Equipment Rental & Sales Insurance

What Is Equipment Insurance?

Equipment insurance is a policy that helps cover the tools, equipment and other inventory that a business may rent out. This can include anything from construction equipment, audio and video recording equipment, or even party supplies such as flatware and serving items.
An equipment insurance policy will help cover costs such as equipment breakdown, repairs and cleanup after accidents. It will also help cover equipment that is both on business property and at a rental location. The Hartford offers a robust equipment insurance policy that includes coverage for a broad variety of equipment concerns. The Hartford also offers building and personal property insurance.
Because running a rental business involves so many variables, it is important that equipment insurance policies include a broad spectrum of coverages. Equipment insurance from The Hartford includes coverages such as damaged equipment, equipment lost by customers, equipment destroyed by weather-related accidents and even coverage for cleanup costs after a covered accident. Covered Property and Replacement Cost are two of the main coverages included in most equipment rental and sales insurance policies. Equipment insurance from The Hartford includes many more additional benefits:
Covered property. An equipment insurance policy should cover almost all types of property that a business can offer. This can range from dining utensils for weddings, video and audio recording equipment for media productions, or even large equipment such as post-hole diggers and wood chippers.
Replacement cost. Equipment rental and sales businesses can be stuck with a large financial burden if they need to cover the replacement cost for a damaged, destroyed or lost piece of equipment or property. Equipment breakdown coverage provides replacement cost coverage equal to the value of the business’s property.
Yes, equipment breakdown coverage policies should provide help for an accident that requires pollutant or contaminant cleanup. The Hartford's equipment rental and sales insurance policies provides up to $25,000 per policy period for pollution cleanup and removal. In the event of a covered accident, a business equipment insurance policy can help cover the costs for debris removal. The Hartford provides 180 days to report debris removal losses.
This policy provides insurance for equipment that helps make repairs and replacements much easier with the extra expense benefit. This benefit will help cover the costs needed to expedite the repair or replacement of covered property and equipment and can provide up to $10,000 for temporary replacement property.
Most equipment rental and sales businesses perform their own service and maintenance on equipment and property. In the event that the tools and equipment used to perform maintenance are damaged, The Hartford's equipment breakdown coverage will help pay up to $25,000 for any single loss at a limit, or $5,000 for any one item.
It would be a hassle for businesses to be required to update their coverage before purchasing any new rental property. With the newly acquired property benefit, which is part of the equipment insurance policy, any new equipment or rental property will automatically be covered for 45 days after its acquisition.
Equipment businesses can cover flatware and serving items for up to $50,000. This can include items that are made of platinum, silver and gold as well as other valuable metals and alloys.
Also, it’s likely that employees of an equipment rental and sales business will be working in remote locations and worksites. This benefit helps cover losses to tools and clothing that occur anywhere in policy territory, with a limit up to $500 per item and $5000 per claim.
The Hartford has some of the most flexible and innovative solutions for insuring equipment rental and sales businesses by providing the ability to customize coverages, limits and deductibles. We know that equipment rental and sales businesses depend on having an inventory of equipment ready for customers at any moment. If a rental business is unable to provide for customers, chances a great that those customers will find rental equipment from other businesses. We help businesses persevere and succeed by ensuring the following:
  • Property that is located on or off business premises
  • Property and equipment leased or rented from others, even property that is re-leased or re-rented to a customer
  • Property owned by others that is in insured business’s care, custody, or control for the purpose of repair or enhancement
  • Equipment being displayed in a showroom or exhibit
  • Property that is being transported
  • Losses resulting from weather disasters such as earthquakes and floods
In addition to the standard benefits, our equipment dealers insurance also provides coverage for:
  • Losses from “conversion,” or unauthorized exercise of the right of ownership over a business’s covered property
  • Any unauthorized act that deprives an equipment rental and sales business temporarily or permanently
The Hartford’s equipment rental and sales insurance also provides benefits to construction vehicles that include:
  • A 20 percent discount on the cost to register equipment with the National Equipment Register (NER)
  • Discounts for scheduled equipment registered with the NER or similar program