Factors including your industry risk and the value of the items you wish to insure affect the cost of contractor’s tools and equipment insurance.
The median premium for contractor’s tools and equipment insurance is $14 per month or $169 per year. The median excludes high and low outliers, so it provides a better estimate of what your business is likely to pay than the average cost of contractor's tools and equipment insurance.
The median limit is $5,000 for contractor's tools and equipment policies purchased by Insureon small business customers. Policies with higher limits pay out more on a claim, but have higher premiums. A contractor might choose higher limits to protect expensive tools and equipment.
Your limit should match the value of the items you are insuring, to guarantee you don’t end up paying for damages out of pocket. However, items valued at more than $10,000 will require inland marine insurance coverage.
Insurance premiums vary based on the policies a business buys. See our small business insurance cost overview or explore costs for a specific policy.