Construction Equipment Insurance
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Construction Equipment Insurance
Construction projects require a big investment in specialized machinery and tools so you need to protect those assets. Construction equipment insurance covers damages, theft and other losses that can happen on site or in transit. Without it you and your business are exposed to big financial risks that can shut you down.
What is Construction Equipment Insurance?
Construction equipment insurance is a policy that protects contractors, construction companies and equipment owners from financial loss if their equipment is damaged, stolen or involved in an accident. This insurance covers a range of tools and heavy machinery including excavators, bulldozers, cranes and even smaller tools like drills or generators.
Who Needs Construction Equipment Insurance?
Commercial Builders Risk Insurance provides broad coverage for various risks associated with construction projects that includes:
Contractors: Those in charge of a construction site need coverage for owned, leased or rented equipment.
Construction companies: Companies with multiple projects and large fleets of equipment.
Heavy equipment rental companies: Companies that rent construction machinery to others can also get this insurance.
Subcontractors: Independent contractors doing specific parts of the construction work who use specialized equipment.
Project owners Where the owner of the equipment is separate from the contractor or builder.
What Does Construction Equipment Insurance Cover?
The amount of coverage you need will depend on the scope of your project. Size of the property, extent of renovations, and duration of property vacancy will all impact the amount of coverage required.
Physical Damage: Damage caused by accidents such as collisions, falling objects or equipment breakdowns due to operational issues.
Theft: Reimbursement for stolen machinery whether on site or in transit.
Fire: Damage from fire related incidents including explosions.
Vandalism: Damage to equipment on site.
Natural Disasters: Some policies cover weather related events such as storms, floods or earthquakes.
Transit Cover: Equipment in transit between sites.
Construction Equipment Insurance Cost
Construction equipment insurance premiums are usually 1-5% of the insured value of the equipment.
- Insurance For Small Equipment (For example, hand tools and smaller machinery): $30 to $100 per month or $360 to $1,200 per year.
- Insurance For Medium Equipment (For example, small loaders and mini-excavators): $100 to $250 per month or $1,200 to $3,000 per year.
- Insurance For Large Equipment (For example, bulldozers, cranes, heavy machinery): $250 to $700 + per month or $3,000 to $8,400 + per year.
The cost of construction equipment insurance typically depends on:
Get Construction Equipment Insurance Quotes
If you want to get an exact cost for Construction Equipment Insurance, we encourage you to get quotes now from our experienced agents.
Our experienced agents are well versed in the different types of construction equipment. After understanding your requirements, our agents can usually reduce policy prices through additional discounts of 10% to 15% from the instant quotes you receive.
We provide the finest comprehensive plans for your business by providing:
- Knowledgeable, licensed insurance agents
- Same-day coverage in most instances
- Coverage from A-rated insurance companies
- Ability to offer policies nationwide
- The lowest price for the best Insurance coverage in the industry
