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Mackay Insurance Blog

 

July 2021

Protecting Your Construction and Mechanical Tools With Contractor Tool Insurance

 

 

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If you’re a contractor, we don’t have to tell you how chaotic a construction site can be. With so many hands on deck (both literally and figuratively), it can be next to impossible to track down your tools from one minute to the next!

A job site is full of other contractors too - including plumbers, builders, electricians, painters, HVAC technicians, excavators etc. The list goes on! Besides the other contractors, there’s snoopy neighbors and passersby to think about too.

It’s not something contractors normally think about until after it’s too late, but contractor insurance and contractor tool insurance are becoming more and more necessary. Especially now that the housing demand is so high and the home-building sector is so backed up. At Mackay Insurance in Quinte, Ontario, we’ve seen this first hand! The Quinte housing market has gone through some rapid changes since the pandemic hit and cost of housing in the Bay of Quinte area is still above average.

On top of this, homeowners have been working on home improvement projects since the start of the pandemic when everyone was forced indoors. Whether the purpose for renovations was to renovate for resale or renovate to improve living space, a large number of homeowners took the stay-at-home orders as an excuse to start those projects (we just won’t talk about those skyrocketing lumber prices in the process!).

Whether you’re building a backyard deck, a fence for your new pandemic puppy, or a house, our team of contractor insurance experts recommend that you protect your contracting tools with the right coverage.

Keep reading for more information on options for Contractor Tool Insurance in Belleville, Ontario. And how Mackay Insurance can help you find the best coverage for your insurance needs.

What Is Contractor Tool Insurance And Why Do You Need It?

As a contractor, you are required by Ontario Law to obtain a minimum contractor’s general liability insurance. You are also to hold a valid contractor’s insurance policy in order to legally continue with your trade.

This general liability, however, does not include a thorough coverage for your contracting tools - meaning your livelihood is still at risk!

Here from Bruce Mackay, owner and president of Mackay Insurance in Belleville, as he explains the importance of Contractor Tool Insurance:

 

 

At Mackay Insurance in Quinte, contractor tool insurance means more than just protecting your toolset, it means protecting your business, your livelihood, your family and your passion.

What Does Contractor Tool Insurance Cover?

  • Replacement Costs
  • Rental Expenses 
  • Installation Floater and more!

Contractor Tool Insurance and Equipment Insurance protects your business tools in the case of loss, damage, necessary repairs or theft.

What Types Of Contractor Tools and Equipment Should Be Insured?

  • Power Tools 
  • Hand Tools 
  • Sawhorses 
  • Air Compressors
  • Generators 
  • Excavators 
  • Backhoes 
  • Scaffolding etc. 

The difference between Contractor Tools and Contractor Equipment:

Contractor Tools:

Contractor Tools are items costing $1,000 or less. Examples would be power tools or sawhorses.

Contractor Equipment:

Contractor Equipment are items costing more than $1,000. Examples would be backhoes or generators.

Who Needs Contractor Insurance?

If you own a contracting business that relies on you having the proper tools to do the job, then you should be investing in the proper protection in order to keep your business running smoothly. Your contractor tool insurance can help keep your doors open during unforeseen circumstances - ie. maintenance, financial loss, damaged equipment or theft.

Although extra contractor tool insurance (on top of general liability insurance) isn’t required by law, it is highly recommended by the trade. Why? Because accidents happen. Theft is not uncommon. And your livelihood matters.

If you work for or run one of the following contracting-based businesses, consider protecting your investment and your assets in order to safeguard your business’s reputation, operation and success in the industry!

  • Landscapers 
  • HVAC Technicians 
  • General COntractors Roofers 
  • Drywallers 
  • Painters 
  • Flooring COntractors 
  • Bricklayers 
  • Masons 
  • Carpenters 
  • Plumbers etc. 

Contractor’s Tool Insurance Package With Mackay Insurance

When your livelihood depends on your business not only staying afloat, but maintaining stability and security, obtaining the right commercial insurance coverage is the necessary next step! We work with local businesses, both large and small, providing them with the protection and security they need to protect their livelihood.

Mackay Insurance offers a standalone product called Contractor Tool Insurance Package. This product provides the coverage you need to protect your equipment and operate your business well, regardless of potential and unpredictable circumstances.

Are you looking for Contractor Tool Insurance in Belleville, Ontario? Contact our Mackay Insurance Brokers today and we’ll find you the best coverage possible for your specific needs and budget.

Get a FREE Quote On Contractor Tool Insurance HERE

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