Why Should I Purchase a Contractor’s Equipment Floater?

As a small business owner, you likely have a lot on your plate. Between managing employees, dealing with customers, and keeping the books in order, it can be tough to find time to worry about the little things. But even if your business is small, there are some important insurance policies you shouldn’t go without. When you're self-employed, your livelihood can be at risk if something happens to your equipment. That's where Contractor's Equipment Floaters come in. Let’s take a closer look at what this policy covers and why you might need it for your business.

What is a Contractor’s Equipment Floater?

A Contractor's Equipment Floater is a business insurance policy that provides protection for contractor's tools and equipment. This type of insurance is important for contractors and all entrepreneurs who rely on tools because it can help to replace or repair damaged equipment, which can be expensive. Contractor’s Equipment Floater can help to protect against loss due to fire, theft, vandalism, or other covered perils. This type of insurance can also help to pay for business interruption expenses if the contractor's or entrepreneur’s business is disrupted due to damage to their equipment.

Who Needs a Contractor’s Equipment Floater?

Many business insurance policies exclude coverage for construction equipment. That's why it's important for contractors to have a Contractor's Equipment Floater in place. This type of policy provides protection for your tools and equipment, whether they're stored at your office, on a job site, or in transit. It covers the cost of replacing lost or damaged equipment, and can even provide protection against business interruption if your tools are out of service for an extended period of time. So if you're a contractor, make sure you're adequately protected by ensuring you have a Contractor's Equipment Floater in place.

This policy also applies to equipment used by other professions such as hair care professionals, audio and visual technicians, and all entrepreneurs who rely on their tools and transport them from job site to job site. Contact your insurance agent to see if you and your equipment can be covered by a Contractor’s Equipment Floater.

How is a Contractor’s Equipment Floater Different From Commercial Property Insurance?

Commercial Property insurance is designed to protect businesses and their property from a variety of risks, including fire, theft, and weather damage. Contractor's Equipment Floater is a specialized type of insurance that covers the tools and equipment that contractors use in their business. While Commercial Property insurance may provide some coverage for contractor's equipment, a Contractor's Equipment Floater policy will typically offer more comprehensive protection. In addition, a Contractor's Equipment Floater policy can be customized to meet the specific needs of a contractor, providing coverage for losses that may not be covered by a standard Commercial Property insurance policy. Contract Equipment Floaters also cover specific heavy equipment or costly equipment that cannot be scheduled under a Commercial Property policy.

Get a Contractor’s Equipment Floater Today!

If you’re a contractor, or entrepreneur who relies on their tools, then you know the importance of having reliable equipment. And if something goes wrong with your tools or gear you need to have protection in place. That’s where a Contractor’s Equipment Floater comes in. This type of insurance policy can help you repair or replace your damaged or lost equipment without breaking the bank. So, what are you waiting for? Contact an agent near you today to learn more about this important coverage and how it can benefit your business.