Tools and Equipment Insurance

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What is Tools and Equipment Insurance?­­­

Tools and Equipment insurance* covers you for loss and damage to tools and equipment associated with your business due to theft, fire and other events listed in the policy wording. It’s an optional form of coverage that can be added to some General Liability policies.

Small business owners use various tools and equipment to do their job and keep their businesses running smoothly. From power tools and generators to laptops and cell phones, Tools and Equipment coverage can help you protect your finances when unplanned replacement or repair bills come your way.

Finding Tools and Equipment insurance for your small business is simple with BizInsure. Get instant quotes from top-rated insurers in minutes and save.

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What does Tool Insurance cover?

Tools and Equipment insurance provides valuable coverage for your ‘tools of the trade’ and other equipment vital to running your small business. This might include items such as:

  • Hand tools
  • Power tools
  • Compressors
  • Generators
  • Paint sprayers
  • Cell phones
  • Laptops
  • Tablet

With Tools and Equipment insurance, you’re covered if the tools you own and use are damaged, lost or stolen. It helps protect your wallet against costly repair or replacement bills, whether your equipment is used by you, an employee, or borrowed from another contractor.

What’s not covered by Tools and Equipment insurance?

Tools and Equipment insurance covers a lot — but it won’t provide coverage for events such as:

  • Corrosion
  • Rust
  • Normal wear and tear
  • Misuse

Rental equipment is also not covered by Tools and Equipment coverage. If you rent equipment from a third party, you may want to opt for insurance through the rental company.

Tools and Equipment insurance does not cover vehicles. You may consider commercial auto insurance to protect your business trucks, vans, or other vehicles.

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You can relax knowing you’ve secured the right insurance at a competitive price. BizInsure’s licensed and knowledgeable agents are here to help you find the right product.

Who needs Tools and Equipment insurance?

Anyone who brings their own tools and equipment with them to do their work may want to consider this coverage.

Tools and Equipment insurance covers many professions and small businesses, including:

  • Carpenters
  • Cleaners and Janitorial
  • Contractors
  • Construction & Installation
  • Electricians
  • Handyman
  • Lawn & Landscaping
  • Painters
  • Plumbers

Could it happen to you?

Tools and Equipment insurance helps you repair or replace many items that are crucial to your work after events such as:

  • Your tools are accidentally damaged by another contractor while on a worksite.
  • Equipment is stolen from your locked vehicle.
  • Tools and equipment are vandalized despite being securely stored after use.
  • You borrow another contractor’s tool and accidentally damage it.

Your policy documents will provide full details of when you are and are not covered.

How much does Tools and Equipment insurance cost?

Tools and Equipment insurance is an optional coverage offered with some General Liability policies. The amount you pay for General Liability and Tools and Equipment coverage will be determined by several factors, such as:

  • The nature of your business 
  • The amount of coverage you need or want
  • Your annual revenue/turnover
  • How many people are being covered by the policy

Comparing policies from multiple insurers is one way to understand how much Tools and Equipment insurance will cost for your small business.

How do I get Tools and Equipment insurance?

With BizInsure, you can purchase a General Liability policy with Tools and Equipment coverage online and get your certificate of insurance in 10 minutes or less. Here’s how:

  1. Answer some questions about your business and compare instant quotes.
  2. Adjust the coverage limits to suit your business needs.
  3. Buy and get instant coverage!

Your insurance will begin immediately after payment. You’ll have instant access to your certificate of insurance.

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Frequently Asked Questions

What other types of insurance do contractors need?

Tools and Equipment insurance protects your ‘tools of the trade’ and other equipment vital to running your small business. However, you may consider other types of insurance to cover other everyday risks you might face.

Learn more about other types of coverage available through BizInsure:

  • General Liability
  • Business Owner’s Policy
  • Workers’ Compensation
  • Professional Liability

Can contractor’s equipment coverage be added to a Business Owner’s Policy?

Tools and Equipment insurance is an optional coverage offered with some General Liability policies. 

It cannot be purchased as a standalone policy or on its own through a Business Owner’s Policy. However, Tools and Equipment insurance may be available through General Liability coverage bundled with other Business Owner’s Policy coverages.

How does contractor’s Tools and Equipment insurance work?

Contractors can use Tools and Equipment insurance to help protect their ‘tools of the trade’ and equipment that is vital to doing their job or running their business.

There are two ways to insure your tools and equipment: for their replacement value or their actual cash value.

Insuring for the replacement value helps pay for purchasing a brand-new item to replace tools and equipment that are lost or damaged at a worksite.

With actual cash value, an insurance company will reimburse the compromised tools and equipment by looking at the item’s current market value and then factoring in depreciation from the number of years that the item was used.

How can I save money on contractor’s Tools and Equipment insurance?

Small business owners can save money on their Tools and Equipment and other business insurance without compromising their coverage. Ways to help manage the costs of your insurance include:

  • Picking bundled insurance packages
  • Paying your premiums yearly rather than monthly
  • Taking steps to manage common risks to avoid unnecessary claims
  • Choosing a deductible that balances your budget and coverage needs

Can I purchase a standalone Tools and Equipment insurance policy?

No. BizInsure’s insurer partners offer Tools and Equipment coverage as part of their General Liability policies but not as a standalone policy.

Bundling Tools and Equipment and General Liability insurance can provide you with more comprehensive coverage, generally at a lower price than if you purchased two standalone policies.

As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Coverage for claims on the policy will be determined by the insurer, not BizInsure.
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