How important is tool insurance?

Summer is just around the corner, and with the seasonal change likely comes an increase in homeowners wanting to fix up their houses. For individual contractors, landscaping companies or even smaller construction firms, this could be a very profitable time. But with all of that traveling, moving from one location to the next, it is essential that your property remain protected.

Let's say that you are hired to do landscaping for several different homes. You are likely to have a decent supply of tools, and perhaps you even have a truck or van to carry everything. What if you are working at one residence, and some items are stolen from your vehicle? Or, what if you are involved in a car accident after you are leaving a job?

Standard auto insurance will not cover you, and without the right tool insurance, you will likely have to replace all of that equipment on your own. Having the wrong coverage, or a complete lack thereof, can be extremely detrimental for small to medium-sized business owners. 

If you are part of a company that requires you to drive to various locations, and even transport equipment or products for clients, a commercial auto insurance policy is necessary. Basic car insurance will not be enough, and the out of pocket expenses to fix the vehicle or replace merchandise could be devastating.

For construction companies, now is as good of a time as any to see what type of general contractor insurance they have. Workers in these organizations are exposed to dangerous situations at any time of the year, but the warmer weather could see an increase in activity. Everything from a liability lawsuit to construction defect lawsuits should be considered.

 

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