As a contractor you probably work hard for your stuff, and let’s face it tools and equipment can get expensive. Many contractor insurance polices may not even cover you for tools or equipment, and tools can quickly depreciate in value especially after a few years of good use, so how much really can they be worth? That being said, more pricier equipment such as mixers, bobcats and forklifts these things do cost a lot of money and you want to make sure they are properly insured. Did you know though, if you do not contact your insurance company and specifically tell them to add this equipment it may not be covered by your policy?
That’s right, in order for equipment such as a bobcat, mixer or more expensive items you should call in to your insurance company and notify them to add this piece of equipment. What they typically need is a bill of sale to prove its value, an item description describing what it is as well as a serial number. These items can then be added on to your policy as a scheduled piece of equipment. When keeping record of your equipment you should create your own schedule with a program such as Microsoft Excel. This way you can send an itemized list to your insurance company so that way both you and the insurance company know what should be covered in the event there is a claim.
Don’t forget if you are financing or leasing piece of equipment, most leasing and financing companies will request proof of insurance before selling you that piece of equipment.
If you are looking for a quote on contractors insurance in Ontario and have equipment to insure, make a schedule for yourself and ask companies which are quoting to include these items on your contractors insurance quotation.
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This information above should not be relied upon as insurance advice but just general information. This is because every situation is different and before acting you should speak with a licensed insurance professional about the coverages you may need and exposures that your business may face.