Coverage
General liability never covers your own tools. Theft is the most common loss contractors actually file.
Who needs it: Any contractor who could not simply replace their tools out of pocket tomorrow. For most trades the tools are worth more than the truck, and they are ...
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These are the gaps that turn into denied claims, so it is worth knowing where this policy stops.
Any contractor who could not simply replace their tools out of pocket tomorrow. For most trades the tools are worth more than the truck, and they are the easiest thing on site to steal.
Scheduled, meaning each item is listed at an agreed value, or blanket, meaning a single limit covers everything. Blanket is faster to set up. Scheduled pays better on high-value items because there is no argument about the value after the loss.
There is no single price, because the price follows your operation rather than the policy name.
Usually, provided the policy covers theft from a vehicle and the truck was locked. Overnight theft from an unlocked vehicle is the single most common reason a tools claim is denied, so check that wording before you buy.
Yes, and for a practical reason. If you file a large tools claim on the same policy as your liability, the claim can affect the pricing of the coverage that your contracts depend on. Keeping them apart protects your liability pricing.
You are responsible for rented equipment while it is in your care, and the rental company's coverage is not a substitute. Tell us what you rent and how often, and it can be added.
Not on a blanket policy. Schedule only the items expensive enough that a value dispute would hurt, and blanket the rest.
Tell us your trade, payroll, state and what your contract requires.
