As a contractor, you know that the installation and tools you use are vital to the success of your project. However, during the time period when a project is in progress, any incident of theft, damage, or loss of tools or materials can cause delays and additional expenses.
That's why it's important to have installation and tool floater insurance in place. This type of insurance provides coverage for the installation and tools used in your business, so you can be confident that you're protected in case of an incident.
At Summit Commercial Solutions, we can help you find the right installation and tool floater insurance policy for your business. We work with a variety of insurers to find you the best coverage at the most competitive rates.
What is Installation and Tool Floater Insurance?
Installation Floater insurance covers materials or items that have not yet been installed (such as cabinets, worktops, sinks, and so on) in the case of loss, damage, or theft—regardless of whether they reached the project's site or were in transit.
The tool floater insurance policy covers the loss or theft of tools you use for work, up to $1000 per item. It's important to note that for insurance purposes, "tools" are different from "equipment." Tools are small handheld items like hammers and screwdrivers, while equipment includes larger pieces like vehicles or generators. However, this limit of $1000 per item does not apply across the board - some policies cover more than that amount.
These two types of floater insurance policies oftentimes go hand-in-hand and are essential for contractors and those working in similar or related professions.
Summit Commercial Solutions is one of the top insurance providers in the province of British Columbia and the rest of Canada, offering comprehensive insurance policies for professionals working in the construction industry. Get a quick quote today for installation and tool floater insurance in Canada.
