TUESDAY, NOVEMBER 8, 2022
Many businesses rely on movable tools and equipment to complete their jobs. However, these valuable items are often exposed to numerous risks that could result in costly losses. Equipment floater insurance may provide essential financial protection for these types of business property and help your business repair or replace them after a covered incident.
The knowledgeable team at Ed Weeren Insurance Agency Inc. in Austin, Texas, can help you get the insurance that best fits your operation’s needs. Contact us today to get started.
What is Equipment Floater Insurance?
Equipment floater insurance is a type of inland marine insurance that may also be called contractor’s tools and equipment insurance. It is called a “floater” policy because the coverage travels with the mobile property as it is transported to a job site or stored off-site. Standard commercial property insurance may not offer coverage for these types of items and equipment floater insurance can help fill this gap.
What Does Equipment Floater Insurance Cover?
Examples of moveable property equipment floater insurance may cover include:
- Air compressors
- Hand tools
- Power tools
- Jack hammers
- Forklifts
- Ladders
- Scaffolding
- Generators
- Excavators
These and similar items may be covered if they are damaged, destroyed or lost from various perils, such as:
- Fire
- Vandalism
- Theft
- Severe weather
- Water damage
Rented or leased tools and equipment may also be eligible for equipment floater insurance. Additionally, policies that cover tools and equipment if they are mishandled or go missing without a known cause may be available. Reach out to our agents for more information regarding terms, limits and exclusions.
Who Should Consider Equipment Floater Insurance?
Contractors and those in the construction industry should consider securing an equipment floater insurance policy. Additionally, those who work in creative industries (e.g., artists, musicians and photographers) and any professional that utilizes movable tools and equipment may find equipment floater coverage beneficial.
How Much Does Equipment Floater Insurance Cost?
The cost of equipment floater insurance depends on several factors including your business’s industry and location and the value of the property you are insuring and its use. Your selected policy limits and coverages may also influence rates. Reach out to our agents for a quote.
Contact Us for More Information
The Ed Weeren Insurance Agency team can help your business get the equipment floater insurance that best addresses your exposures. Contact us today to get started.
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.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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