Contractor’s Equipment Insurance

Contractor’s Equipment Insurance is a broad-ranging policy that is designed to protect damaged and missing equipment. It is best to customize your policy to get the precise amount of coverage that your company needs based on your equipment and tools.

Your coverage under Contractor’s Equipment Insurance can vary significantly depending on your specific policy. Usually, the policy will cover the tools and equipment up to their replacement cost within a certain number of years of it being new. Any new tools and equipment that you purchase after the policy takes effect will normally be covered for a specific period. This guarantees that the new equipment is covered, while you’re given an additional amount of time to update your coverage. Depending on the depth of your coverage, you can even extend it to also cover your employee’s clothing and small tools.