Significant Investment: Tools and equipment are crucial for your business and can be costly, especially larger items like mixers, bobcats, and forklifts.
Basic Coverage Limitations: Many insurance policies don’t automatically cover tools or equipment over $1,500 unless specifically scheduled on your policy. Many policies do not cover tools unless specifically requested.
High-Value Equipment: For items above $1,500, you need to:
- Contact your insurance provider to add the equipment.
- Provide documentation such as a bill of sale, item description, and serial number.
- Ensure each high-value item is listed in your policy to cover it in case of loss, theft, or damage.

Creating an Equipment Inventory

Organize Your Assets: Use a program like Microsoft Excel to make a detailed schedule of your equipment.
Simplifies Claims: Sharing an itemized list with your insurer ensures both parties understand what’s covered, especially for high-value items that require scheduling.

Financing & Leasing Requirements – Financed Equipment Insurance

Proof of Insurance: Leasing and financing companies often require proof of insurance before completing the sale or lease of equipment.
Stay Compliant: Ensuring you have coverage in place meets these requirements and protects your investments.

Install GPS Tracking: Adding GPS to high-value items (e.g., bobcats, mixers, forklifts) helps deter theft and improves recovery chances.
Limit Claims: Making too many claims can lead to non-renewal of your policy.
Insurance Requirement: Losing coverage can be devastating, especially if insurance is required to operate in your industry.
Stay Protected: Proactively securing and monitoring equipment helps maintain your policy and keeps your business running smoothly.
Important Coverage: Contractor insurance should cover more than just tools and equipment; it should include contractor liability insurance to protect the business’s operations

At Humberview Insurance, we offer insurance for contractors across Ontario, covering various trades (e.g., roofers, landscapers).
Preparation for Quoting: When requesting quotes, provide a detailed equipment schedule to ensure all high-value items are included in your contractors insurance policy.