Heavy Equipment Insurance

Heavy Equipment Insurance

Contractors Insurance is one of Ontario’s most trusted commercial insurance brokerage firms specializing in providing personalized business insurance bundles for professionals, independent contractors, and other businesses. 

From excavators and bulldozers to cranes and drilling rigs, these machines are exposed to various threats, including theft, vandalism, accidents, and natural disasters. Heavy equipment insurance protects your valuable assets and provides financial security in case of unforeseen events.

Every day, we create customized insurance for equipment in construction bundles that meet the needs of contractors who operate heavy equipment. Rest assured, our policies will provide you with the financial protection you need—free of unnecessary riders.

When it comes to heavy construction insurance, you’re in good hands with us!

What Is Construction Machinery Insurance? 

Construction equipment insurance, often called contractors equipment insurance, is a specialized type of coverage designed to protect the valuable machinery and equipment used in the construction industry and other related fields. It provides financial protection against various risks, including physical damage, theft, vandalism, and liability claims arising from using your tools and equipment.

Essentially, business equipment insurance acts as a safety net for your business, ensuring you’re not left with crippling financial burdens in the event of unexpected events. It covers a wide range of tools and equipment, including excavators, bulldozers, cranes, loaders, backhoes, and more, whether you own, lease, or rent them.

What Does Contractors Equipment Insurance Cover? 

While specific construction equipment insurance Canada coverage options may vary depending on your policy and provider, here’s an overview of the common inclusions:

• Physical Damage: This machinery insurance coverage protects your equipment from accidental damage caused by collisions, equipment breakdown, fire, theft, vandalism, and even natural disasters like floods or earthquakes.
  
• Theft and Vandalism: Construction sites are often vulnerable to theft and vandalism. This heavy equipment insurance coverage helps replace stolen or damaged equipment.
  
• Liability: If your equipment causes property damage or injures a third party during operation, liability coverage helps protect you from legal and financial repercussions. 
  
• Rented or Leased Equipment: This insurance for equipment coverage extends protection to equipment you may rent or lease for specific projects, ensuring you’re covered even if you don’t own the machinery.
  
• Equipment in Transit: Some contractors equipment insurance policies offer coverage for your equipment while it’s transported to and from job sites, protecting it from damage during transit. 
  
• Financial Loss: If your equipment is damaged or stolen and becomes unusable, this coverage can help replace lost business income during the repair or replacement period.

Who Needs Business Equipment Insurance? 

A heavy equipment insurance coverage plan will be a beneficial addition to your risk management strategy if: 

• you own, rent, or borrow construction tools and equipment.
• you rely on your tools and equipment to finish everyday tasks, and your projects are usually within tight deadlines.
• you have a builder’s risk insurance policy that does not cover more expensive equipment or tools and equipment.

The above qualifiers give an idea of the potential risks surrounding tools and equipment, which are not just investments worth protecting, but also key to keeping your business running.

Ontario Contractors Insurance for Equipment Claims Examples

Leading Provider of Construction Equipment Insurance in Ontario 

One of the reasons we can build long-lasting relationships is that we always put the customer first. We overcome common obstacles in insurance for equipment with relevant benefits, making us stand out from the rest. 

Personalized Insurance Plans

Our personalized contractors equipment insurance plans are tailored to the unique risks of your business. With our heavy construction insurance plans, you can get the exemplary equipment rental insurance and other coverages you need, like business interruption, errors and omissions insurance, without the added costs of unnecessary riders.

Utmost Transparency on Coverage and Limitations

Nowadays, clients prioritize more transparency on heavy equipment insurance, but most excavator insurance companies hide behind jargon. With Contractors Insurance, you can expect to know your insurance plan the same way that we do. You will learn the full extent of your coverage, including its limitations and exclusions.

Thorough and Straightforward Insurance Education

We consider our clients our partners. Count on us as a reliable source of insight and expertise in commercial insurance and risk management. If you have questions about your coverage plan for construction equipment, we’re always just a phone call away.

Frequently Asked Questions About Heavy Equipment Insurance

Ready to Get the Coverage You Need? 

Contractors Insurance is an award-winning insurance brokerage dedicated to personalizing insurance for clients in the construction and trades industry. Whether your business is new or has been operating for years, we’re here to assist you with all your heavy equipment insurance needs.

Certain tools and equipment are needed for your business’s everyday function. Let us help you insure these valuable items so that you can have peace of mind no matter what.

For detailed inquiries about a contractors equipment insurance policy, please contact us today or get started with a quick quote!