Equipment insurance is a type of insurance that covers you against theft or damage to any tools you use to carry out your daily trade. Having cover in place means you’ll be able to claim for any lost, damaged, or stolen equipment.
Coverage Options
- Coverage for tools and equipment under its replacement cost coverage benefit
- Scheduled equipment that is less than five years old at the time of loss is covered on a replacement cost basis with the option to purchase additional replacement cost valuation options
- Employee tools and clothing are also covered under the equipment insurance policy
- Tools and equipment that are purchased after an equipment insurance policy takes effect will automatically be covered for a period of time; this way the newly purchased equipment is covered while the commercial contractor has time to update their policy
- Coverage extends to items in transit, not just on the job site
Target Classes
- If your business relies on any specialist tools to function, then it’s worth adding equipment insurance to your cover
- Trades like plumbers, contractors, electricians, engineers, and carpenters with tools to protect
- If you work in the creative sector (photographers, journalists, artists, and small shops) you should consider getting coverage
