For those who don’t understand the equipment needs of commercial painters the idea of painters equipment insurance may seem like a far-fetched idea. But, if you know the industry you know that being a painter goes way beyond a few paint brushes and rollers. You probably have drywall sanders, sprayers and even lifts to get you to those hard to get spots that amateurs couldn’t hope to reach. But, all of that equipment comes at a price and, without it, could leave your business vulnerable to the competition. With painters equipment insurance you won’t have to worry about losing a piece of equipment due to an accident leaving you in a position to focus more on the project at hand and less on replacement costs. Here’s what you need to know.
Painters Equipment Insurance – What is covered?
There are a few different ways to cover the equipment you are using on your project but we’ll be focusing on painters equipment insurance. With the help of an independent insurance agent you should be able to find an insurance company that will tailor a policy to your needs. Listed below are the typical kinds of equipment covered under a traditional equipment insurance policy.
- Mobile equipment
- Hand tools
- Cranes and bulldozers
- Compressors, pneumatic tools and cables
Other types of equipment can also be covered. But, that will depend on your provider and their specific requirements.
When Will You Need Painters Equipment Insurance?
Regardless of whether or not you are renting equipment or if you own equipment, equipment insurance will ensure that you are covered for any loss or damage to equipment that you are using on site. Now, there are two groups of equipment that you can sort your tools into; scheduled and unscheduled. Those pieces that cost more than $1,000 should be scheduled while smaller, less expensive equipment can be bundled into one policy.
Now, just because your equipment is damaged does not guarantee that you will be compensated with enough money to buy a new piece of equipment. Most providers will use an Actual Cash Value (ACV) mode of compensation. So, whatever the cost of your used equipment may be is what the insurance company will compensate you with.
If you have any further equipment insurance questions please feel free to give us a call at 1-800-649-9094. We look forward to hearing from you!