At Strickler Insurance we work with a lot of contractors and construction businesses. Many of these businesses have come to us because they found out their company, vehicle or tools were not adequately covered by their past insurance company. Now is the time to ask the question. Is your contractor business covered?
Common Contractor Insurance Does Not Protect Everything
Many contractors get auto insurance, business liability insurance, and property insurance if they have a shop or business location. This coverage is excellent and protects a contractor from a wide range of dangers when owning a business, but it does not protect you from everything.
Do You Have Insurance Coverage For Your Contractor Equipment?
Contractors always respond by saying yes. Why? Because technically with the correct property insurance your equipment is protected on your property. The only problem is your equipment and tools typically are not on your property. Your tools are being transported from job to job, left on work sites, and being used regularly.
If your truck or trailer were to be in an accident are the thousands of dollars of tools protected? In a lot of cases, the answer is no. Many contractors are unaware their tools are protected in an accident unless they have a specific add on to their insurance.
Additionally, there are certain scenarios where your tools are left vulnerable to theft. If you were to park your work truck in front of a house or job site and walk around the property with the owner to further discuss the contracting job and someone stole tools out of your truck bed or unlocked toolbox, they would not be covered. Why? Because the fault will fall on you for leaving them unattended. This is unfortunate and a flaw in certain insurance coverage for tools.
Are Your Tools, Machinery, and Equipment At Risk
According to the NER about $1 billion of heavy equipment is stolen annually. On residential construction jobs specifically, tools, equipment, and building materials account for a $1-2 billion loss each year according to GIS. Based on those statistics alone it is extremely likely your contracting company will be a victim of theft of materials or equipment.
How To Protect Your Contractor Equipment And Machinery
Get contractor equipment coverage from Strickler Insurance to protect you and your contractor business’s future. We will work with and discuss your existing insurance coverage and how it can be improved. We know the value of local contractors in Lebanon, Schuylkill, Berks, and all counties throughout Pennsylvania. We want to help protect you and your business with contractor insurance.
Regularly Get The Value Of Your Equipment, Machinery and Tools Evaluated
As the price and value of your tools fluctuate, so should your insurance coverage. You do not want to have an insurance policy protecting your contractor tools for $15,000 only to find out the lift, tools, and job site materials that were stolen were valued at $35,000. We want to help you through these challenges so your business can thrive without you worrying if you are covered.
Contact Strickler Insurance Today
Contact Strickler Insurance today to protect your contracting business.
