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October 23, 2024
christinaharanda

How to Protect Your Tools and Equipment With Contractors Insurance

As a contractor, you may heavily rely on specialty tools and equipment to ensure you’re able to complete quality work while adhering to tight deadlines. Furthermore, these assets may often be costly investments, necessitating appropriate financial protections. That’s why understanding the capabilities and options within contractors insurance should be a top priority. You may face extensive monetary losses following incidents involving your tools and equipment without sufficient coverage. worker, construction, engineer, contractor

What Is Contractors Insurance?

Contractors insurance is a general term that often refers to several separate types of policies consisting of a versatile collection of coverages. This insurance portfolio can be one of your business’s most valuable assets, as it can limit financial repercussions that might otherwise lead to significant losses and even insolvency. Tools and equipment insurance is among the most common and essential components of a suitable contractors insurance package.

What Does Tools and Equipment Insurance Cover?

Tools and equipment insurance may also be generally considered to be a specialized form of inland marine insurance. Regardless of how you think of it, the primary focus of your policy is to financially protect these belongings from accidental loss, damage or destruction. Specifically, covered perils typically include theft, vandalism and accidental damage. This type of insurance offers broader coverages than commercial property insurance, as it can cover items in transit or stored off-site, such as at a client’s location or job site.

How Much Does Coverage Cost?

Rates for tools and equipment insurance may be influenced by a multitude of factors, including the following:

  • Contracting services offered
  • Value of assets
  • How often tools and equipment are moved
  • Claims history
  • Coverage limits
  • Deductible

Get the Right Coverage

Contact American West Insurance Agency Inc. today to learn more or get a free quote.

Categories: Blog

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