Mount Vernon WA Tools and Equipment Insurance

Are your tools covered? If someone breaks into your truck and steals your tools will your insurance company pay for them? Many contractors believe that their tools are covered under their General Liability policy. WRONG!!! A lot of the time it is an inexperienced agent that does not point that out to contractors. Some policies do add limited coverage for tools but not enough to cover you if you get wiped out.

Contractor tools cannot be reasonably confined to one location because lets face it contractors are often running more than one job at a time. Tools are either classified as "scheduled" or "unscheduled". Unscheduled tools are usually the smaller hand tools of the contractor profession. Insurance companies usually lump the aggregate amount of tools (say $5000 of miscellaneous hammers, screwdrivers, hand saws etc..) into a blanket amount. Be aware that a lot of insurance companies put a per item limit on the coverage, usually $1000. So if you have a tool or piece of equipment worth $1200 and all you have is the blanket limit of $5,000 with a limit, the most you will get is $1000 for that item. More expensive tools will want to be considered under the scheduled items coverage.

Scheduled items are items over a set value, usually the $1000 limit mentioned above. Bobcats, Excavators, Mowers, Expensive tools all are classified in this category. The insurance company only provides coverage if the item is "scheduled" (thus the name scheduled item). The contractor provides the make/model/serial number and value and the item is scheduled onto the policy.

No matter what you have for tools, Brayer Insurance Services can make sure that you have the proper coverage.

Contact Brayer Insurance Services at 360-424-3000 or fill out the quote form above.