Tools and machinery that move often from one job site to another need protection from possible damage, loss, or theft. Equipment Floater Insurance covers this need by protecting movable equipment while they travel or sit in temporary storage at various locations.
Equipment Floater Insurance protects portable equipment, tools, and machinery that move between job sites. It’s a form of inland marine insurance. Standard property insurance covers assets at one location, but equipment floater policies safeguard your assets wherever they go. This coverage is ideal for businesses that depend on mobile equipment for their work.
If your work depends on hauling costly equipment, Equipment Floater Insurance acts as a key safety measure. Here are some people who can benefit from this type of coverage:
Buildings firms or solo workers who move big machines like bulldozers, diggers, and loaders between job sites.
Garden care companies that transport lawnmowers, edge trimmers, and other gear from one job to another.
Skilled workers who carry pricey tools and equipment for setup and fix-up jobs.
People who grow crops and move their gear across fields or to different farms.
It guards against harm from accidents, like when you drop equipment or break it while moving it.
It covers equipment someone steals, whether from a work site, car, or during transport.
Damage caused by a house fire or smoke.
It shields against harm caused by others on purpose
This policy won’t pay for normal aging or wear on equipment.
This policy typically excludes theft by employees unless you add it as an endorsement.
This insurance doesn’t cover damage from equipment failure.
Any harm that happened before you bought the policy isn’t covered.
Expect to pay around $500 to $3,000 per year. Although Equipment Floater Insurance costs will vary considerably depending on the needs of your business. Here are the main things that affect the cost of your insurance:
When someone steals materials or tools while they’re on the way or on-site.
Your premium goes up if you often move your equipment to risky places, like areas where crime is common.
Choosing higher coverage limits means you’ll pay more, but you’ll get better protection.
If you pick a higher deductible, you’ll pay less for your premium. But when you need to make a claim, you’ll have to pay more out of your own pocket.
Small businesses spend $500 to $3,000 per year on Equipment Floater Insurance. This cost varies based on equipment value and coverage requirements.
Our experienced agents are well versed in all types of properties. After understanding your insurance needs, 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:
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