Contractors Equipment Insurance

What Is Contractors Equipment Insurance?

Commercial contractors equipment insurance is a broad-ranging policy designed to cover damaged or missing contracting equipment. A contractors insurance policy can extend beyond simply covering equipment; it can also cover small tools, employees’ equipment and clothing, and borrowed equipment.
In the event of a covered loss, contractors equipment coverage can even help pay for the removal of debris and cleanup after an accident. Contractors insurance also helps cover losses due to theft and can help pay the costs to expedite a project that is off schedule as the result of a covered loss.
A contractors equipment insurance policy from The Hartford covers tools and equipment under its replacement cost coverage benefit. Scheduled equipment that is less than five years old at the time of loss is covered on a replacement cost basis with the option to purchase additional replacement cost valuation options. Tools and equipment that are purchased after a contractors equipment insurance policy takes effect will automatically be covered for a period of time. This way the newly purchased equipment is covered while the commercial contractor has time to update their policy.
Employee tools and clothing are also covered under contractors equipment insurance policy. The Hartford will cover employee tools and clothing up to $500 per item or $2500 per occurrence. This coverage is not limited to tools and clothing located on the job site; it also extends to items in transit.
Sometimes commercial contractors have an assortment of tools that are smaller and unique. Often, these smaller tools are not scheduled in a contractors equipment insurance policy. The Hartford will provide commercial contractors with coverage for these unscheduled, miscellaneous tools up to $500 per item and up to $10,000 for any one occurrence.
Yes, contractors equipment insurance from The Hartford covers equipment that is rented or borrowed, to and from other individuals and businesses. The Hartford’s contractors insurance can provide up to $50,000 of coverage for any one occurrence to help pay for damages to the policyholder’s equipment that is in the possession of another person or business and under a written agreement. This policy can also provide up to $100,000 of coverage for damage that occurs to property, equipment and rigging that is in the possession of the policyholder but borrowed, leased, or rented from another individual or business.
The Hartford’s contractors equipment insurance can also provide up to $50,000 in coverage for businesses liability for leased, rented or borrowed equipment that is damaged in transit.
Yes, contractors equipment insurance from The Hartford provides coverage for the costs of the cleanup and removal of pollutants resulting from a covered loss. For example, if a piece of heavy equipment breaks and leaks hydraulic fluid, fuel or other contaminants on the jobsite, The Hartford’s contractors insurance policy can help cover the costs to clean up the spill. Our contractors equipment insurance provides up to $25,000 per policy period to cover any legally imposed expenses a business occurs when removing or extracting pollutants from land or water that were released as a result of a covered loss or accident.
Businesses can also rest assured knowing that The Hartford’s contractors equipment insurance can cover costs to expedite a project’s completion when it is behind schedule due to a covered loss. For example, if a business needs to pay for additional labor or expedited shipping of replacement tools and equipment to meet deadlines, our contractors equipment coverage can provide up to $25,000.
The Hartford supports best practices that help protect against theft and lead to the safe return of stolen equipment. For example, The Hartford may waive a business’s theft deductible if the stolen equipment has been fitted with an operational GPS or similar tracking device and is scheduled on the policy.
The Hartford’s contractors equipment policy can also reimburse businesses up to $5,000 for rewards that the business pays that lead to the successful return of substantially undamaged property to a law enforcement agency or to the arrest and conviction of persons who damaged or stole the property.
The Hartford makes it easy for commercial contractors and construction businesses to get the insurance they need to protect their tools and equipment. We offer a wide range of benefits under our contractors equipment insurance policy along with a variety of options designed to fit any business’s budget. 
While most carriers’ contractors equipment policies exclude boom coverage, contractors equipment insurance from The Hartford includes boom overload coverage as well as the flexibility to add blanket coverage for miscellaneous tools.
Industry leading claims management. The Hartford also provides an industry-leading claims experience. Our claims specialists handle contractors equipment policy claims with absolute professionalism and expertise. They offer round-the-clock service and are authorized and able to handle claims of all sizes. This is one of the reasons why customers score their claims management experience with The Hartford among the highest in the industry.
Risk consultation. In addition to our industry-leading claims excellence, The Hartford’s Risk Engineering team provides cutting-edge loss control services. Our Risk Engineering specialists work with contractors and construction businesses to reduce risk and save money by helping them find ways to increase the safety of their facilities and operations.
Talk to an agent today to find out how contractors equipment insurance from The Hartford can help protect your business.