Contractor's Tools & Equipment Insurance
Contractors Tools & Equipment insurance covers the tools and equipment that contractors use in their business for theft, fire, and more.
What is Contractor's Tools & Equipment Insurance?
Contractors Tools & Equipment insurance is an essential policy for businesses in the construction and contracting sectors. It primarily covers the loss or damage of tools and equipment vital to the job, including items that are leased or rented, while also extending to cover equipment in transit or stored offsite.
Why You Need It
1
To Meet Contractual Requirements
Many contractual agreements with clients or subcontractors require proof of this type of coverage to ensure that work will not be delayed due to equipment loss or damage.
2
To Protect Their Investment in Tools & Equipment
Tools and equipment often represent a significant investment for contractors. Having this type of insurance helps businesses protect these valuable assets against unexpected losses.
3
To Maintain Business Continuity
Essential tools and equipment can break down or get stolen, leading to work delays. Contractors Tools & Equipment insurance can provide the necessary funds for quick replacements, helping businesses maintain operations and meet project timelines.
Protect Your Tools & Equipment
We will help you find different policies that offer quality coverage at low costs.
What Contractor's Tools & Equipment Insurance Covers
Stolen Equipment
Covers tools and equipment stolen from job sites, storage facilities, or company vehicles.
Damaged Equipment
Pays for the repair or replacement of tools and equipment damaged due to a covered risk like fire, vandalism, or certain weather events.
Equipment in Transit
Protects against damages or losses while transporting equipment between job sites.
What Contractor's Tools & Equipment Insurance Doesn't Cover
Not Covered
Normal Wear and Tear
This insurance does not cover the costs to replace tools or equipment due to regular wear and tear or gradual deterioration.
Not Covered
Equipment Over A Body of Water
Unless you have a specialized policy, most policies do not cover damage that occurs while operating over a body of water.
Reasons To Have Contractor's Tools & Equipment Insurance Coverage
Contractor's Tools & Equipment Insurance is a must have for businesses that need:
To Meet Contractual Requirements
Many contractual agreements with clients or subcontractors require proof of this type of coverage to ensure that work will not be delayed due to equipment loss or damage.
To Protect Their Investment in Tools & Equipment
Tools and equipment often represent a significant investment for contractors. Having this type of insurance helps businesses protect these valuable assets against unexpected losses.
To Maintain Business Continuity
Essential tools and equipment can break down or get stolen, leading to work delays. Contractors Tools & Equipment insurance can provide the necessary funds for quick replacements, helping businesses maintain operations and meet project timelines.
What Does Contractor's Tools & Equipment Insurance Coverage Cost?
Costs can vary based on your location and the specific type of work you perform. Here are some examples of Contractors Tools & Equipment policies for various contractors:
| Fiber Contractor | Excavation Contractor | Asphalt Contractor | |
|---|---|---|---|
| State | IN | TX | OK |
| Value of Equipment | $92,000 | $461,658 | $194,371 |
| Deductible | $1,000 | $1,000 | $2,500 |
| Annual Cost | $722 | $3,565 | $2,916 |
Frequently Asked Questions
What Our Customers Are Saying
I’ve worked with Austin at LandesBlosch. He is upfront and honest, active in the community, and helpful even beyond basic insurance. I’d recommend LB to anyone.
Colton J.
I have been with Guy Landes and the LandesBlosch agency for almost 20 years. Guy Landes and his staff have been there for me and my entire family through several claims as well as guiding us successfully to ensure our family’s ever changing and growing business. Whether you are looking for personal or commercial insurance, you cannot find a more devoted and competitively priced group than the LandesBlosch Group!
Mike S.
Buying insurance can be a daunting task because of the complexity of each policy. LandesBlosch has been a game changer for my business. They held my hand through all the different options that my businesses may or may not needs to make sure I'm not underinsured. This reduces my personal stress and my business liability.
Dalton P.
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