Is Your Generator Insured?
Is your generator insured? Are you up-to-date on the maintenance services required to comply with your insurance policy? These are critical questions every business owner should ask. However, it can be a costly mistake to assume you have coverage or to assume you’re compliant. At Gen-Tech Power Generation Specialists, we recommend bi-annual reviews of your insurance policy to confirm your coverage is current and you are up to date on the generator load bank service, inspections, and other requirements of your policy.
Strengthen Your Security
Many mobile power generators lack proper security. After all, they’re big and bulky, and who would try and steal it? The answer is that the unit is mobile, the generator is on wheels, and a few minutes is all it takes for a seasoned thief to hook up the hitch and drive off. Most insurance policies will require that you properly secure your mobile power generator and monitor it with cameras and alarms. This is crucial whether the generator is parked outside a busy business or out in the boondocks on a remote worksite.
Do the Maintenance
A thousand faults can take a generator down; at least 90% of these can be prevented through regular maintenance. Most insurance policies will require you to stay on top of generator load bank service, oil changes, battery tests, emissions tests, cooling system inspections, switchgear tests, and more. Ensure you thoroughly read through your policy and have documented records establishing when, where, and who performed each itemized task specified within your policy. In fact, staying on top of planned, predictive, and corrective maintenance is itself a form of insurance that will protect your generator from sudden failure and premature death.
Train Your Staff
Operator error is a common cause of generator failure. Thus, it is imperative that any employees tasked with using the generator, monitoring the generator, or servicing the generator know precisely what they are doing. Invest the time and resources required to ensure you always have staff on duty who are properly trained and know how to operate the equipment properly. This is more than an additional insurance policy; it ensures you don’t run afoul of an “operator error” that could disqualify an insurance claim.
Bundle Your Coverage
If your generator isn’t already covered under your business policy, check with your insurance provider to see if it can be included. Many business owners carry separate policies for their generators and other equipment. There are advantages and disadvantages to this, the biggest disadvantage being that you have to pay for two insurance policies. If you bundle the coverage or add a generator rider, this can save you a pretty penny throughout the year.
Do you have questions about generator insurance? Contact the team at Gen-Tech Power Generation Specialists at (800) 625-8324. Our EGSA certified technicians will be happy to tell you more about the coverage we recommend and our clients’ insurance providers to cover their mobile power generation systems.