CONSTRUCTION EQUIPMENT INSURANCE COVERAGE.
Updated: Apr 23, 2019
In the construction industry in Kenya and East Africa, your equipment is your business. You won’t get your work done without it.
That’s why it makes good financial sense to protect your company’s investment in machinery with warranties, protection plans and extended service programs. Insuring your most valuable business assets provides peace of mind in knowing your work won’t come to a screeching halt on the job site.
Whether you purchase a new or used piece of equipment, getting a standard or extended warranty protects you from unforeseen repair costs that can compromise your budget. Primary components such as an engine, transmission and hydraulic systems are not cheap to repair, so you’ll be glad you’re covered should something go wrong.
Tip: Make sure you understand what your warranty covers so there are no surprises later. Are all parts covered, or only select parts and components? Some retailers may not provide warranties on used machinery.
Equipment Protection Plans
Standard warranties may be good for relatively short amount of times in a machine’s lifespan, such as six months or one year. Assuming you’ll need your equipment well beyond that timeframe, it may make sense to purchase an equipment protection plan, extending your protection past the warranty period. These offerings may be available in different levels of coverage to suit your financial and business plan needs, preventing major repairs from crippling your bottom line.
Extended Service Coverage
Extended service coverage programs also protect your investment by covering repair bills and costs associated with the breakdown of covered components and parts – payment of a deductible may be required before you get the benefits. This type of coverage is sometimes transferable to another owner, so it can increase the equipment’s resale value due to being transferable to another owner should you sell