Contractor’s inland marine insurance

Inland marine insurance helps construction and contracting businesses recover the cost of lost, stolen, and damaged items. This policy is sometimes called tools and equipment insurance or construction equipment coverage, named for the items it commonly covers.

Because your business moves to different worksites, you need a policy that can cover your equipment wherever you bring it. For example, if your toolbox is stolen from a jobsite, inland marine insurance can pay to replace the box and its contents.

This policy offers coverage for hand tools, power tools, mobile equipment, protective gear, and other business property that travels with you. It covers items in transit, used during projects, and kept at off-site locations, such as a storage unit.

Though inland marine insurance isn't required by law, it provides crucial protection for contractors. If you work at client properties, construction sites, or other off-site locations, then you should carry this policy to protect against theft, damage, or destruction of your property.

Keep in mind, commercial property insurance only covers items at your office or other primary location. As a general rule, property insurance covers items inside your building or within 100 feet of your premises.

Most contractors bring their tools and equipment to jobsites—which is why they need additional protection.

If you run a small construction or contracting business, you might want to look into adding inland marine insurance to your general liability insurance or business owner's policy (BOP). When you buy two or more policies together from the same provider, it often costs less than purchasing the policies separately.

Talk to a licensed Insureon agent about contractor’s equipment coverage options for your business.

Inland marine insurance doesn’t only pay for stolen tools, such as a carpenter's circular saw that disappears overnight from a construction site. If vandalism or a work accident leads to damaged equipment, this policy will cover the cost of the repair or replacement.

For example, an inland marine policy will provide coverage if a contractor accidentally drops a power tool and it breaks, or if a vandal drains the fuel from a bulldozer at a worksite. However, this policy does not cover general wear and tear.

Inland marine insurance covers everything from a handyman's tape measure to a general contractor's backhoe, including items you rent or borrow for a project. Because it protects your property wherever it goes, this policy is sometimes called floater insurance.

Items covered by inland marine insurance include:

• Hand tools, such as saws, wrenches, pliers, and screwdrivers
• Power tools, like drills, nail guns, jigsaws, and welding machines
• Tape measures, levels, and other measuring tools
• Landscaping equipment, like lawn mowers and leaf blowers
• Heavy equipment, such as excavators, bulldozers, and forklifts
• Personal protective equipment (PPE), such as gloves, goggles, and helmets
• Ladders, scaffolding, scissor lifts, and other access equipment

You can cover all your items under one limit with blanket insurance, list items separately on your policy as scheduled coverage, or have some combination of both. However, items valued at over $2,500 typically must be scheduled separately on the policy.

Not every construction company has the same insurance requirements. Whatever your profession, Insureon's licensed agents can assist you in tailoring a policy that provides the right protection for your risks.

Contractors choose Insureon as a way to compare quotes in one place, get expert help, and manage their coverage online. You can fill out our easy online application to get quotes for inland marine insurance and other policies from top-rated providers.

Our licensed insurance agents can help you find the right contractor's liability coverage and property coverage for your business needs. Once you select a policy, you can begin coverage and get a certificate of insurance (COI) in less than 24 hours.