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Your tools and equipment are essential to running your business. If they are stolen, lost or damaged, this coverage will get you back to work fast by paying for replacements or repairs.
Make sure your gear is protected all the time, everywhere — including in your vehicle, stored in a trailer or at a job site.
Tools and equipment insurance is available as an add-on to our general liability insurance for contractors and cleaning businesses.
If you’re ready to move forward, you can start a tools and equipment insurance quote today and review your options online in about 10 minutes.
Otherwise, continue reading to learn more about the benefits of having this insurance.
If you’re a general contractor, cleaner or a landscaper, you probably have equipment you take with you to different locations to do your job. Without the right insurance, you would have to pay entirely out of pocket to replace or repair your gear.
Contractor professions that benefit from tools and equipment insurance include:
Tools and equipment insurance is offered as an addition to our general liability insurance policy. Simply select the coverage level that’s right for your business when you apply for a quote online.
Basic tools and equipment coverage can start at $12.50 a month. A Pro policy starts at $24.20 a month or choose a Pro Plus policy for $45 a month.
Your tools and equipment coverage can pay the costs for repairing or replacing equipment up to your policy limit. Here are a few examples of situations where you’ll be covered:
You’re working on the road, and staying at a local motel during the job. Some scoundrel breaks into the trailer you’re towing and takes all of your tools in the middle of the night.
It’s Friday, and you’re feeling fancy, so you take the crew out for a long lunch break. When you get back, you’re ready for a food coma but instead, you realize your on-site shed was broken into. A generator and half of your specialty tools are missing.
Your employee got sloppy and accidentally punctured your air compressor. You’ll need to get a replacement before you can continue your project.
Tools and equipment insurance can provide financial help for repair and replacement costs. For example:
Your generator is stolen from your storage space and you need a replacement.
Your employee’s electric power tools are damaged by a leak at a job site and need to be replaced.
A compressor that you borrowed from another contractor explodes and needs to be replaced. (Note: This coverage is not offered with our basic coverage. Select Pro or Pro Plus.)
There are certain instances where tools and equipment insurance won’t provide coverage, including:
Your power cutter has been with you from the beginning, but it’s rusted to the point that it is no longer usable. Because the damage is related to the rust, it wouldn’t be covered by your policy.
You need a wood chipper for a last-minute landscaping job at a local university. Your Next Insurance policy won’t cover rentals, so you might want to opt for rental insurance from the company where you rent the chipper.
Your tools and equipment coverage is an add-on to the general liability insurance policy that Next Insurance offers. If you only have general liability coverage, you’ll be protected from expenses related to injuries to other people or damage to property that belongs to someone else, but your own tools and equipment would not be covered.
Select tools and equipment insurance when you start an instant quote for your business.
Next Insurance is 100% dedicated to small businesses and self-employed workers. Our online services are streamlined, painless and backed by a team of licensed insurance advisors that can help you at every step of the way.
Start an instant quote today to review options for your business. You can purchase a policy and have a digital certificate of insurance in about 10 minutes.