Keep Your Business Moving: Understanding Equipment Floater Insurance

In today’s world, many businesses rely on specialized tools and equipment to operate. From contractors with their tools and machinery to photographers with their cameras and lenses, this equipment is essential for generating revenue. But what happens when these valuable assets are damaged, stolen, or lost? That’s where equipment floater insurance comes in. This guide will break down what equipment floater insurance is, why it’s important, and how it can protect your business.

What is Equipment Floater Insurance?

Equipment floater insurance is also known as inland marine insurance (What an odd name… we know! It really has nothing to do with water or marine line, but we digress!) This is a specialized type of insurance that covers equipment that is moved from one location to another. Unlike standard property insurance, which typically covers items at a specific location, an equipment floater policy protects your valuable tools and equipment wherever they are – whether it’s on your business premises, in transit, or at a job site.

Why Do You Need Equipment Floater Insurance?

Standard business insurance policies often have limited coverage for equipment that is moved off-site. This leaves your valuable assets vulnerable to a range of risks, including:

• Theft: Equipment is a prime target for thieves, especially when it’s left unattended at job sites or in vehicles.
• Damage: Construction equipment, for example, can be damaged by accidents, weather, or vandalism while in transit or at a work location.
• Loss: Items can be lost or misplaced during transportation.
• Transit Accidents: Accidents involving vehicles transporting your equipment can result in significant damage or loss.

Equipment floater insurance fills this gap, providing comprehensive coverage for your valuable tools and equipment, regardless of location.

What Does Equipment Floater Insurance Cover?

Equipment floater insurance typically covers a wide range of equipment, including:

• Construction Equipment: Excavators, bulldozers, generators, and other heavy machinery.
• Contractor’s Tools: Saws, drills, levels, lasers, and other essential tools.
• Photography and Videography Equipment: Cameras, lenses, lighting equipment, and computers.
• Medical Equipment: Diagnostic equipment, surgical tools, and other medical devices.
• Musical Instruments: Guitars, keyboards, amplifiers, and other instruments.
• Computers and Electronics: Laptops, tablets, and other portable electronic devices.
• Other Valuable Equipment: Any specialized tools or equipment essential to your business operations.

What are the Benefits of Equipment Floater Insurance?

• Comprehensive Coverage: Protects your equipment from a wide range of perils, including theft, vandalism, and lost items.
• Worldwide Coverage: Many policies offer worldwide coverage, protecting your equipment wherever you take it.
• Peace of Mind: Knowing your valuable equipment is protected allows you to focus on running your business.
• Reduced Financial Risk: Avoid the significant financial burden of replacing expensive equipment out of pocket.
• Customized Coverage: Policies can be tailored to meet the specific needs of your business and the types of equipment you own.

Is Equipment Floater Insurance Right for You?

If your business relies on equipment that is regularly moved from one location to another, then equipment floater insurance is likely a necessity. This is particularly true for businesses in industries such as:

• Construction
• Photography and Videography
• Music
• Healthcare
• IT and Technology
• Field Services

What are Key Considerations for this Coverage?

• Valuation: You’ll need to determine the replacement cost or actual cash value of your equipment.
• Deductibles: Choose a deductible that you’re comfortable with.
• Policy Exclusions: Carefully review the policy to understand what is and is not covered.
• Regular Updates: As your equipment changes, update your policy to ensure adequate coverage.

Working with Hitchings Insurance:

At Hitchings Insurance, we understand the importance of protecting your business assets. Don’t leave your valuable equipment vulnerable to loss or damage. Invest in equipment floater insurance and gain the peace of mind you need to keep your business moving. Contact Hitchings Insurance today for a consultation, and let us help you find the right coverage for your valuable assets.