• Make a decision whether to provide the insurance certificate or not.
• Check out the unit on delivery and make note of any existing damage.
• Keep control of the unit in the field, including keeping other contractors off of it.
• If you incur any damage, note it to the driver when the pick-up is made in order to control your risk.
• Try to avoid presenting the claim on your company policy to keep premiums in check.
• Work a deal out with the rental company. Offer them more rentals, pay a little more on future rentals, refer them to other contractors -- anything to spread out the cost of the repair.

If you wish to avoid all this damage risk exposure, there is a new product making its way into the market, whereby the Loss Damage Waiver offered by the rental company now covers damage. Wow -- in about two seconds flat, you just got rid of your damage exposure; no longer have to supply insurance certificates; no longer have to present damage claims to your primary insurance company; and, in general, made your life easier.

The cost of this LDW is a percentage of your rental billing, similar to how rental companies now charge for this service. It may be a little higher than before, but it is still a bargain -- flexible insurance coverage that you pay for when you use it.

If you have questions about this coverage, you can contact Jim Ricker, insurance consultant at J. Griffin Ricker & Associates, and he can help you understand it. His number is (614) 851-9233.

Garry Bartecki is the managing member of GB Financial Services LLP and VP Finance for the Associated Equipment Distributors. He can be reached at (708) 347-9109 or gbartecki@comcast.net.