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If you’re like most business owners, you rely on big and expensive machinery to help get the job done. Whether it’s a huge construction vehicle or a delicate piece of medical equipment, losing that machinery can be a serious setback – not to mention an expensive one. Machine insurance protects you from the costs of repairing or replacing any items damaged by unforeseen events. You’ll want to have a policy tailored to the type of equipment you have so it covers all potential risks.

For most businesses, the cost of machinery insurance is a small price to pay for the peace of mind it brings.

Machinery Insurance: Know Your Options

When you’re shopping around for an insurance policy, start by deciding what types of equipment you want covered and how much protection they need. Understanding the different types of coverage also helps you determine how much insurance to buy.

Just like any other kind of insurance, machinery insurance also has various coverage options. Here are some of the most common ones:

Property damage

This covers the cost of repairing or replacing your equipment if it’s damaged or destroyed by an event like fire, theft, or vandalism. Property damage coverage also covers the cost of repairing your business’ property in case it’s damaged by a covered accident.

Property insurance can be purchased separately from machinery coverage, but if you have expensive machines and don’t want to pay for two policies – one for machines and one for buildings – consider combining them into one policy. You’ll usually save money that way.

Collision

This type of coverage pays for the cost of repairing or replacing your equipment if it’s damaged in a collision. It also covers any damage to other vehicles or property involved in the accident. Industries where vehicles are often in motion – like construction, transportation, and waste disposal – usually have higher rates of collisions. You can lower your insurance costs by taking safety precautions such as banning cell phone use or limiting the use of radios while driving the equipment around.

Comprehensive

This type of coverage protects your equipment from all sorts of risks, not just collisions. Events that are typically covered include fires, storms, vandalism, and theft. Comprehensive policies usually have a higher deductible than collision or property damage policies, so be sure to compare rates before you buy.

Business Interruption

Machinery insurance covers the cost of replacing or repairing damaged items, but it doesn’t cover your business’ income. If a piece of machinery is lost due to an event that’s covered by property damage coverage, you could be out of work until repairs are finished and new equipment arrives. Business interruption coverage can help fill in those gaps with cash payments to help you keep your business running while you’re waiting for things to get back up and running.

This is a necessary coverage to have if your business relies on machines to make money. Keep in mind that it only covers lost income, not expenses like rent or payroll, so make sure you have those covered separately.

Surge

Like business interruption, surge coverage helps cover the cost of replacing or repairing equipment damaged by an event covered by your policy. The difference is that this type of insurance covers more types of machines and events than business interruption does – including earthquakes, tornadoes, explosions on nearby property, vandalism during a power outage, certain weather-related damage, and more.

If you live in an area that’s prone to natural disasters, surge coverage is a must-have. It can also be helpful if your business is in a high-risk area for things like vandalism or theft.

As with any type of insurance, it’s important to shop around and find the policy that best suits your needs. Machinery insurance can be expensive, but it’s a lot cheaper than replacing or repairing damaged equipment. Treat it as an investment in your business – and a bargain compared to the cost of replacing or repairing damaged machinery.

In the construction industry, it is common for heavy machinery to be used for various purposes. You have likely seen many of these large machines at worksites or at locations where bridges are being built. Without these machines, the earth cannot be moved at a rapid pace. The lifting and repositioning of extremely heavy I-beams would also not be possible. Heavy machinery comes in all different shapes and sizes. However, there are several that are much more commonly used than others. Here is an overview of some of the best types of heavy machinery that are sold today.

Wheel Tractor Scraper

Tournapulls or wheel tractor scrapers are designed for moving vast amounts of earth. Not only can they move tons of earth throughout the day, but they are also designed for loading and carrying material. They are equipped with a hopper, also called a pan, that has a front cutting edge. These have an enormous amount of horsepower and are capable of cutting out areas into a slope in the span of just a few hours.

Backhoes

One of the most recognizable names when discussing heavy machinery is the backhoe. These are multi-purpose machines that are ideal for smaller jobs. They have a rigid frame that is very easy to turn. They also have differential steering that makes them very easy to drive. A backhoe loader is another popular type of large machinery. It is operated by a single driver that will use this machine to push and scoop large amounts of materials. These machines are very common in urban areas where major developments are being built. These machines will help you complete your construction project efficiently and safely.

Draglines

These machines are designed for assisting in projects related to civil engineering and mining operations. They are one of the largest types of large machinery on the market. They consist of a hydraulic crane with a metal-pronged shovel on the end of the boom. The bucket moves along the ropes, which are operated from a central console. The driver can also maneuver the machine’s wheels. Additional attachments are available for different functions, including the ability to cut through rocks, saw through wood, and are very useful at demolition projects. Mini-excavators can also be used along with the draglines.

Bulldozers

These extremely recognizable and enormous machines are referred to as crawlers or dozers. A bulldozer is a type of large tractor equipped with a metal plate that is called a blade. It can dig trenches for drainage and pipelines. It is available in a chained or wheeled design. A wheeled design is for more hard-packed soils. Also, a bulldozer is like a tractor that works on tracks that can easily move over any type of material.

Motor Graders

Motor graders, also referred to as graders, are designed to help create roads. This heavy equipment is used for fine grading as well as moving small to large amounts of dirt. The adjustable blade can be positioned level the ground. Some graders are also used for underground mining. These heavy machines are one of the most popular types of large machinery on the market.

Loaders

Loaders are very similar to bulldozers. The primary difference is in the way they are constructed. With a bulldozer, they tend to have a large steel blade in the front and are designed more like a tank. Loaders will have enormous tires, four in total, that will position the operator several feet in the air. These are quite common at demolition sites or in areas where sand, rock, and soil need to be scooped up and moved
rapidly. In conjunction with the use of a loader, dump trucks, feed hoppers, railroad cars, and conveyor belts will be nearby. This will allow the loader to extract all of the material so it can be transferred to different areas.

Trenchers

These machines serve one solitary purpose. They are designed to dig trenches. When you are working on a construction project, you need a way of digging into the soil, usually several feet down, for what could be several yards in a straight line. This is perfect for businesses that are creating new homes. You will need to install drainage, electrical cables, and pipes. Without trenchers, it would take many weeks or months to complete these types of projects. These are often used in conjunction with a tractor or skid loader, which will make the job much more efficient.

These are just a few of the many types of heavy machinery that are currently available for sale. For all construction projects, especially those that require moving large amounts of soil, these are ideal for nearly every project. Mining operations can also benefit from these machines, along with projects that require the grading of the ground.

Many types of machines are used in industries both indoors and outdoors. This machinery can be very expensive. Each one is going to perform a very specific task. From the machinery that you would find inside of a workshop to machines for combining particulates, they are necessary for many industries. The cost of these machines, and their overall design, has changed significantly over the years. Here are some of the most common types of expensive machinery that are used today.

Grinding Machine

These machines are specifically designed for grinding materials into particulates. These are used in the mining industry to extract valuable metals. This may include silver, gold, and other minerals. In most cases, the material will be removed in a systematic way. They are often use bonded cutting edges. There is often a drum where the material is placed inside and a screen and a dust exhaust system.

CNC Milling Machines

Computer numerical control machines are one of the most advanced machines on the planet. They are designed to transform various types of raw materials by adding or removing materials from the initial batch. If used for the milling process, you can utilize this for creating products made from wood or metal. They will use a milling cutter which is a cylindrical tool that is held on a spindle.

Metal Lathe Machine

A metal lathe is a machining machine used to make parts using metal. It works by inserting a metal stock into a spindle that rotates at a specified speed. A set of cutting bits is mounted in a toolpost and held rigidly in place by a toolpost. The cutting bit is controlled by a carriage mechanism that moves along the bed of the machine. The workpiece is centered by a cross slide or a compound rest.

Multitasking Machines

As the name would indicate, these are machines that will combine two or more different machines that will perform a specific task. This is often used for milling different items that will require some form of multitasking. Use for both milling and turning projects, and these machines can help you reduce the number of machines that you need to use one after the other. They will be equipped with an automatic tool changing function that can assist you with grinding, turning, or milling for any industrial project.

Drill Press

A drill press is a tool that uses a drill bit that is connected to a check. They are manually used, allowing the user to move the drill bit up and down. Although these are used for drilling holes through wood, you can also use them for going through steel. They are often connected to a single spindle, or they may be a belt-driven machine that is floor mounted that is designed for multiple purposes.

Welding Machine

A welding machine, along with welding guns, is necessary for the metal industry. If you have ever connected to or more pieces of metal, this was done with a welder. They are capable of generating a substantial amount of heat courtesy of an acetylene tank that is nearby. This will provide the fuel needed to create the flame from the welding device that will melt and connect the metal. There are different types of welding machines, including arc welding machines and those designed for hot-dip brazing and resistance welding as well. There are also new machines that use electron beams and lasers, which are extremely efficient.

Machine Tool

The purpose of a machine is for grinding, boring, cutting, and shearing different types of metal. There is also the possibility of shaping the metal into very specific sizes. You can do this automatically or freehand, depending upon what you are making. Machine tools, just like cutting tools, will allow you to create many different products that can be used for various projects.

Planer

Primarily used in a woodshop or similar setting, they are designed for working with lumber. The purpose of a planer is to create a smooth cut that goes along the length of the workpiece, such as a door hanger. It is a tool that is based on a jointer, which is another tool found in a shop. A jointer is equipped with adapters, and most planers have a bench-mounted base. This will allow the planer to be operated in an inverted position.

All of these tools can be very expensive. They are designed to create very specific types of products. Whether you are working with metal or lumber, each of these tools can speed up the process of completing your project. If you are working with metal, grinding machines, CNC milling machines, and a metal lathe may be needed. If you are working with wood, the planer and standard machine tool will certainly suffice. When choosing these tools, be sure to obtain them from a reliable source. If you need more information about these types of machines, visit our website today.