Contracting is a business that involves the high-risk activities and the use of expensive equipment that could easily be damaged or stolen and because of this, most contractors are required to carry general liability insurance (which protects third parties from property damage or injury), but this does not provide extra coverage for stolen equipment. Contractor tools and equipment insurance is designed to protect all the tools and equipment of your trade from theft, vandalism and physical damage (not including general wear and tear).
This coverage is usually mandatory when renting or leasing equipment. The coverage is also designed to protect tools and equipment stored in multiple places, as is typical of the contracting industry. If a toolbox is stolen, your business will pay out of pocket up to the amount of the deductible, and then insurance will cover the rest of the expense. The same process applies if there is a work-related accident that damages or destroys your tools or equipment. The cost of your policy will depend on a couple of factors, including the number of tools and equipment used, and the value of each item. For a smaller business using only inexpensive tools, a policy could be as low as $249/year, whereas a larger business with lots of expensive equipment could require a policy with an annual premium $999 or more.
Inland marine insurance in the United States indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. This category of insurance includes property coverage for construction equipment, medical diagnostic equipment, fine arts, solar panels and wind turbines, cameras and movie equipment, musical instruments, and a wide variety of other types of property. You can easily procure your contractor insurance policy by simply getting in touch with any insurance company