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What is Equipment Insurance?


Business contractor’s equipment coverage is a broad-range type of insurance policy that is designed to cover any missing or damaged equipment. It can typically be extended to provide coverage beyond your basic tools and equipment, and both borrowed equipment and clothing are also included in most contractor equipment insurance policies.

What exactly is a contractor's equipment insurance policy?

In the event of a loss that is covered under your policy, contractor equipment insurance could help to pay for the removal of any debris and the clean-up operation following an accident. It can also help to cover any losses that arise from a theft, and if a project falls behind schedule as a result of this loss, it can help to pay towards the costs of expediting that project too.

What Does a Contractor’s Equipment Insurance Policy Cover?

Although every instance of a contractor’s equipment insurance policy will vary somewhat from one provider to the next, generally speaking, a contractor’s equipment and tools will be covered. You will need to provide a full schedule of your tools and equipment to your insurance company that outlines all o the items you already have, and if you buy new equipment, you will also need to inform your insurance company of this.

Different insurance companies will have their own terms as to the amount of insurance they will payout for a replacement, and you can usually pay a premium to flex this coverage up and give you a better level of coverage for your essential tools and/or equipment. It is so important to make sure you select the right policy based on your needs, and while itemizing equipment and associated costs might not be the most appealing use of your time; in the event of a claim, you will be thankful you invested the time.

You will also get coverage for your clothing and tools under a contractor’s equipment insurance policy. This will cover goods in transit, as well as those which are located at a worksite. In most cases, you are given the option to upgrade your policy to suit a range of replacement cost valuation choices. This will alter the coverage and the premium, but it can also prevent you from having to cover additional costs in the event of a theft or damage to your equipment and tools.

Speak with a commercial insurance expert for guidance and prices on contractor’s equipment insurance coverage options. They will be happy to work through a range of cost-based scenarios with you to ensure you are getting the best deal and the level of coverage you expect from your equipment insurance coverage.

Will a Contractor’s Equipment Insurance Policy cover the clean-up of any pollutants following equipment damage?

In most cases, your equipment insurance policy will cover the cost of a clean-up operation and the full removal of any pollutants that result from a loss that is covered. So, if an item of heavy equipment is damaged, and this results in a fuel leakage, your equipment insurance will help cover the cost to clean up the spillage.

In addition to the above, if your damaged equipment causes your project to be delayed, then your policy could also cover the costs to help you expedite the project as well.

Will a contractor’s equipment insurance cover any borrowed or leased equipment?

While it’s always important to confirm the exact coverage with an insurance company before you buy equipment insurance, in most cases, any equipment that is borrowed or leased will be covered. There are always going to be policy limits in place; as such, you should check that you have adequate coverage on your insurance policy for the equipment you are borrowing or leasing.

Buying Insurance for Contractor’s equipment and tools

Contractor’s equipment insurance isn’t just for individual contractors if you are a business who owns valuable equipment that is moved around, this type of equipment insurance can provide coverage for the gaps that exist between a commercial auto insurance policy and commercial property insurance. If you have bulldozers, excavators, diggers, pavers, forklifts, backhoes and more, then you can buy equipment insurance that covers that equipment as it is moved from one location to another.

Do you still have any unanswered questions about equipment insurance?

Speak with an expert commercial insurance agent today to find out the cost of getting your essential protect equipment insured. They’ll be ready to answer any questions and will usually be able to follow up with a quote on the same day.


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