If you have never considered renting a piece of heavy machinery earlier in your business, then there are higher chances that the entire renting equipment process might seem daunting to you. You might wonder what kind of earthmoving equipment you should consider renting rather than buying it and what all factors, you need to consider while renting heavy equipment within your business. To make the process easier, we have gathered the answers to the questions which you need to ask yourself before renting equipment in the business.
Renting equipment is not that much daunting process, all you need to consider a few factors and get in touch with a renowned company that offers heavy equipment and machinery on rent.
Some of the factors that need to be considered while renting heavy machinery include:
Kind of Heavy Equipment Needed
First of all, you need to understand what type of equipment you need in your business. Don’t make things complicated with specifications at this point; rather consider the functions and usage of the equipment you are planning to get on rent. Why you need rented equipment or what is the job for which you need this piece of equipment to accomplish should also be considered. It is important as there are lots of different pieces of equipment available for rent in the market and to do justice with your hard-earned money, it is important to understand the purpose of buying the equipment.
Size/Capability of Equipment
Once you know what kind of equipment you want, another important question is to know what size/capability of equipment you need. For instance, make sure you select the correct wheel loader size such knowing the difference between a Caterpillar 966h and a Caterpillar 950h. Thus, be more specific while considering renting equipment as there are lots of different designs and sizes available in heavy machinery with different horsepower for different industries. Depending on your job, like what is the volume of dirt that needs to be moved or what is the height of the object that needs to be lifted are some of the questions which help in examining the size of the equipment you need to rent.
Now that you have considered the size of the equipment, the next step is to consider the attachments that are included in the item. For instance, some equipment’s’ come with much-needed attachments that you need in your business, so you can opt that equipment which can prove beneficial for your business in a longer run. In case you don’t have much knowledge of the available equipment, then you can browse rental company websites to get the right information.
Duration of the Project
The length/duration of the construction project plays an important role in opting for rented machinery. First of all, you need to know the exact duration of the project and how much time it will take to complete the part of the project that requires the piece of equipment. The ultimate goal of every business owner is to have effective utilization of the available resources and calculate the exact number of hours one needs the rented equipment.
You should rent heavy equipment until that much time only for which it will be used productively and not that it is kept idle, taking up space and wasting your operational money. For some projects to get completed the length may be one day, for other projects it might take weeks or months to complete the project. You can get rental equipment for both the short-term and on a long-term basis. Hence, duration plays a vital role in reducing your heavy equipment rental expenses.
Up-front costs and additional expenditure
Do check for the up-front cost and additional expenditure as well while renting heavy equipment. These costs are not that much troubling in case the amount is less, but things become more stressed in case you have to invest more amount of money in equipment alone. There are a few advantages to businesses like the availability of the machines at any time for any construction project. Up-front cost and additional expenditure can put a financial strain on small-sized companies that are unable to invest most of their resources in renting construction equipment alone. It is better to look for a rental company demanding minimum upfront or no upfront cost.
Pick Up or Delivery
Along with considering the factors related to machinery or heavy equipment, you also need to consider the location of the renting company from where you will collect the machine or equipment. Along with paying focus on the tangible piece of equipment, you need to consider other factors as well, like how are you going to get the equipment from the rental company to your place. Therefore, you or the equipment rental company would need to coordinate a lowbed trailer to pick up and drop off the machinery. In case you don’t have an option of transportation, then also you don’t need to panic as most of the good rental companies offer a delivery service and if you want to take advantage of that as well, shortlist only those rental companies that offer onsite delivery as well. It will help you save transportation costs, storage costs, and time.
Insurance and Protection Policies
While handling heavy equipment, insurance is much important factor to consider. You need to know what can happen in case there occurs an accident, theft, vandalism or other unwanted events at the time a piece of rented heavy equipment is lying at your project site? You need to look for a rental company that offers pre-existing insurance coverage so that in case something wrongs happen at your site, you should not be made liable to pay for the equipment availed on a rental basis.
The above described are the key factors that need to be considered while renting heavy equipment. In case you have limited capital in hand and feel a piece of particular construction equipment won’t be of use after some time, rental is surely the cheapest and most preferred approach among the businesses. The businesses can get freedom from paying maintenance charges, storage, and transportation as well by choosing rental equipment instead of buying them.
So it is beneficial to consider the above factors in case you are planning to rent heavy machinery or construction equipment.