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January 20, 2025
Agency

Does Your Contractors Insurance Cover Tools and Equipment?

Tools and equipment are essential to your work as a contractor. They represent a significant investment and are crucial for completing projects on time and within budget. However, these valuable assets are also vulnerable to theft, damage and loss. This raises an important question: does your contractor’s insurance cover tools and equipment?

Understanding Tools and Equipment Insurance

Standard contractor insurance policies, such as general liability and commercial property insurance, typically do not cover tools and equipment. General liability insurance can financially protect against third-party claims of property damage or bodily injury caused by your business operations. In contrast, commercial property insurance covers damage to your business premises and stationary equipment. However, these policies often exclude coverage for tools and equipment that are mobile or used off-site.

Inland Marine Insurance

You need a specialized form of insurance known as inland marine insurance to protect your tools and equipment. Initially intended to insure goods moved by sea, inland marine insurance has evolved to also cover items transported over land. This type of insurance is ideal for contractors who frequently move their tools and equipment between job sites.

Coverage Details

Tools and equipment insurance, a subset of inland marine insurance, can offer coverage for a wide range of risks. It can cover tools and equipment owned by you, as well as items borrowed or rented from others. This insurance can help you replace or repair your tools, minimizing downtime and keeping your projects on track.

Choosing the Right Policy

When selecting a tools and equipment insurance policy, consider factors such as coverage limits, deductibles and the specific risks covered. Some policies may also offer additional benefits, such as coverage for employee tools and clothing or protection for tools stored in vehicles or trailers.

Learn More

Contact Morgan Marrow Company today to discuss your insurance portfolio.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

 

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