Many small business owners think of insurance coverage as protection for their property. But it is also necessary to account for smaller assets – valuable commercial items that might get forgotten about when thinking of the larger picture.
Tool and equipment insurance coverage, also known as inland marine insurance, is designed to protect high-value, movable property, like tools and other mobile equipment. This type of coverage is highly recommended for contractors and other business owners who often take their tools with them to the jobsite.
Organizations that rely on hand-held tools should make sure that those items are properly protected with a comprehensive insurance plan. Partnering with a solutions provider like Aegis Insurance Markets will provide you with peace of mind knowing that you have the proper insurance for all your tools and equipment.
Some insurance companies might offer inland marine insurance as a supplement to existing policies, such as contractor general liability.
It is also important to note that tools and equipment insurance is designed for larger devices such as welders, generators, nail guns and other expensive portable equipment. Hand tools are usually covered on a blanket basis, with no list or schedule, and no item can exceed $500 in value.
A thorough insurance plan accounts for damages resulting from a multitude of situations. Property damage or theft are not limited to a company’s main location. As such, it’s important for business owners to keep all assets safe under an insurance plan.
The professionals at Aegis Insurance Markets will find a solution for tools and equipment insurance coverage that caters to the individual needs of a business. By working with owners, and listening to their concerns over what items need to be included in the plan, Aegis will find a comprehensive solution.