You can get a named peril policy that only covers those perils named in the policy. If the coverage is not stated, it is not covered. You can also obtain an All-risk policy which, if the peril is not specifically excluded, is covered. This is a very broad form of coverage for contractors insurance equipment. The liability coverage for the use of the contractor’s equipment is provided under your general liability coverage.
Who is insured under this policy? :-
This is a first party policy, which gives protection against losses to your property. The first named insured is almost always your business. The interests of a lien holder can be protected by adding them as a loss payee and as an additional insured.
Ways to provide coverage for your equipment:
When you have equipment that has a significant value (say thousand dollars or higher) you need a schedule with a description of the equipment. The equipment that is under a thousand dollars you can place the value under the unscheduled equipment. It is always best to schedule everything you can - it makes it easier if you ever have a loss. If you have a loss to your contractor’s equipment, the loss will be paid on an actual cash value basis. You must insure your equipment for the value it would take to replace it with the same kind and quality of equipment .
The deductibles can vary greatly from company to company. The deductibles will usually start at $250.00 per occurrences and go up from there to an amount that you feel comfortable retaining based on your loss experience. The higher the deductible you are willing to entertain, the lower the rate and the premium should be for your account. If you have a lot of small, unscheduled hand tools you may wish to negotiate a separate deductible for them and another deductible for your larger pieces of equipment.
Katrina Watson is well known writer, focusses on insurance for equipment and know more about information business owners insurance
For more information, visit: http://www.heliosprotection.com/business-owner-insurance-coverage