One of the greatest risks contractors face, are their tools and equipment being stolen or lost. Contractors can protect themselves from financial loss by covering the smaller assets that help get the job done with the proper insurance coverage.

Commercial Tools & Equipment insurance is coverage designed to protect damaged or missing contracting equipment by covering small tools, employees’ equipment, and clothing, and borrowed equipment.

In the event of a covered loss, Tools & Equipment insurance coverage can help pay for the removal of debris and cleanup after an accident. Contractors’ insurance may help cover losses due to theft and can help pay the costs to expedite a project that is off schedule as the result of a covered loss.

Who needs it?

Contractors, subcontractors and independent tradesman should carry commercial insurance. It not only protects your business, but it is often a requirement by many employers before you can start working for them. Common trades that need contractors insurance include:

  • Construction

  • Carpenter

  • Plumber

  • Electrician

  • Landscaper

  • Painter

  • Handyman

  • Heating & Air

  • Masonry

  • And More!

It’s always good to have insurance in case of accidents, even if it isn’t required contractually.

How much does it cost?

One of the most significant factors that affects your contractors insurance rate is the type of work that’s involved in your specific trade and the tools & equipment used. For example, roofing contractor are exposed to more risks that an HVAC technician isn’t, and vice versa.

Other things that affect the cost of contractors insurance are employees, coverage needs, vehicles, location and claims history.

At Coral Point Insurance we specialize in customizing your quote to match your specific business needs which allows us guarantee you the most accurate quote, with the best coverage at the greatest rate.

Basic Coverages

  • General Liability (GL): often referred to as business liability insurance, is coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations. Typically needed before a contractor can begin work on a job
  • Commercial Auto: Commercial auto insurance is liability and physical damage protection for vehicles, such as cars, trucks and vans, that are used for business. Commercial vehicles require a separate policy because they’re typically exposed to more risk than personal vehicles. You have the choice to cover attached equipment such as ladder racks and permanently attached tool boxes. Individual tools and materials usually aren’t covered under this policy.

Other coverages contractors might need

  • Business Owners Policy (BOP): Packages contractors liability and coverage for personal property and commercial buildings into one policy.
  • Workers’ Compensation: Protects if your employees become ill or injured while at work.