Coast to Coast
& CannaShield Insurance Services

What type of insurance do I need to cover my contractor equipment

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Contractors typically need inland marine insurance or an equipment floater to cover tools and equipment against theft, damage, or loss, weather on-site, im transit, or at a storage facility.  General Liability insurance does not cover equipment.​​

 

What does inland marine insurance cover for my equipment?

 

Inland marine insurance covers contractor equipment against theft, vandalism, accidental damage, or loss during transport, storage, or use at a job site. It does not cover normal wear and tear, mechanical breakdown, or operator error.

Is insurance required for rented or

leased equipment?

 

Yes, if you rent or lease equipment, you’re often responsible for insuring it. An equipment floater or short-term rental equipment insurance can cover rented machinery, and rental agreements typically require proof of coverage.

Does my equipment insurance cover

equipment in transit?

 

Yes, inland marine insurance typically covers equipment during transit, whether on a trailer or in a vehicle, protecting against theft, accidents or damage.  Ensure your policy includes transit coverage, as some may have restrictions.

What happens if I don’t have insurance for my contractor equipment?

 

Without equipment insurance, you're financially responsible for replacing or repairing stolen or damaged tools and machinery, which can be costly (e.g., $10,000 - $100,000 for heavy equipment).  Lack of coverage may also violate client or rental contracts.

How much does equipment insurance

cost for contractors?​

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Premiums for inland marine or equipment floater policies typically range from $500 to $2,500 annually, depending on the value of equipment, type (e.g., hand tools vs. heavy machinery), location, and risk exposure.  High-value equipment like excavators may increases costs

Does my general liability insurance cover my tools and equipment?

 

No, general liability insurance covers third-party injuries or property damage, not your own tools or equipment. You need inland marine or an equipment floater policy to protect your gear from theft or damage.

What is a certificate of insurance, and why is it needed for equipment?

 

A certificate of insurance proves you have active coverage for your equipment, detailing policy types and limits. Clients, rental companies, or job site managers may request it to ensure your equipment is insured. Your insurer can provide this document.

Am I covered for equipment stored off-site or

at a job site?

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Inland marine or equipment floater policies generally cover equipment stored off-stie, at job sites or in storage yards, provided you disclose these location to your insurer.  Unreported storage locations may lead to a denied claim

Can I get insurance for both owned and rented equipment under one policy?

 

Yes, many inland marine or equipment floater policies can cover both owned and rented equipment.  Specify all equipment (owned and rented) in your policy and update it regularly to ensure full coverage.​

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