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 insurance in Ontario.
Tools and equipment insurance for contractors is designed to cover costs in case tools or machinery are damaged or stolen, regardless of location and even while you are in transit. It is important to have this type of insurance because damages to tools or theft can happen at any moment.
We have provided multiple contractors and other professionals with insurance coverage tailored to their business’ needs. With Contractors Insurance, you can rest assured that your business is in good hands!
What is Tools and Equipment Insurance?
Tools and equipment insurance is a policy that covers costs in case a contractor’s tools or transportable equipment gets lost, stolen, or destroyed. This type of insurance can even reimburse stolen equipment or replace tools damaged by fires or floods.
The following incidents are covered by tools and equipment insurance:
Damaged/Stolen/Vandalised Materials Left On-Site
Sometimes, contractors need to leave specialized equipment or high-powered tools on construction sites for long periods. This makes project sites and buildings prone to accidents, as well as incidents of theft and vandalism. Any damages incurred during unfortunate incidents will be covered by tools and equipment insurance, as well as help pay for the replacement of lost, stolen, or damaged items.
Damaged/Stolen/Vandalised Materials In-Transit
Theft and damage involving tools and transportable equipment can also occur while a contractor is in transit. High-powered tools can sell for large amounts of money, and rarely have distinguishable marks specific to each item. In short, they’re very easy to steal. While replacing one stolen power drill won’t be enough to break the bank, losing a truckload of tools or machinery while travelling can lead to multiple financial liabilities—and even bankruptcy.
Tools Or Equipment Damaged by Natural Causes
Unpredictable weather patterns or damages caused by fires and floods are covered by tools and equipment insurance—whether the items are in storage, in transport, or even left at a construction site.
Who Can Benefit From Tools or Equipment Insurance?
Tools and equipment insurance will benefit you if these apply to your business:
- You frequently transport tools and equipment while in transit to another project location.
- You own the following tools:
- Hand tools
- Power tools
- Safety gear
- Assisting tools
- Measurement devices
- You own the following construction equipment:
- You frequently leave tools or transportable equipment at project sites.
Liabilities involving the above qualifiers can result in costly financial losses for you and your business. Contractors Insurance has years of experience in helping contractors tailor-fit their insurance coverage for the benefit of their business. If you have more questions regarding tools and equipment insurance in Ontario or you’re interested in getting started, we’re happy to assist you!
Why Ontario Contractors Need Tools And Equipment Insurance
Having the right insurance coverage will help ease the financial burden of irreparable tools or stolen equipment. Getting additional coverage for incidents related to third-party injuries or property damage can strengthen your protection against legal liabilities or exorbitant medical fees.
Tools And Equipment Claims Examples
Claims Example #1
One of your employees is installing new wiring inside a client’s property. The tools and machinery are left on site overnight. The next day, you find that the tools have been stolen.
Tools and equipment insurance will cover the replacement costs of the stolen items, amounting to approximately $1,400.
Claims Example #2
You’re working on a construction site when a piece of heavy equipment accidentally damages someone’s car while you’re using it.
Tools and equipment insurance can pay for the damages made to the car as well as repair the equipment for an estimated total of $2,400.
Claims Example #3
Your company is set to build a new house. The construction site gets vandalized overnight, and your tools are in disrepair.
Tools and equipment insurance can pay for the expenses related to the vandalized construction site and the repair costs amounting to approximately $10,000.
Leading Provider Of Tools And 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 experience to our clients, we offer the following benefits:
Personalized Insurance Plans
We offer you insurance plans that are tailored to your business’s needs, without costly riders or other unnecessary expenses. Our team can help you get started with your tools and equipment insurance, and suggest additional 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 insurance coverage. You’ll be fully informed on all the necessary information, such as what the exclusions are, what will trigger claims, and what other benefits are included in your policy. Our experts can also adjust your insurance plan in case you are unsatisfied with some of the elements.
Thorough and Straightforward Insurance Education
We always prioritize our clients—and that includes providing them with clear and concise information regarding the insurance plan they chose. We avoid using confusing jargon and make it a point to explain to our clients what they need to know about their coverage. In this way, we ensure that our clients are very much involved in the personalization of their insurance plans.
Frequently Asked Questions About Tools and Equipment Insurance
The average price of tools and equipment insurance tends to range from $169 to $400 per year. However, the actual price depends on a number of factors, including the type and value of tools and equipment being insured.
For a more accurate quote, contact the Contractors Insurance team.
Tools and equipment insurance is a type of inland marine insurance that protects tools and equipment that regularly move across project sites.
It will reimburse you for costs related to the repair or replacement of covered tools and equipment in cases of vandalism, accidents, theft, or breakage.
Commercial general liability (CGL) insurance, on the other hand, protects the insured against claims for personal injury or property damage arising from a business’ products or operations and those that occur within the business premises.
Unlike tools and equipment insurance, a CGL policy will not cover risks associated with the transportation of your tools and equipment from one site to another.
Engineers and contractors who regularly move tools and equipment from site to site will greatly benefit from having tools and equipment insurance.
Likewise, landscape artists, plumbers, electricians, carpenters, HVAC, cleaning and installation service providers will find that having tools and equipment insurance is convenient and necessary due to the expensive tools their profession requires.
When your profession is highly dependent on your tools and equipment that loss or damage could mean loss of business, then having tools and equipment insurance is essential.
Ready to Get the Coverage You Need?
Don’t leave it to luck.
Ensure that nothing interrupts your business—even when you lose tools or equipment. Get tools and equipment protection with Contractors Insurance today.
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 is here to provide you with the best coverage and competitive rates.
It’s easy to get protected. Call now and get a FREE quote!