Equipment and Tool Insurance

Equipment and Tool Insurance

As the tried-and-tested commercial insurance brokerage in Ontario, Contractors Insurance is committed to providing personalized insurance coverage for clients and tradespeople working in different industries. This includes tools and equipment and tool insurance in Ontario.

Insurance for tools is designed to cover costs if tools or machinery are damaged or stolen, regardless of location and even while in transit. It’s important to have these equipment insurance tools, because damages to tools or theft can happen at any moment.

We have provided multiple contractors and other professionals with tools and equipment insurance coverage tailored to their business needs. With Contractors Insurance, you can rest assured your business is in good hands!

What Is Tools and Equipment Insurance? 

Equipment and tools insurance is a specialized equipment insurance policy designed to protect the valuable assets used in your trade or business. It provides financial reimbursement in case of loss, damage, or theft of your tools and equipment.

This type of commercial property insurance covers a wide range of equipment, from hand tools and power tools to specialized machinery and rented or leased items. Without tools and equipment insurance Canada coverage, contractors carry the financial burden of replacing stolen or damaged equipment, potentially disrupting operations and impacting profitability.

What Does Tools and Equipment Insurance Cover? 

While insurance for tools and equipment coverage policies can be customized to your specific needs, here’s a breakdown of what’s typically included:

• Physical Damage: This equipment and tool insurance coverage protects your equipment from unexpected events like accidents, collisions, fire, theft, vandalism, and even natural disasters, ensuring you’re covered for a repair or replacement cost.

• Theft and Vandalism: Provides financial protection if your tools or equipment are stolen or vandalized.

• Liability: Tools and equipment insurance covers legal and financial costs if your equipment causes damage to someone else’s property or injures a third party, giving you peace of mind.

• Leased or Rented Equipment: Extends protection to expensive equipment you may rent or lease for specific projects, so you’re covered even if you don’t own the machinery.

• Equipment in Transit: Tool insurance protects your equipment while being transported to and from job sites, preventing losses due to damage during transit.

• Loss of Income: Helps replace financial loss if your equipment is damaged or stolen and you’re unable to work, minimizing the financial impact on your business.

• Breakdown Coverage: Apart from physical damage, some tools and equipment insurance policies offer equipment breakdown insurance coverage for mechanical or electrical breakdowns, ensuring you’re protected even if your equipment malfunctions due to internal issues.

Who Needs Tools and Equipment Coverage in Canada? 

Any professional whose business operations rely on tools and equipment, particularly in the construction industry, can benefit from insurance for tools. It’s particularly crucial for:

• General Contractors: Overseeing multiple projects and subcontractors, general contractors often invest significantly in construction tools, equipment, and office equipment.

• Tradespeople: Whether you’re an electrician, plumber, carpenter, or any other skilled tradespeople, your tools are your livelihood.

• Equipment Rental Companies: Companies that rent or lease equipment to contractors need tools and equipment insurance for their valuable inventory.
• Specialized Contractors: Concrete contractors, demolition experts, and other specialized contractors rely on unique and expensive tools and equipment. Tailored tools insurance policies ensure these specific assets are adequately covered.

Ontario Contractors Insurance for Equipment Claims Examples

Leading Provider of Construction Equipment Insurance in Ontario 

One of Contractors Insurance’s strengths is creating and nurturing solid client relationships—and we’re known for our dedicated customer-centric approach to our services. To provide the best possible tools and equipment insurance to our clients, we offer the following benefits:

Personalized Insurance Plans 

We offer equipment and tool insurance, errors and omissions insurance, and other business insurance plans tailored to your business needs without costly riders or other unnecessary expenses. Our team can help you get started with your tools and equipment or excavator insurance, and suggest additional property coverage that will protect your business from unexpected liabilities.

Utmost Transparency on Coverage and Limitations 

We guarantee full transparency of the breakdown of expenses as we walk you through your tools and equipment insurance coverage limit. You’ll be fully informed of all the necessary information, such as what the exclusions are, what will trigger claims, and what other benefits are included in your policy.

Thorough and Straightforward Insurance Education 

We always prioritize our clients—and that includes providing them with clear and concise information regarding their chosen insurance plan. We avoid confusing jargon and explain to our clients what they need to know about their tools insurance coverage.

Frequently Asked Questions About Heavy Equipment Insurance

Ready to Get the Coverage You Need? 

Ensure nothing interrupts your business—even when you lose tools or equipment. Get equipment and tool insurance today with an award-winning insurance brokerage, Contractors Insurance. We have a full range of contractor, trade, and professional liability insurance packages that insure against a wide range of risks.

Our team of specialists are here to provide you with the best tools and equipment insurance coverage and competitive rates. Call now and get a FREE quote.