wear or a lack of proper lubrication.

Check for Loose Connections in the Excavator’s Boom, Stick, and Bucket

Excavator sticks and connection points should be secure and tight. Check for any looseness or play in these points, as this can affect the machine’s performance and accuracy.

Inspect the Undercarriage for Damage

Dents, dings, or other damage to the machine’s undercarriage can indicate that the excavator was not used as the manufacturer indicated or the machine was involved in an accident. These signs can also point to further internal damage that can’t be seen from the outside but could require repair in the near future.

Check for Hydraulic Pump Leaks

Check the hydraulic pump, hoses, cylinders, and lines for any leaks. Fluid leaks could affect the efficiency of the machine and even lead to structural damage if the excavator has insufficient fluid levels.

Check the Bucket Teeth

One of the most common signs of wear is scalloping to the excavator’s bucket teeth. This happens naturally over time but can reduce the cutting force of the machine. Wear on the teeth can affect the quality and value of the machine, so take note of this before you buy.

Still not sold? Check out more excavators buying tips with our what to look for when buying an excavator guide.

Making Rentals Easier

Excavators have long been a staple for the equipment rental industry. If you’re interested in augmenting your equipment rental business through state-of-the-art software, contact Quipli today. We can streamline your business and help you deliver a higher degree of customer satisfaction.

Looking for additional equipment rental ideas? Explore our how to start a trailer rental business guide or our top rental business ideas guide.

Learn About Quipli’s rental Software

What to Look for When Buying an Excavator

Excavators can be a great investment for your equipment rental business. Unfortunately, not all excavators are worth the cost. And not all of them will fit the needs of your local market.

When you’re ready to add an excavator to your rental equipment business, it’s important to know what to look for. This is especially true for used excavators. 

Questions You Should Ask When Buying an Excavator

Figuring out how to choose an excavator should start with asking some key questions. Consider these when you create an equipment purchasing checklist.

What Is the Equipment’s Maintenance History?

Ask for the maintenance logs for the machine. A well-kept machine will also have a documented history of servicing. Assess the details of the records and consider whether the service has been reasonable and performed at required intervals. Pinpoint any anomalies, such as long stretches without maintenance records. 

Has the Excavator Undergone Any Previous Severe Damage and Subsequent Repairs?

Ask about any previous damage that the excavator experienced, as well as any major repairs that were needed. Additionally, inspect the equipment for major wear and tear, dents, and signs of past repairs.

If there was past damage and repairs, what types of repairs were needed? And did the equipment experience recurring issues? For major damage, you’ll have to assess whether the equipment’s useful life could be reduced due to it. 

Will It Need to Be Serviced in the Near Term or Require Any Replacement Parts?

Figure out when the last service date was and whether there are any needed replacements due in the short term. Note that older excavators may be especially hard or expensive to repair due to hard-to-get parts. Make sure there’s enough manufacturer support for the parts for the excavator you’re considering. 

If there are near-term repairs needed, will the seller cover them? If not, any upcoming repairs should be accounted for in the final sale price. 

What Are the Seller’s Guarantees and Warranties?

Ask the seller about potential warranties or guarantees about the equipment’s condition. If possible, get any warranties or guarantees in writing. Also, gauge whether the seller will be around to honor these guarantees and try to get references or reviews from prior customers.  

Used Excavator Inspection Checklist

Buying a used excavator requires special attention. You’ll want to do a more thorough inspection than you would when buying a new machine. For an excavator, you’ll want to assess the condition of items like the bucket, boom and stick, and slew ring. Here’s what to look for when buying an excavator. 

Buckets and Attachments

First, inspect the bucket and attachments. You’ll want to look for excessive wear and tear, as well as any rust. Also, assess the integrity of the welding and look for any scalloping. 

Scalloping is the wear between the teeth of the bucket. Half-moon shapes may indicate reduced cutting force of the bucket. Knowing what to look for — and where — will go a long way in helping you know how to buy an excavator. 

Boom and Stick

With the boom and stick, look for any cracks in welds (or rewelds) at connection points between the stick and bucket and between the boom and stick. You want all the pins and bearings to be tight at the connection point. Loose connections in the boom and stick will reduce the excavator’s accuracy. 


Hydraulics includes the hydraulic cylinder, pump, and lines. Look for any leaks and cleanliness. Leaks don’t necessarily mean a replacement is needed, but it may mean you need to repair it soon. You’ll also want to consider the hydraulics (and the flows) when it comes to the potential attachments you’ll use. 

Slew Ring

Damage to the slew ring can be very expensive to fix. Make sure that the slew ring is in good shape and that there are no signs of overloading or poor lubrication.


The engine is another major cost component of the excavator, so you’ll want to check for any leaks. Turn on the excavator and listen for knocking or rattling, and look for excessive smoke. Test the various speeds to see if smoke becomes an issue as it’s used. Continue to listen for abnormal noises after you turn the machine off. 


Make sure to test the steering components and assess any play in the steering. Do all functions work? How is the rotation, and is the steering responsive in all directions?

Does the steering offer full rotation of the equipment? 

Tracks and Rollers

Regardless of whether the excavator you’re looking at has tracks or wheels, you’ll want to make sure everything is intact and there’s no damage. If the excavator has tracks, how is the tension? If there are rubber tracks, are there any cracks in the rubber? Excavators with tires should have proper pressure and not have any visible damage. 

Hour Meter

Make sure the hour meter is operational. If the hour meter appears to be questionable, assess whether the control pedals and other cab elements have excessive wear. If so, this can indicate the machine has had more hours than the meter counts. 


Ensure that the fluids, such as oil and hydraulic fluid, are at acceptable levels and aren’t running low. Look for any visible leaks. Some leaks are easy fixes, but others could be deal breakers.


Ask to see all original paperwork on the equipment, as well as service records. You’ll want to get as much information as possible, including performance and usage history. What projects has the machine primarily been used for, and where? 

Ready to Add an Excavator to Your Rental Portfolio? 

Is buying an excavator a good investment? If you’re renting out heavy equipment, or even if you’re catering to smaller projects, an excavator is a great option. They’re versatile and can be used for grading or home projects. But you need to find an excavator in good condition to see a great return on your investment.

Growing your rental business is what the Quipli team focuses on. Find out how our rental business software can streamline inventory management — book a demo today.

Check out our list of best mini excavators to rent and our top skid steer brands to rent.

Learn About Quipli’s Construction Equipment rental Software

The Best Mini Excavators for Your Equipment Rental Business

Mini excavator use is on the rise — after all, they’re great for navigating tight spots and speeding up home projects. Their versatility makes them handy for tasks from trenching and grading to landscaping, and the rental market for these small earthmoving machines is set to increase. 

Sorting through all of the mini excavator brands can be overwhelming. Each manufacturer may offer multiple sizes and features. But the usefulness of these machines makes them worth a closer look. 

Some of the key benefits of a smaller excavator include:

  • Longer useful life
  • Easier to transport 
  • Less ground damage 
  • Fewer track marks

Even with these benefits, they still accomplish many of the tasks of larger excavators, such as leveling, trenching, grading, demolition, and digging. Mini excavators might be rented for the following projects and more: 

  • Landscaping
  • Digging pools or hot tubs
  • Installing sewer lines
  • Installing driveways 

Due to their convenience and practicality, mini excavator rental businesses have a strong outlook. One of the latest construction industry trends has been an uptick in mini excavator sales and rentals.

The Top 10 Mini Excavator Brands for Rental Businesses

With demand for small excavators on the rise, most major construction companies have entered the market, offering smaller machines that weigh anywhere from 2,000 to 20,000 pounds. The versatility of these machines makes them a must-have for construction companies and construction equipment rental businesses.

Here are the top ten mini excavator brands worth considering.


kubota mini excavator

Kubota offers various compact and well-rated models in the mini excavator category, including the K008-3 and KX161-3 models. These models weigh just around 2,200 pounds.


Japanese equipment maker Takeuchi has been in business since the 1960s. Takeuchi offers several small excavators, including its TB135, which has rubber tracks and weighs just under 8,000 pounds.


bobcat mini excavator

Doosan-owned Bobcat is a major name when it comes to small construction machines, especially skid steers. But it also offers 11 mini excavators that range in weight from 2,600 to 19,000 pounds. Its popular Bobcat 331 weighs just over 7,700 pounds.

John Deere

john deere mini excavator

John Deere, known for its farming equipment, also makes small excavators. Its smaller machines include the G-series of excavators: the 17G, 26G, 30G, and 60G. The 17G weighs 3,800 pounds, while the 60G is just under 14,000 pounds.


Caterpillar is the premier name in construction equipment. This American manufacturer offers 24 mini excavators, with the 300.9D being the most compact at just over 2,000 pounds. Some Caterpillar mini excavators have Caterpillar engines, while others have Yanmar engines.


yanmar mini excavator

Japanese equipment maker Yanmar made one of the first mini excavators in the 1960s. This company offers small excavators equipped with Smart Assist, which helps detect machine issues. Yanmar’s Vi line of mini excavators offers zero tail-swing.


Komatsu, the Japanese construction equipment maker, offers various compact excavators weighing up to 18,000 pounds. The smallest Komatsu excavators include the PC30MR-5 and the PC35MR-5, which weigh just under 7,000 and 9,000 pounds, respectively.


Founded in the U.K. in the 1940s, JCB has long specialized in construction equipment, including small excavators. Its mini excavators include the 19C-1E zero-emission electric excavator, weighing just two metric tons. It also offers various other models that weigh anywhere from 4,000 to 20,000 pounds, including the 18Z-1 zero tail-swing model.


CASE Construction Equipment, which is owned by CNH Industrial, is known for its skid steers, but it also makes small excavators. It offers six mini excavator models that range from 4,000 to 13,000 pounds.


hyundai mini excavator

While better known as a car manufacturer, Hyundai also makes heavy equipment. It offers compact excavators in eight models, with the smallest being just under 4,000 pounds.

When you compare mini excavators, you’ll also want to consider which projects your customers tend to work on. Do you need the smallest excavator available to get into tight spaces and dig around foundations and walls? Or do you need a bit more power for larger grading projects? 

The size, weight, carrying load, and potential rental market will all play a role in your decision. Fortunately, you’ll likely find a mini excavator that fits your budget and needs.


What’s the Best Mini Excavator for the Money?

Key considerations when buying a mini excavator include the size, available attachments, and boom type. However, the driving force is generally excavator cost. The mini excavator comparison below is a great place to start. These are five of the best mini excavators for the money. 

CAT 301.6C from Caterpillar

The CAT 301.6C, made by Caterpillar, is one of the smallest excavators the company makes. Costs start at around $33,000, and the model weighs just over 4,000 pounds. 

Bobcat 418

The Bobcat 418 starts at around $20,000 and weighs 2,600 pounds. It’s relatively easy to transport and is known to be dependable. 

Kubota Mini Excavators

Kubota offers a variety of small excavators, with many starting below $20,000. The Kubota K0008-3 is one such excavator and weighs just 2,200 pounds. 

Yanmar Mini Excavators

Yanmar offers several affordable small excavators. These include the ViO35-6A, which weighs just over 8,000 pounds. Some ViO series Yanmar compact excavators go for around $30,000. 

Komatsu Mini Excavators

Most Komatsu mini excavators start at $25,000. These include its popular newer model, the PC30MR-5. Komatsu also makes the world’s smallest excavator, the PC01-1, which weighs just under 700 pounds.

The best mini excavator will have a good combination of price and reliability. But digging deeper, which excavator you choose will also depend on the attachments offered and size — for example, do you need more maneuverability or power?

Ready to Add the Best Mini Excavator to Your Fleet?

Mini excavators are growing in demand and could be a great addition to your equipment rental business. It’s tough to beat their advantages over large machines, including the ease of transport and operation. 

The Quipli team specializes in automating your equipment rental business so you can spend time on what matters most. Quipli’s platform will streamline your inventory management process — reach out today to get a free demo.

Looking to purchase an Excavator? Learn more about the process with our where to buy excavator and our what to look for when buying an excavator guides.


Learn About Quipli’s rental Software

The Best Skid Steer Brands for 2023 & Beyond

Skid steers are one of the most versatile pieces of equipment for any project. They’re nimble and can be paired with various attachments. 

However, picking the right skid steer for your rental business can be overwhelming. They come in many sizes, with varying horsepower and compatible attachments. 

The Top 5 Skid Steer Brands for 2023

When it comes to picking the best skid steer for your rental business, sticking to one of the top five skid steer brands is a safe choice. 


bobcat s650 skid steer

Bobcat owns the skid steer market, so much so that its name is synonymous with skid steers. It has roughly 40% of the market share. 

The company, originally Melroe Manufacturing, made the first skid steer and now offers a massive line of options. Bobcat is the industry leader for a reason; it offers touch displays, best-in-class lift cars, and strong hydraulics systems.


caterpillar skid steer

The biggest name in construction equipment entered the skid steer market in 1999. Caterpillar’s name is synonymous with reliability and quality. The same is true of its skid steers. It offers nine different models that range in weight and horsepower. 

Caterpillar skid steers range from 1,500 to 3,700 pounds, with between 65 and 110 horsepower. These skid steers have electric throttle features and easy access for servicing. 


CASE skid steer

CASE Construction Equipment merged with skid steer maker New Holland in 1999, but CASE has made these machines since 1969.

The company offers eight skid steer models ranging from 1,600 to 3,400 pounds and 60 to 90 horsepower. 

John Deere

bobcat mini excavator

John Deere, known for its farming equipment, also makes skid steers. Its skid steers come in a variety of sizes, from 6,000 to 10,000 pounds. Horsepower ranges from 65 to 100. 

Despite being known for its reliability, John Deere doesn’t have a huge selection of skid steers, but the ones it offers are made for heavier attachments. However, John Deere skid steers tend to be a bit more expensive.


JCB skid steer

JCB offers some of the best compact and affordable construction machines, including skid steers. The cabs are larger than other skid steer brands, making them impressively comfortable. 

Small machines from JCB are known for being fuel-efficient. All eight skid steer models use the same engine, making them easier to service. Some have an operating capacity of 2,000 pounds, while others are over 3,000 pounds.

What Is the Best Skid Steer Brand?

Any of the top skid steer brands would be a great choice for your rental business. However, the consensus is that Bobcat makes the best skid steers — as it owns 40% of the total market share. It was the first to introduce skid steers to the market in the 1960s. 

Bobcat offers various sizes, including compact models for yard work and larger models for major construction projects. Caterpillar is another reliable name, with a much larger variety of equipment. Both brands are relatively easy to service and experience few breakdowns. However, they are both generally more expensive than other brands. 

What’s the Best Skid Steer for the Money?

JCB offers the best skid steer for the money. The company makes some of the most reliable smaller construction machines. JCB’s skid steer was recognized for its resale value by EquipmentWatch. In 2019, the company gave JCB the Highest Retained Value Award. 

The power offered by JCB skid steers is more than enough for any job, plus the controls are modern, and the cabs are roomy. However, there are fewer models to choose from. 

So who makes the best skid steer? Bobcat and Caterpillar skid steers are both known for holding their value very well. Overall, the best skid steer to buy will come down to those that fit your major needs, such as lift capacity and reliability. 

How to Choose the Right Skid Steers for Your Rental Business

Below are six key criteria to consider when looking for the best skid steer brand. 

Lift Capacity

Lift capacity is how much the skid steer can lift. Skid steers will have one of two lift arm styles: radial and vertical lifts. Vertical lifts are for up-and-down movement versus reach. This option is best for moving heavy pallets or dumping material into trucks. 

Radial lifts are good for backfilling and putting materials on flatbed trucks. The bucket can be lifted in an arc, allowing for better range. 


How reliable the equipment is should also be a major factor. You don’t want to spend hundreds of dollars on repairs each month. Instead, it’s better to invest in a high-quality piece of equipment. Additionally, a good maintenance plan will boost the useful life of any skid steer.

Available Attachments

The attachments available for the skid steer are also important. A variety of attachments will increase the skid steer’s versatility and make it more marketable for rentals. You should consider the following attachments: 

  • Pallet forks

  • Backhoes

  • Brush cutters

  • Augers 

  • Grapples

  • Bale spears 

  • Buckets 

  • Blades

  • Trenchers

The more attachments a skid steer can use, the more projects it can tackle.

Suitability for Different Project Scopes

How well does the skid steer work for different projects? For example, you might need a skid steer to fit into tight spaces. In that case, look for a compact model. In contrast, bigger loads will require a larger capacity. 

Type of Hydraulic System

Skid steers come with one of two hydraulic systems: low-flow or high-flow. The flow of the hydraulic system is how hydraulic fluid is moved through two hoses in the skid steer. Low-flow skid steers move less hydraulic fluid per minute than high-flow. 

The higher the flow, the more powerful the skid steer, meaning it can use larger attachments, such as snow blowers and stump grinders. 

Engine Type

Engine type comes into play when meeting EPA emission requirements; 75-horsepower diesel engines on non-road equipment must be Tier 4 compliant. These engines, however, require additional maintenance to prevent damage. Consistent maintenance and keeping the fuel filters clean can help the engine stay in good working order. 

Ready to Add a Skid Steer to Your Rental Portfolio?

The five skid steer brands above are great if you’re looking to add a skid steer to your rental equipment selections. A skid steer is a versatile piece of equipment that can fit various attachments and can be used for snow removal, grading, loading, or lifting. 

Making the most out of your rental business is the goal of the Quipli team. We provide an automated system for managing your rental inventory and scheduling. Reach out today for a demo.

Ready to expand your equipment inventory? Explore these guides to explore your fleet: How to start a trailer rental business and best mini excavator to rent.

Equipment Rental Insurance: What It Is & Why You Need It

Equipment rental insurance is a form of insurance that you can get if you rent out equipment to customers. It’s instrumental in helping avoid costly losses and downtime for your rental business.

Equipment coverage can insure large pieces, such as excavators, as well as the tools and inventory you rent out, such as post-hole diggers.

What Is Rental Equipment Insurance?

Insurance for rental equipment covers the items you rent out, such as tools, equipment, and other inventory. Rental business insurance can be bought to cover any kind of equipment. 

Having rental equipment insurance coverage will protect you in case something happens to your equipment, such as theft or a major accident. There are also other options for your business that’ll cover you beyond just lost equipment. 

When it comes to rental equipment insurance, you’ll also have policy specifics depending on the equipment you rent out. If you offer heavy equipment, your insurance policy may assume that you’re renting to individuals or companies that are insured and licensed.

There may also be limits on how long you can rent out equipment, as the longer the rental period, the greater the likelihood of damage or loss. You can help protect yourself with proper insurance coverage and the rental contract you use, which can stipulate renters liability insurance for your customers.

Types of Rental Insurance

Equipment rental business insurance is available for various types of equipment. There are different coverage options and plans based on the equipment you rent out.

Naturally, rental insurance will vary by business. For instance, insurance types and coverage options will be different for a party rental business than for a golf cart rental business. Heavy equipment rental insurance will have different options as well.

Here are some key types of insurance for equipment rentals that you’ll likely encounter on the market. 

Floater Coverage 

Also known as inland marine coverage, floater coverage is a type of add-on coverage that covers rental properties not covered by other policies. This includes property you rent from others as well as newly acquired rental equipment. 

Commercial Property Coverage

Commercial property coverage is a broad category of insurance that, in some cases, covers the things you own and use as part of your business along with your company’s physical premises and related real estate. This could include office furniture, computers, and non-rented equipment and appliances.

Commercial property coverage covers rental businesses in the event of damage or loss, such as employee theft. 

Commercial Auto Coverage

Commercial auto coverage is for the vehicles you own and use as part of your business, such as delivery vehicles. This will cover vehicles you rent, lease, borrow, or own. 

Umbrella Coverage

Umbrella and excess coverage will protect you if a claim goes beyond its limits. For example, if you have a major liability claim from a lawsuit, umbrella coverage will kick in if the claim exceeds the limits of the primary general liability policy.

Other Coverage Options

There are also other specialized insurance services offered to rental businesses, such as business income coverage. Business income coverage covers lost income if the business can’t conduct business due to a covered event. 

For example, business income coverage for off-premises utility services will replace business income if they can’t conduct business due to unexpected utility interruptions. 

Another common example is property-in-transit coverage, which will cover your rental property if it’s damaged during shipment. 

What Does a Basic Equipment Insurance Policy Cover?

There are two main types of rental equipment insurance coverage: covered property and replacement cost. Covered property covers anything you rent out, while replacement cost coverage is for equipment that must be replaced. 

Good basic equipment insurance should include broad coverage, protecting such things as lost or stolen equipment, equipment damaged due to misuse or weather, and cleanup for covered incidents. 

Covered Property

Covered property is coverage for pretty much anything you rent out. For example, covered property coverage would cover flatware, serving utensils, and party supplies for a wedding rental company.

Other items that would fall under the heading of covered property include wood chippers for a lawn equipment rental business and video recording equipment for a media rental company.

Replacement Cost

Replacement cost coverage is for equipment that becomes irreparably damaged or lost. Replacing such equipment can be costly. This coverage can ease the financial burden by providing some or all of the money required for replacement. 

General Liability Insurance for Equipment Rental Businesses

Insurance for equipment rental generally includes covered property and replacement cost coverage, but you’ll also need general liability insurance to protect you beyond rental-specific issues. General liability coverage will protect you from lawsuits customers file against you. 

Lawsuits can arise for a variety of reasons. For example, a client that’s injured while using equipment they rented from you may file a lawsuit to cover their injuries and distress. Similarly, a property owner might sue you if a piece of equipment you rented out to them accidentally destroys a building. General liability insurance can help protect your business from having to use valuable resources to fight such lawsuits. 

General liability coverage can protect your business against lawsuits, damages, and lost equipment. But it can also protect against negligence, slander, errors and omissions, and contractual liability. 

The risks of owning a rental equipment business are unique and diverse, but good insurance can greatly hedge many of them. As mentioned, a good rental contract can also protect your business from loss.

It helps to know what your insurance covers and what it doesn’t.

For example, what happens if a customer simply doesn’t return the equipment they rented? What happens if they lend out the equipment to someone else and that person damages your equipment or injures someone? These are the kinds of questions you’ll want to think through and address with your insurance agent.

Make Rentals Easy With the Right Partner

The less you have to worry about as an equipment rental business owner, the better. Proper insurance coverage can ease your mind regarding what might happen to your equipment when it’s in customers’ hands.

Another way to reduce your business-related stress is a proper rental inventory management system. Quipli offers a platform that does the hard work of managing your rental inventory for you. Contact us today to get a demo.

Need help evaluating your equipment value? Here are two handy guides: New and used equipment values and how to value a rental business.

Learn About Quipli’s rental Software