1. Liability insurance: Liability insurance protects the business against financial claims resulting from injuries to third parties or damage to their property caused by the boom truck's operations. The cost of liability insurance for a boom truck typically ranges from $1,000 to $3,000 per year.
2. Collision insurance: Collision insurance covers damage to the boom truck itself in the event of a collision with another vehicle or object. The cost of collision insurance for a boom truck typically ranges from $1,500 to $4,000 per year.
3. Comprehensive insurance: Comprehensive insurance covers damage to the boom truck caused by events other than collisions, such as theft, vandalism, fire, or weather-related incidents. The cost of comprehensive insurance for a boom truck typically ranges from $500 to $1,500 per year.
4. Cargo insurance: Cargo insurance covers the value of the goods being transported by the boom truck in case of damage or loss. The cost of cargo insurance varies depending on the type of goods being transported and the coverage limits, but it can range from a few hundred dollars to several thousand dollars per year.
5. Workers' compensation insurance: Workers' compensation insurance provides wage replacement and medical benefits to employees who are injured on the job. The cost of workers' compensation insurance for a boom truck business depends on the number of employees and their job duties, but it can range from a few thousand dollars to tens of thousands of dollars per year.
It's important to note that these are approximate figures and actual insurance costs may vary based on specific circumstances. It is advisable to get quotes from multiple insurance providers to compare rates and coverage options.
