Understanding Equipment Coverage for Artisan Contractors

As an artisan contractor, your tools and equipment are the backbone of your business. Whether you’re a carpenter, electrician, plumber or general contractor, safeguarding these assets is crucial to avoid costly setbacks. At Farley Insurance Services, we’re dedicated to helping you secure appropriate coverage for your tools and equipment.

The Importance of Insurance

Tools and equipment insurance is designed to protect your valuable assets from various risks, including theft, damage and loss. Without this coverage, replacing stolen or damaged tools out of pocket can be financially devastating. This type of insurance provides peace of mind, allowing you to focus on your work without worrying about unexpected expenses.

Types of Coverage Available

When insuring your tools and equipment, consider the following types of coverage:

• Replacement cost coverage—This can help if your tools are lost or damaged by potentially covering the cost of replacing them with new ones.

• New tools coverage—Some policies automatically extend coverage to new tools and equipment as soon as you acquire them.

• Theft coverage—This can cover tools and equipment if they are stolen from a jobsite or your business.

• Pollutant cleanup coverage—If damaged tools release pollutants, such as diesel fuel, your policy can help cover the cleanup costs.

Choosing the Right Policy

Selecting the right insurance policy involves assessing your specific needs. Consider the value of your tools and equipment, the types of jobs you undertake and the potential risks involved. For example, if you regularly transport tools and equipment off of your business’s premises, you may require inland marine insurance, which can extend your coverage to incidents on jobsites or while in transit. Work with an insurance provider experienced in artisan contractors’ needs to tailor a policy that fits your business.

How to Get Insurance Near You

Contact Farley Insurance Service in North Port, Florida, today to learn more about coverage options for tools and equipment.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.