Tools and Equipment Insurance

From contractors to construction companies, protecting your valuable tools from damage, theft, or loss is critical. Tools and equipment insurance for businesses helps companies minimize financial losses and maintain operations by quickly preparing or replacing business-owned tools.

If you have questions about tools and equipment insurance, would like an audit of your current tools insurance policy, or would like to obtain a quote, the Buildsure team is here to help.

What is Tools and Equipment Insurance?

As the name suggests, tools and equipment insurance covers the tools of the trade of construction companies.

It's business tools insurance that provides coverage for the cost of repairing or replacing tools and equipment in the event of damage, loss, or theft. When a company carries this protection, they're ensuring they can maintain operations and minimize financial losses.

What Does Tool Insurance Cover?

While policy coverages will differ, typically, tool insurance covers the cost of repairing or replacing business tools and equipment. For construction companies, most policies cover tools such as hand tools, power tools, machinery, and other essential equipment.

In addition to repairing and replacing tools, some policies may also cover business interruption expenses. Partnering with a knowledgeable insurance broker is essential to review the specific policy details of your tool insurance policy to understand what is and isn't covered.

Is Tool Insurance Worth It?

Several factors must be considered to determine if tools insurance is worth the cost for your business. You'll want to evaluate the cost of replacement of tools and equipment, how equipment downtime would affect business operations, and tool insurance coverage, deductibles, and costs.

Consulting with a broker experienced in construction insurance can help you make an informed decision about whether tool insurance is right for your business.

FAQs of Tools and Equipment Insurance

If you have specific questions on tools and equipment insurance, the Buildsure team is here to help. In the meantime, here are a few questions our clients typically have.

How Much Does Tools and Equipment Insurance Cost?

The cost of tools and equipment insurance can vary significantly based on your location, the value of equipment, the industry you're in, coverage limits of the policy, deductible amounts, and claims history.

You'll want to work with a broker who can get multiple quotes from insurance companies for tools and equipment coverage. They will help you navigate the process and find the most cost-effective solutions that meet your business's needs.

Where Can I Buy Tool Insurance in Ontario?

Most insurance companies serving Ontario carry tool insurance. A commercial insurance broker can access multiple markets and get numerous quotes to find a tools and equipment insurance policy that meets your coverage limits, deductible, and cost requirements.

What Is The Best Tools and Equipment Insurance?

The best tools and equipment insurance policy is the one that fits your business. Many insurance providers offer this coverage, but the best policy will be unique to you and your specific needs and risks.

Why Do Builders Love Buildsure?

Our Buildsure broker, Ryan, has been an essential part of our team, ensuring that we're covered for all eventualities as we tackle new projects and challenges in the homebuilding sector.

John Vranic

Vranic Homes

The in-depth knowledge of the construction sector has been instrumental in identifying potential exposures and crafting policies that address them comprehensively. Their responsiveness and attention to detail make them a pleasure to work with, and we highly recommend their services to anyone in the homebuilding industry.

Raj Rai

Raison Homes

Our broker has been an invaluable partner in helping us navigate the complexities of the homebuilding industry. They've taken the time to understand our business inside and out, providing us with personalized insurance solutions that offer the right level of protection at competitive rates.

Kevin Sharpe

Sharpe Industries Inc.

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