Protect Expensive Machinery, Tools and Equipment On And Off Site With Specialty Insurance For Contractors
If your forklift breaks down during a job or your toolbox is stolen at a construction site, paying out of pocket will affect your bottom line negatively. These incidents are common onsite, in transit, offsite and even in storage out of business hours. Contractor insurance can pay for costly replacements and repairs so that you don’t have to.
Who Needs Contractor Insurance?
Besides protecting your business, contractor insurance can give you a leg up on competitors when it comes to attracting clients. Generally, most employers prefer to hire professionals who have this insurance in order to protect their assets. You will need this insurance if your trade involves:
- Construction
- Landscaping
- Carpentry
- Plumbing
- Painting
- HVAC installation and repair work
- Masonry
- Pressure washing
Among other services that can benefit on-site jobs. Even if you do not need coverage contractually, acquiring contracting insurance just makes sense from a business point of view.
Besides protecting costly equipment, inventory, consumable supplies, and tools, it can make your enterprise trustworthy in the eyes of potential employers.
How Contractor Insurance Works
Also known as inland marine insurance, tools and equipment insurance goes where your property goes. It is ideal for contractors who are constantly on the move and who regularly take expensive and/or heavy equipment with them for a job site. Naturally, theft, the weather, damage in transit and vandalism are constant threats onsite and offsite.
Contracting insurance can prevent financial losses against tools that are lost, stolen or ruined, such as:
- Mobile property – Equipment and tools that are transported from one job site to another or from a facility to a job site.
- In-transit property – Equipment and tools that are shipped or transported.
- Property that remains in a moveable location – Such as a food truck with a stove or oven inside.
This is important because in the construction business, you take the tools of the trade with you. Unlike stationary job sites, this means that your precious assets are constantly under threat of damage and theft. You cannot be everywhere at once, after all.
Contractor insurance can ensure you can have complete peace of mind knowing you can recover losses in case of an incident or accident. This includes:
- Tool And Equipment Coverage – this insurance covers large equipment such as a forklift along with smaller tools whether they are in a vehicle or being used on a job site.
- General Liability Coverage – This coverage covers property damage that you or your staff may cause. If you are working as a subcontractor, project managers, and general contractors may ask to see this to determine whether they should employ your services or not.
- Coverage For Installation – This coverage involves items that may be left at a job site for a current project you are working on such as lumber, pipes etc.
Before starting a contracting business, you may have difficulty determining which type of contractor insurance coverage you should choose. Our dedicated team of local insurance agents will work with you to determine options that can work for your business as it grows.
Discuss Contractor Insurance Options At One Of Our 3 Insurance Offices.
As a dedicated business insurance agency, we understand the importance of protecting a business against liabilities and risks whether it is a new venture or an existing one.
Allow us to help you protect it with reliable contractor insurance. Anyone of us can sit down and evaluate your individual situation with proper business insurance coverage. We have local insurance offices in Centerville (Dayton) Ohio, West Chester (Cincinnati) Ohio, and Northwood (Toledo) Ohio.
