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Lessor or Lessee,
Be Certain of Your Coverage

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Picture the typical business location. Equipment is supplied from any number of sources — sometimes due to short-term needs, other times simply for financial convenience. Consider copiers, office furniture, trash receptacles, fencing, and construction-site scaffolding or portable toilets, to name but a few. For business owners, such equipment can mean increased liability and property insurance exposure. For the owners of the temporary equipment, the concern is what will happen if the equipment is damaged or if the equipment's presence at the renter's location somehow contributes to a liability claim.

Business owners routinely transfer risk through contractual agreements such as leases that contain specific insurance requirements. They may enter into such contracts with little focus on their contractual obligations or how their current insurance will or will not apply to the rented equipment.

Whether your role in the transaction is lessor or lessee, speak to your agent about your exposure. Your agent can help you understand the insurance coverage you may already have in place — or will need — for these exposures.

©2014 Selective Ins. Group, Inc. (Branchville, NJ). "Selective" insurers include Selective Ins. Co. of America, Selective Ins. Co. of New England, Selective Ins. Co. of N.Y., Selective Ins. Co. of South Carolina, Selective Ins. Co. of the Southeast, Selective Way Ins. Co., Selective Cas. Ins. Co, Selective Fire and Cas. Ins. Co and Selective Auto Ins. Co. of N.J. Insurers and products available vary by jurisdiction.