Can I Insure My Lift Truck?

A lift truck can be a pivotal part of an operation for some companies. From warehousing to construction, forklifts are needed to move bulky cargo around safely and efficiently as to not hinder the supply chain process or development of a structure. If you’re a company that relies on the use of a forklift in some capacity, you may want to look into an insurance policy that covers every part of the lift over time.

Insurance Companies

Much like searching online for the best auto insurance in Canada, for example, finding a forklift insurance policy requires exploring the coverage options at your disposal and getting the best quote possible for coverage. Insurance should cover all parts of the machine from the blades and shank to the fork truck itself.

An insurance provider should offer up some peace of mind for covering losses from property damage, as well as potential impacts on profit brought on by damaged equipment. This will also cover damages caused by improper operation, and legal fees in the event that a forklift accident is to blame for damage or injury.

Much like collision coverage through a car insurance company, lift truck insurance can handle any damage brought on the fork hook in a workplace incident or elsewhere. Insurance providers assist customers in finding policies that provide the right amount of coverage, much as you would find an agent do for someone in pursuit of car insurance coverage. Whether you’re in pursuit of a lower premium or lower deductible, you’ll want to check the terms and conditions to make sure replacement is guaranteed for fork truck equipment.

Fork Wear and Damage

Regular use of a forklift causes gradual wear and tear over time, causing forks and blades to crack and bend. This can also be brought on by damage related to accidents, improper use by a forklift operator, or overloading the fork beyond capacity. You may reach a point in time where lift truck fork replacement is necessary. It’s a good idea to perform annual inspections of your lift trucks to make sure they are up to code, much like you take on an inspection to keep your car on the road as proof for your auto insurance company.

Forks should be discarded or appropriately repaired along with other material handling equipment. If this is in use, an insurance company should check to see if they’re covered or excluded under a general liability insurance policy. Be sure to look into the best rates for that umbrella policy, combined with additional coverage that can handle excessive wear with lift truck forks and the trucks themselves. Consider the annual premium and limits on the liability coverage.

Lift Truck Fork Regulations

It’s important that if you are using a forklift insurance policy or general liability policy that you adhere to safety protocols that will not impact your eligibility for coverage. Safety standards for lift trucks are issued through the ANSI. These operate over the safe use of forklifts the same way local DMVs and the Department of Transportation oversee safety standards behind vehicles to insure better driving practices under comprehensive coverage.

If defects are noticed through blade and shank wear, these machines shouldn’t be operated. This also goes for malfunctioning position locks and crooked or bent fork angles. The easiest way to stay on top of safe use of forklifts and lift trucks is through the eight points of fork inspection:

  • Wear
  • Straightness
  • Cracks
  • Lock pins
  • Hooks
  • Angles
  • Height difference
  • Markings

Be sure to refer to the owner’s manual of the lift trucks that your company is utilizing. This will give you better insight into safe operation and replacement. By doing what you can to prevent accidents, you’ll help to keep your insurance rates down for years to come.