Insurance for Tools & Equipment
Bancorp Insurnace has been insuring contractors for over 35 years. Which is why we want to make sure your entire business is covered, including insurance for tools and equipment. We understand that you have a wide variety of hand tools, power tools, and may have larger equipment that you use on a day-to-day basis to run your business. This is why we think it is important for you to have contractor’s tool & equipment insurance.
What type of Insurance for tools and equipment do I need?
Insurance for tools and equipment covers your hand tools, power tools, and other daily tools from theft, vandalism, and physical damage, except for general wear and tear. Insurance for tool and equipment coverage covers all your tools/equipment regardless of where you might be keeping them. We understand that your tools are not all in one place. Most contractors have tools in their home garage, business workshop, job site, etc. This is why we help you cover your tools regardless of where they were and when the loss occurred.
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When would I use my insurance for tool and equipment?
Contractor’s tool/equipment insurance is used mainly when your loss or a claim exceeds your deductible. A deductible is the normally $500.00 per claim. So, for instance, you are on the job site, and someone takes your entire toolbox out of the back end of your truck. More than likely you could have thousands of dollars of tools in that box. In this case, you would pay the first $500.00 to cover your loss and the insurance company would pay the balance.
How much does insurance for tools and equipment cost?
You might be thinking, yeah this all sounds like a good idea, but how much is this going to cost me? Luckily, Contractors tool insurance is inexpensive and depending on the amount of coverage you need you can usually purchase it for approximately $250 a year of unscheduled small miscellaneous tools valued at less than $500 per item. If you have more expensive items or equipment (such as a Bobcat) with a value above $500 you would need to itemize and list those tools with their own value.
How do I purchase insurance for tools and equipment?
We here at Bancorp Insurance are here to help you with any question you might have. We have insured thousands of contractors in Oregon, Idaho and Washington from the small one man operation to the large construction company that runs several crews, has specialty equipment and jobs that can take you from one state to the next. In all cases, it is about quality coverage at affordable prices.