Streetsmart insurance Blog
Unlike lawyers or accountants, contractors rely on sophisticated equipment to complete projects on time and on budget. If that equipment is stolen, damaged, or destroyed, you will be forced to replace it so that you can continue working.
Unfortunately, general liability insurance does not cover equipment, tools, or other physical assets. Commercial property insurance will cover physical assets like merchandise, supplies, and equipment, but only while they are located at the location listed on the policy.
What Is Contractor’s Equipment Insurance?
Contractor’s equipment insurance can protect contractors from financial loss by replacing equipment that is damaged or destroyed by a covered peril. Unlike commercial property insurance, contractor’s equipment insurance covers tools and equipment that are used at job sites. This added benefit gives contractors the freedom to move their equipment to other locations without losing coverage.
Contractor’s equipment insurance also has additional coverages that can help contractors get back to work. Rental reimbursement coverage can cover the cost of renting temporary equipment, while reimbursement of income can pay for operating expenses while the policy holder is unable to work on a project.
How Can I Obtain Contractor’s Equipment Insurance?
Make A List – Take an inventory of all of your equipment, including tools, hand held devices, and mobile equipment that you use at job sites. Include the brand, model, and retail price of each item so that your insurance agent can give you the right amount of coverage.
Meet With Your Insurance Agent – Give your list to your insurance agent so that they can price your policy appropriately. Your agent will help you compare insurance companies and policies so that you can find the right fit. This is the perfect time to ask your agent about options that can lower the total cost of your policy, including your deductible, coinsurance, and replacing your equipment at full cost.
Street Smart Insurance is committed to providing affordable coverage. Whether you are looking for your first contractor’s equipment insurance policy or you are shopping for a better price, our agents are ready to help. Call us at 732-462-8343 for a free quote!