All contractors use tools and equipment to apply their skill to their work. That equipment represents investment of time and money, sometimes a lot of investment.
The loss of a piece of equipment can cripple your business. When that piece of equipment belongs to an equipment rental company, the loss can be compounded. That is where Contractors Equipment coverage (aka Inland Marine) can protect you.
These are just a few of the types of damage or loss that can affect your business:
- A backhoe, crane, or even hand tools are damaged during transport from your yard to the job site.
- Fire, earthquake, flood, etc. damages tools and equipment. Total theft of equipment or tools leaves you without a way to make a living.
- A large piece of equipment topples over during use, causing extensive damage.
- Two units at a job site are both damaged in a collision.
Contractors Equipment coverage can respond in these scenarios and more. Any piece of unlicensed equipment is considered Contractors Equipment, even if street legal.
Who Needs Contractors Equipment Coverage?
Any business that uses equipment (large or small) needs contractors equipment coverage. The obvious candidates for this coverage are contractors such as roofers, pavers, plumbers, carpenters, excavators, painters, builders and mining operations. Even municipalities need this coverage for all of the money they have invested in equipment – Construction, Snow removal, Building, or Road Maintenance operations. If your business owns, leases or rents tools or equipment, this coverage makes sense for you. It usually will be required by the rental company or any bank that loans you money for your equipment purchase.
What Can Be Covered?
- Contractors equipment coverage is wide-ranging and includes any of the following:
- Backhoes, forklifts, road graders, bulldozers
- Generators and compressors
- Cranes and earthmovers
- Concrete Mixers
- Hammers, shovels and other hand tools
- Computers, Printers, Laser levels, X ray machines, you name it – we insure it
- We also cover equipment for your office contents and buildings
Coverage can be written on a blanket or scheduled (listed) basis and may include coverage for rented or leased equipment, as well as newly purchased equipment. Equipment is covered whether it is in your yard, in transit, or at the job site.
How We Can Help:
The brokers at Hayes Insurance Agency will work to ensure that your valuable contractors equipment is covered to protect you, your bank, and the equipment rental company.
Coverage can be written to include equipment that is new or old, whether it is owned, leased, rented, or borrowed. Endorsements are available to include loss of use, rental reimbursement coverage and replacement cost coverage for newer equipment. We even offer stated value coverage. A wide range of deductible options are available. Any size equipment schedule can be insured.
Because we work with over 200 different carriers, we are confident we can provide the best policy for you and your business. We have capacity to 500,000,000 per client for contractor equipment. We have been insuring contractors since day 1, over 30 years. Call us today or request a quote.