Equipment Insurance 101
If you own a business, then your equipment and tools are one of the most crucial and essential elements of its success. Losing your tools to theft or damage can mean delays in completing projects, as well as heavy financial losses if you need to repair or replace those pieces of equipment.
One of the best ways to protect your equipment is to insure it. Manor Home Center, located in Oakland and serving Garrett County, is your Maryland equipment dealer. Below, we’ve provided you with some helpful information on why you might want to consider insuring your equipment and what insurance will cover.
Why is Equipment Insurance Important?
Insuring your equipment and tools is important because you would otherwise need to pay out-of-pocket for repairs and replacements. Coverage can help protect you from the costs of equipment that is stolen from your trailer or work site, equipment that is damaged by an employee and equipment that has been vandalized.
With insurance coverage in your pocket, you’ll get the financial assistance you need to fix or replace those pieces of equipment so you can continue your work without losing money.
Who Should Invest in Equipment Insurance?
Anyone who manages a work site where they use a lot of heavy and expensive equipment should look into insurance for it. A wide variety of different types of tools and equipment are covered by equipment insurance, including both smaller power tools and larger, bulkier machines. Also, many different industries benefit from having their tools and equipment insured, since equipment is so widely used by a number of professionals.
Some of the businesses and professions that benefit from equipment insurance coverage include:
- Landscapers.
- Construction-site managers.
- Cleaning crews.
- Independent contractors.
- Cement and concrete businesses.
- Plumbers.
- HVAC companies.
- Janitorial services.
- Electricians.
- Carpenters.
What Does Equipment Insurance Cover?
Equipment insurance typically covers any equipment that you own yourself, but sometimes also borrowed or rented equipment. It may even cover the smaller tools and protective clothing that your workers need to wear in order to use the equipment. General liability coverage will typically protect your business from being held accountable for property damage, but it doesn’t usually cover any damage to your equipment, which is why it’s so important to invest in separate insurance specifically for your machinery and tools.
We hope this guide proves helpful to you. In search of a new piece of equipment? Come on down to our dealership in Oakland, MD, to check out our stock of new and used equipment for sale. Need assistance with equipment financing? Talk to one of our friendly sales teams to learn more. Manor Home Center proudly serves Morgantown, WV.