It’s a type of inland marine protection, which covers gear that can be effectively moved starting with one area then onto the next over land.
Dissimilar to business property inclusion, which covers hardware that stays on the business’ premises.
Name alternatives: Equipment floater insurance, commercial contractors’ equipment insurance, and small or large tools are all covered by equipment insurance policies.
Work-related clothing, rented or borrowed equipment, and more are also covered by equipment insurance policies.
Take, for instance, the scenario in which a general contractor is completing a home renovation in a suburban community.
Typically, the contractor leaves their tools at the job site. However, their tools are taken and the house is broken into one night.
To get the tools that are covered, the contractor can make a claim on their equipment insurance policy.
