Tools and Equipment Coverage is a very important element of a successful insurance program. Did you know that if your equipment is off of your designated premises it is not normally covered under your Business Contents Coverage? This is a simple way to cover it. Check out the coverage options below:
This type of insurance will cover your small tools and equipment that is away from your premises (i.e. in a van, tool box, trailer, etc.). The deductible typically runs $100 per occurrence. There is normally a per-tool limit, which can vary. A Locked Truck Warranty applies, meaning there must be visible signs of forced entry in order for the coverage to answer for claims.
This coverage will insure your larger equipment such as tractors, bobcats, loaders, etc. The equipment is listed on your policy with a serial number and a value. Deductibles range from $250 to $ 2,500.
This policy will cover material or items that you intend to install on a customer's premises. For example, a Heating and Air Contractor has possession of a Heat-pump that is to be installed at a customer's home. Coverage is normally purchased in increments of $10,000.
These are the most common of Inland Marine coverages you can purchase. There are many forms of coverage available. Many policies, such as a Business Owner’s Policy will include various limits for all of the above coverage forms automatically (at no additional charge).