Specialty Contractors: How Do I Cover My Tools and Equipment? 

Specialty contractors rely heavily on their tools and equipment to complete projects efficiently and effectively. These assets are essential for daily operations and represent a significant financial investment. Protecting these tools and equipment from theft, damage or loss is crucial for maintaining business continuity and financial stability.

One of the most effective ways to safeguard these assets is through insurance. However, securing ideal coverage for these critical assets can be complicated. At Wilcox Family Insurance Company, our dedicated team has the knowledge and experience to help you understand and assess various options.

What Types of Insurance Can Cover Tools and Equipment?

You may have various options when seeking insurance for your tools and equipment. Specifically, you may want to familiarize yourself with the following types of coverage and consider how each might suit your business:

• Commercial property insurance—While typically associated with buildings and office contents, commercial property insurance can also cover tools and equipment stored at a fixed location. This type of insurance can help cover risks like fire, theft, and natural disasters. It is ideal for contractors who have a central storage facility for their equipment.

• Inland marine insurance—This type of insurance is specifically designed to cover tools and equipment that are frequently transported from one job site to another. Inland marine insurance offers coverage for a wide range of risks, including theft, damage, and loss during transit. It is particularly beneficial for contractors who work on multiple sites and need to move their equipment regularly.

• Equipment floater insurance—Similar to inland marine insurance, equipment floater insurance covers tools and equipment that are mobile. This policy can be tailored to cover specific items, ensuring that high-value tools are adequately protected. It offers coverage for risks such as theft, accidental damage and vandalism.

We’re Here to Help

Contact Wilcox Family Insurance Company in Fort Myers, Florida, today to learn more or compare personalized quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.