Contractor’s Tools and Equipment

HUB International offers a broad range of coverage for contractors’ equipment and tools.

illustration construction site

Contractors rely heavily on their equipment and tools to perform specialized functions in real estate development, general contracting, excavation, warehouse operations, street and road work. Without properly functioning equipment, contractors are unable to fulfill their duties and make money.

What is Contractor’s Equipment Insurance?

This type of coverage assists with repairing or replacing damaged or missing equipment, from forklifts and backhoes to small, specialized tools. Some coverage types may apply to company-owned equipment, employee supplies and other items you are leasing or renting to get the job done.

Contractor’s equipment is written on an inland marine form, filling in some gaps left by commercial property and auto policies. If you’re questioning coverage, consider this: Construction companies lose over a billion dollars’ worth of equipment and supplies to theft each year. If this were to happen to you, how would you cover the expense?

How Contractor’s Equipment Insurance Works

Will a project require a crane? Do you own a forklift in your warehouse? Your policy covers these items and more equipment used for installation, erection, repair, moving and other contracting projects, in the event it’s damaged by:

  • Fire
  • Vandalism
  • Collapse and overturn
  • Theft

Not only will your policy help repair existing or purchasing new equipment, but it may further assist with:

  • Cleaning up after an accident, including debris removal
  • Losses due to theft, including rewards for stolen equipment
  • Spill cleanup, involving pollutants related to equipment damage
  • Rental Reimbursement

Your policy will not cover all pieces of equipment in your possession. The following are often excluded:

  • Road-only equipment, such as fleet vehicles and company cars
  • Waterborne equipment, such as boats and barges
  • ATVs
  • Golf carts
  • Electronics, including computers and cell phones

Who Needs Contractor’s Equipment Insurance?

Although you might think only large construction companies need this type of coverage, a policy benefits a wide range of businesses:

  • General contractors
  • Agriculture
  • Excavation
  • Wholesalers
  • Warehouses
  • Cities and municipalities
  • Building and property owners
  • Real estate developers
  • Artisan and specialty trade workers
  • Landscapers
  • Companies offering snow removal services
  • Any business regularly using mobile or portable equipment

From bulldozers and backhoes to scaffolding and lifts, HUB International covers it all. See how much you can save on your next contractor’s insurance policy.

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