If you're involved in contracting, you're well aware of the substantial investment tied up in your equipment. From heavy machinery like backhoes to power tools and their accompanying cases, the value of professional-grade contractor gear can quickly accumulate, leaving you vulnerable to significant financial losses in case of theft, damage, or destruction.
While your commercial property insurance protects your equipment while it's stationed at your premises, what happens when it's temporarily stored at a job site or in transit between locations?
In such instances, having contractors equipment insurance — also recognized as a contractors equipment floater — becomes essential to ensure your gear is adequately covered.
What exactly is a contractors equipment floater?
As a form of inland marine insurance, a contractors equipment floater is crafted to safeguard machinery, tools, and other equipment utilized on construction sites and projects. The term "floater" denotes that the coverage trails your equipment as it moves from place to place, shielding it while it's deployed in the field or transit.
This stands in contrast to standard commercial property insurance, which only extends coverage to contractor equipment stationed at the designated location listed on the policy. Moreover, typical business auto insurance policies often exclude coverage for cargo or equipment during transportation, underscoring the importance of contractors equipment insurance as the primary avenue for safeguarding mobile or transportable gear.
Contractors equipment insurance can be procured as a standalone policy or as an extension of your existing business insurance coverage. It's worth noting that non-contracting entities, such as municipal governments, can also benefit from this coverage.
What does contractors equipment insurance encompass?
A contractors equipment floater provides coverage for both scheduled equipment (specific high-value pieces) and unscheduled equipment (smaller items falling below a certain threshold), encompassing containers, spare parts, and accessories.
Additionally, supplementary coverages, such as coverage for leased, loaned, or rented equipment, offer added peace of mind when it comes to ensuring you have the necessary equipment to complete your projects.
How else can I safeguard my equipment?
Domino Insurance Agency collaborates with your team to mitigate losses associated with contractors equipment through strategic inventory management, secure storage practices, and enhanced security measures. Our team of risk control experts is readily available to offer tailored advice and actionable plans to minimize theft, vandalism, and safety concerns specific to your circumstances.
