Whether you’re are an owner, contractor, or subcontractor, you’re probably going to be renting equipment for a project in the near future. It requires less capital to rent, and some of the equipment is project specific or takes up more storage space than you have. When renting equipments, here are five suggestions to keep in mind when doing so:
1. Do not accept the equipment without thoroughly inspecting it first. Make sure you look the equipment over and make sure there’s no damage. You don’t want to get charged for damage someone else did to the equipment. If there is damage, reject the equipment or make sure you have a detailed signed piece of paper from the company doing the renter acknowledging the damage.
2. Get insurance for the rental: either through your own existing policy, or through the rental company. And make sure the insurance covers everything from damage to the equipment to damage to other persons or things.
3. Only allow trained professionals to use or maintain the equipment. You are usually required to maintain the equipment to a certain level, so make sure the maintenance you do is done by someone experience in using the equipment you rented.
4. Avoid overcharges and meet the scheduled equipment return deadlines, or let them know ahead of time you need it for longer. Per most rental agreements, you will be charged an entire extra day (or week or month, depending on the duration of the rental) if you fail to return the equipment by the allotted time set forth in the contract. For large pieces of machinery, this could mean a significant price.
5. Return it with a full tank. Huge bills for failing to return equipment with a full tank can really hit your bottom line. Often, rental companies will charge more than the regular price of gas, so filling up before you go back can save you quite a bit of money.