Tools and Equipment Insurance

with Hitchings Insurance

If you work in construction, you probably use your tools and equipment every day. Even your screwdriver is essential to what you do, whether that’s electrical wiring, plumbing, or odd repair jobs around clients’ homes. If something happened to your tools and/or equipment, could you continue to do business as normal? Or would you suffer a serious loss of revenue due to stalled operations?

Enter tools and equipment insurance. This coverage fills the gaps left behind in a normal, every day commercial property insurance policy and extends to covering listed tools and equipment, such as hand tools, power tools, heavy machinery, and so forth. This coverage may cover your tools and equipment against a wide variety of potential losses, ensuring you can keep up as business per usual and continue to generate revenue even after the unexpected.

Hitchings Insurance helps you get the best tools and equipment insurance. Whether your business is a massive construction company that works in multiple jurisdictions or it’s just you and a few subcontractors doing odd general jobs around town, you need tools and equipment insurance to protect your valued assets. As a family-owned, full-service, independent insurance agency in Ohio, we’re dedicated to you above all else. You can request a tools and equipment insurance quote for free.

What is Tools and Equipment Insurance?

Think of tools and equipment insurance like specialized commercial property insurance designed to offer financial protection for tools and equipment that are either transportable or equipment that is used to complete work-related projects and construction jobs. Property that can be covered under this type of insurance policy includes hand tools, power tools, measurement devices, heavy construction equipment (excavators, bulldozers), assisting tools, safety gear, and so on. Any item that is valued at $1,500 or less is deemed a tool, whereas any item valued above that amount is deemed equipment.

Basically, a tools and equipment insurance policy will include coverage for:

Theft and Vandalism

If an insured piece of equipment or a tool is damaged due to an insurable peril, your tools and equipment insurance can cover it.

Accidental Damages

If you were working on a job and you accidentally damaged a piece of equipment or a tool, making it unusable, your tools and equipment insurance may cover the costs to repair the piece of equipment that was damaged.

Natural Disasters

If something happened, such as a fire or a storm, and your equipment or machinery was damaged irreparably, tools and equipment insurance may cover the costs to repair or replace your belongings.

Some tools and equipment can be extremely expensive, especially your heavy-duty machinery. More than simply stalling business operations, having your equipment damaged or destroyed entirely is expensive to replace, and not all construction or contracting businesses can afford to cover the costs to do those necessary repairs/replacements. It’s better to be safe than sorry.

What Does Tools and Equipment Insurance Exclude?

Tools and equipment insurance is designed to cover property that is named under your insurance policy and can cover a broad spectrum of different tools and equipment, from your smallest hand tools to your biggest heavy construction equipment, such as your excavators, your bulldozers, and more. It does not cover items that are specifically excluded on your insurance policy, nor will it cover the following:

  • Intentional damages
  • Non-insured damages
  • Damages due to wear-and-tear
  • Tools or equipment that are too old to insure

Different policies will vary in what they can insure, of course. Be sure to review your policy as diligently as you can with your local insurance agent to ensure you have the right coverage.

What businesses need tools and equipment insurance?

Tools and equipment insurance is vital for any business that uses tools and/or equipment to do daily operates. It is especially beneficial for construction companies and contractors who may be working at multiple different job sites.

There are a few industries that may benefit from this coverage, including:

  • The value of the insured items
  • Your business location
  • Insurance history
  • Types of equipment and tools

How Much Does Tools and Equipment Insurance Cost?

It really depends. Your most basic tools and equipment insurance policy can cost around $400-$500/year but it can increase based on these factors:

  • The value of the insured items
  • Your business location
  • Insurance history
  • Types of equipment and tools

Get a Tools and Equipment Insurance Quote with Hitchings Insurance

Hitchings Insurance is a full-service brokerage that is family-owned, and has always been dedicated to serving our communities. Tools and equipment insurance helps our contractors and construction workers maintain peace of mind when on the job, knowing that even if something happened, their precious assets would be insured. We are confident in our abilities to help out our neighbouring businesses, and we believe that helping you find the best tools and equipment insurance is part of that deal. Businesses depend on us for good reason.

Obviously, no two businesses are exactly alike. What works for one construction company may not work for yours. You’ll have to consider different budgets, different risks. We work with a huge range of national and regional top-tier insurance companies to ensure you can get the right options at the best value.

Begin today with your tools and equipment insurance by getting a free quote.