As a first-timer, you may not know the ins and outs of renting construction equipment. This article will explore the cost of renting construction equipment, the importance of insurance coverage, and tips for choosing the right construction equipment rental companies. You’ll also discover how to find a rental company that’s open outside of normal business hours. The first step to starting an equipment rental business is defining your audience. It’s helpful to understand your competition before making a business decision.
Cost of renting construction equipment:
The costs of renting construction equipment are generally much lower than buying it. When you rent construction equipment, you get exactly what you need at a lower cost and with fewer hassles. Renting construction equipment also means no idle equipment or storage fees. Before, contractors would call their preferred suppliers for quotations. This approach came with several disadvantages and was not always convenient for both parties. Listed below are some of the benefits of renting construction equipment.
First-timers renting construction equipment may not be familiar with the many types of insurance coverage available. While many construction insurance policies cover the full cost of leased equipment, others may have special requirements for renting high-value or hazardous equipment. For these cases, it’s wise to buy additional insurance coverage through the rental company. If anything happens to the equipment, the owner can be compensated for it.
Choosing a rental company:
Before leasing a piece of equipment, you should evaluate the company’s logistics. While some construction companies have their equipment fleet, others lease equipment to meet various needs. Some construction companies also have separate divisions dedicated to managing their equipment fleets, which can help them control costs and meet the needs of internal clients or sister companies. If you’re unsure which option is best for your business, renting may make more sense than leasing. It’s also important to check into the depreciation issues as well.
Look for quality:
Quality is another important factor in renting construction equipment. A company should offer the most appropriate equipment for the job and help you find it. Depending on the nature of your job, a company should have a wide selection of brand-new machines. New equipment often has advanced technology that improves productivity. Older equipment may not meet EPA requirements, keeping workers from the job site. A company should offer the latest technology, like tier 4-engines and EPA-compliant models.