Posted on: March 26, 2015 by titan-goodrich
Tools and equipment can be a significant investment for Virginia contractors. The proper equipment can be vital to your success as a contractors, however it also presents a significant exposure to property losses. Artisan contractors specifically, face large loss exposures when it comes to protecting their specialty equipment. Between work vehicles, equipment, tools, building materials and other assets, Virginia contractors need a strong business insurance portfolio to protect these assets from theft, loss, damage and other costly mishaps.
What are Virginia contractors’ greatest exposures to property loss?
When it comes to property loss, contractors face many of the same exposures as other business owners, but at higher levels. The risk of tool or materials theft is exceptionally high, especially when equipment is left on a job site. According to industry experts, theft losses comprise the largest percentage of commercial losses, with some reports estimating that tool and equipment theft represent of one-third of all equipment claim losses for contractors. Furthermore, theft losses are more common for contractors who work on location at the construction jobsite, as opposed to in their own shops.
Equipment breakdown and subsequent damage is another major concern for many contractors. When construction equipment fails or malfunctions, it is not only costly to repair but can become dangerous to work around and create safety hazards. It is also not uncommon for tools and equipment to be left behind or damage either on the job site or while being transported between locations. As such, Virginia contractors should attain specific property insurance coverage designed to protect their mobile equipment and portable tools, as well as materials they store off premises or leave at a project site while awaiting installation.
How can Virginia contractors protect their tools and equipment?
There are a variety of coverage options available that can help Virginia contractors protect all their property assets, from general property insurance to extended portable tool and equipment coverage, and even business auto insurance. Goodrich & Watson provides a broad range of insurance in Virginia, to protect businesses and individuals against the various exposures they face. Our Virginia Contractors insurance programs are fully customizable and can be enhanced with the additional protection your operation needs. To learn more about our Virginia insurance agency and all our offerings, contact us today at (888) 829-5004.