1. Provides essential protection
Contractors equipment insurance provides contractors with essential protection from financial loss resulting from damage or loss of their mobile equipment and tools.
2. Helps contractors grow their business
Having coverage in place allows contractors to complete projects more efficiently, reducing timelines and costs. This enables contractors to take on a wider range of projects, potentially increasing their workload and revenue.
3. Allows contractors to purchase additional equipment with peace of mind
At Victor, we can extend coverage for additional equipment purchased during the policy period for up to 60 days.
4. Fills glaring gaps found in commercial property and business auto policies
While standard commercial property coverage insures stationary equipment in a fixed location, it does not always cover equipment that is transported from job site to job site. Similarly, business auto policies usually exclude coverage for mobile equipment. But with a contractors equipment policy in place, you are filling these gaps in coverage, and can rest assured that you are covered for any scheduled equipment or tools that are damaged or lost in transit.
5. Extensions and supplemental coverages can help prevent costly out-of-pocket expenses
Spare parts, debris removal, rental reimbursement and employees' tools are just a handful of the extensions and supplemental coverages available with Victor's contractors equipment offering. Without these in place, contractors run the risk of damaging and costly out-of-pocket expenses.
6. Satisfies contractual requirements
Many higher value equipment types are financed, and in purchase agreements, having contractors equipment insurance is often mandated.
7. Helps to improve and maintain a contractor's reputation
When a contractor is adequately insured with robust contractors equipment coverage, they'll avoid long and costly project delays as a result of damaged or lost equipment, and be back up and running in no time.