Power tool insurance (also known as tools and equipment insurance) can protect you if you run a cleaning or construction business that relies heavily on tools and machines to serve clients.
Power tools and equipment are used by many businesses. They can be insured in a variety of ways depending on the needs of the business. These power tools can include drills as well as grinders, nail guns, and other specialized machinery.
If you’re wondering if tool insurance is worth it, consider the following: the cost, the nature of the work, and your ability to manage financial risks.
Insurance for tools and equipment can cover losses or damage to power tools and accessories due to theft, fire, and accidental damage.
Here are some reasons why you may want to consider business insurance or insuring your power tools.
- Protection against financial losses – Power tools can be a major investment for businesses, and they are expensive to replace if damaged or stolen. Insuring your power tools can help you avoid financial loss and minimize the impact of an unexpected loss.
- Reduce business interruption – The last thing that you want to do is lose money or miss deadlines because your power tools were damaged or stolen. Insurance policies may cover business interruptions and offset the financial impact, allowing you to focus on your work.
- Liability insurance – Using power tools can pose certain risks such as injury or damage to others. Insurance policies like errors and omissions can provide liability coverage if someone is injured, or property is damaged as a result of your work.
- Contractual obligations – If you are in a regulated business or have contractual obligations to clients, it may be necessary for your company to carry insurance.
What tools are covered by insurance for tools?
Power tools can cover almost any item you use to perform your work. Power tool insurance covers:
- Handheld tools like hammers, screwdrivers, and pliers
- Power tools like welders, electric drills, and more
- Heavy equipment tools like cement mixers
- In-shop equipment such as workbenches
- Mobile phones and laptops as business equipment
Protect your business by insuring your tools
We understand that the tools and equipment you use in your business are important to your success. The last thing you want is expensive costs for replacement or repair. Power tool insurance helps minimize financial losses, and can reduce negative impacts on your business. This allows you to focus on your tasks and clients with confidence.
BizInsure offers licensed U.S. advisors who are on hand to answer any questions you may have.