EQUIPMENT COVERAGE INSURANCE

Are My Tools and Equipment Covered?

Jan 072022
 

Are My Tools and Equipment Covered?

This is perhaps the most commonly forgotten part of protecting your business. Many have the misunderstanding that Commercial Auto will cover items stolen from your work vehicles or General Liability will cover equipment stolen from the jobsite. Wrong! Tools and Equipment will only be covered on a Tool & Equipment Policy. Usually we will need the bulk value of all your hand tools and small equipment. Then separately we will need an itemized list of all tools or equipment valued over $1500. On this list you will need the name, make, model, value and serial # for each item. We have some excellent prices to offer you!

TOOL AND EQUIPMENT INSURANCE

Dec 132021
 

We sold an equipment policy that included coverage on this excavator!

General Liability Insurance protects your business from expenses related to damaged property that belongs to someone else.  Your own tools, and equipment not covered under your General Liability insurance policy.

Tool and Equipment Insurance will pay to replace or repair your tools and equipment if they are stolen, lost, or damaged. (This insurance does not cover rust or normal wear and tear.) We recommend tools and equipment insurance for anyone who brings their own equipment to different locations in order to complete the job.

What is covered:

  1. Equipment owned by you
  2. Employee tools
  3. Rented equipment (not offered with basic coverage)

You’ll be covered if:

  1. Your equipment is stolen from a trailer
  2. Your tools are stolen from a job site
  3. Someone damages your equipment

Equipment Coverage

Dec 132021
 

There is a misconception that general liability or commercial auto insurance will cover damaged or stolen tools, however a seperate policy is needed in order to keep your tools and equipment safe. The amount of coverage you need is based on the tool/equipment value. If the equipment or tool is worth more than $500, you will need to list the individual item on the policy otherwise, it is a bulk value for all of your hand tools and equipment.