Renting equipment makes sense if you have something you only need for a short period, or if your budget does not allow you to purchase the equipment. The rental project can be successful if you ensure the rental equipment is effective, comprehensive, and clear. The process involves addressing key considerations in the rental contract, such as liability insurance, workers compensation, equipment maintenance, and inspection of equipment.
Liability and Workers Compensation Insurance
The rental company should provide you with workers compensation insurance to protect you against loss of damage and injury. You should also make sure the rental company offers an insurance certificate before the equipment arrives to your site.
When you receive the insurance certificate, take time to make sure it is valid. The rental company should offer to give you any information you need.
Make sure they offer liability insurance, which protects you from issues such as theft liability, equipment damage, automobile liability, and fire damage.
If you do not have this insurance, you would have to pay full price for the equipment, which could be detrimental to your business.
Inspection of Equipment
Take time to walk around the rental equipment, and inspect it when it arrives at your site. Look for broken or missing safety devices, leaking fluids, body damage, worn out or punctured hydraulic hose, missing fire extinguisher, and more.
Documenting all of these issues will ensure you will not have to pay costs to repair the equipment. If you see there is missing safety equipment, such as reverse flashers, outriggers on cranes, etc., return the equipment to the rental company.
You may want to ask the rental company to deliver the equipment and test and operate it at your site before you accept it. They should be able to show you the equipment will perform safely, as well as efficiently.
In some contracts, you may be required to perform all maintenance on the equipment while it is in your possession. This maintenance could include things such as:
- Adjust cylinder seals
- Change filters
- Check safety devices
- Maintain tire pressure
- Check nuts and bolts to ensure they are tight
- Check attachment hitches to ensure they do not come loose or slip
- Check breaks
- Check hooks and lifting cables for wear
Renting equipment is very beneficial, and can save your business money. It also allows you to try out equipment before you buy it to make sure it is something you need to own. Contact a company like Burris Equipment Co for more information.