Contractors often assume that tools and equipment stored in their trucks are covered under their commercial auto policy. In most cases, that’s not true. Auto insurance is designed to cover the vehicle itself and liability not the tools inside it. That means if your equipment is stolen from a truck, you could be left paying out of pocket.
This is where inland marine coverage comes in. Inland marine policies are specifically designed to cover tools and equipment while they’re in transit or at job sites. Whether it’s power tools, diagnostic equipment, or specialized gear, this coverage follows your equipment wherever it goes something standard property or auto policies typically won’t do.
Tool theft is one of the most common losses contractors face, and it can shut down operations quickly. Replacing stolen equipment isn’t just expensive it can delay jobs and cost you revenue. Reviewing your coverage and adding inland marine protection ensures your tools are covered where they’re most at risk: on the road and on the job.
Stay Tuned For Other Great Reads In This Month’s Newsletter
- Top 5 Insurance Mistakes Small Businesses Make
- The Difference Between Builders Risk and General Liability
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