Tools & Equipment Insurance for Contractors
Get the coverage you need to protect your most important tools & equipment.
Trusted by over 300,000 Canadian small business owners!
Save up to 35% on your insurance
Get the best insurance quote in a few clicks!
Trusted by over 300,000 Canadian small business owners!
Save up to 35% on your insurance
Get the best insurance quote in a few clicks!
Partnerships with over 50 leading Canadian insurance providers
Partnerships with over 50 leading Canadian insurance providers
Why Choose Zensurance?
We help Canadian business owners save time and money by providing
a convenient and affordable way to buy business insurance.
Convenience
Purchase your insurance anytime, anywhere, with our easy-to-use online platform.
Cost
Compare rates across leading insurance companies to ensure you get the best price on your premium.
Curation
We use data and analytics to identify the right insurance policies for your business.
Claims Examples
Problem: You’re an electrician installing electrical wiring into a new shopping plaza. You left your hand tools secured in the building overnight and realized your tools had been stolen when you returned the following day.
Outcome: Your Contractors Tool Cover Insurance policy may cover the cost to replace the stolen tools, totalling $1,400.
Problem: You’re a mechanic fixing the engine on a car. While working on the car, you drop a heavy tool on a nearby air compressor which damages the motor, making it unusable.
Outcome: Your Tools and Equipment Insurance policy may cover the cost to repair the air compressor’s engine, totalling $2,400.
Problem: Your small construction company is building an extension on a home. The site got vandalized while you were out for lunch, and your bulldozer was broken beyond repair.
Outcome: Your Construction Equipment Insurance may cover the costs of repairing the bulldozer, totalling $10,000.
Tools & Equipment Insurance, Explained.
What is Tools & Equipment Insurance?
Tools and Equipment Insurance is a type of property coverage that provides financial protection for any transportable tools or equipment that contractors use to complete work-related projects.
Tools and Equipment Insurance can provide reimbursement to repair or replace tools if they are lost, damaged, or stolen. Insured events apply to tools and equipment that are vandalized, stolen, lost, or damaged by fire or flood.
Any item valued at less than $1,500 is considered a tool, whereas anything valued above is considered equipment.
What does Tools & Equipment Insurance cover?
Coverage includes reimbursement of the costs to repair or replace business-owned tools and equipment used by contractors, whether owned, leased or rented. Tools and Equipment Insurance also extends coverage whether they’re in storage, while transport, or left at a client’s location.
Common examples of property covered under this insurance policy include:
- Hand Tools
- Power Tools
- Safety Gear
- Assisting Tools
- Measurement Devices
- Heavy construction equipment
- Bulldozer
- Excavator
- Backhoe
How much is Tools & Equipment Insurance?
Tools and Equipment Insurance costs start around $400 per year but could vary based on several factors unique to your business.
- Types of tools and equipment
- Value of each item
- Location
- Previous insurance claims
During your online quote, we’ll ask questions about your business to understand your needs.
What does it not cover?
Tools and Equipment Insurance doesn’t provide coverage for:
- Damage due to general wear and tear
- Deliberate or non-insured damages
- Tools or equipment past its useful life
Who needs Tools & Equipment Insurance?
Tools and Equipment Insurance is designed to protect the tools used by construction companies and contractors that work at multiple job sites. Here are a few industries that can benefit from this coverage:
Additional coverage options
Tools & Equipment Insurance is generally an additional coverage within a comprehensive contractor’s insurance policy. Contractors may also benefit from the following insurance policies:
Frequently Asked Questions
Commercial Property Insurance covers commercial property (owned or leased), and the physical contents within that property should it be damaged or lost due to an event such as fire, theft, or vandalism.
Tool and Equipment insurance offers similar property coverage, but it’s explicitly intended for construction and trade contractors looking to protect their tools and equipment often used in different locations.
Yes – Chances are, all of your projects rely on specific tools and equipment to get the job done. There’s always a risk that an item could be damaged, lost, or stolen even with every precaution taken. It’s necessary to safeguard essential equipment with tool cover insurance to prevent a costly replacement and a delayed project.
Yes, you can, but typically, Tools and Equipment Insurance is part of a policy package to ensure your business is covered for other business risks. Other coverages frequently purchased with Tools and Equipment Insurance are; Commercial General Liability, Professional Liability Insurance, and Professional Liability.
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- Brett was very helpful and responsive.Robert Fosco12/17/2024Angela made this experience easy and found an affordable quote.Suzanne Hammond12/17/2024I want to sincerely thank Ms. Katherine Davis for her professional support and dedication. Her efforts made my experience with this insurance company truly exceptional. I greatly appreciate her help.nazanin saravani12/17/2024
- Big shout of thanks to Nick Morgan of Zensurance for jumping up and going the extra mile to make the calls and provide me an acceptable policy in 3 days!Brady Robinson12/16/2024A very professional and prompt response to my insurance needs have been provided by Mr. Awais. I would highly recommend him for any insurance related work and for immediate assistance. Thanks a lot for the services Mr. Awais.Afshan Jamal12/16/2024ExcellentJames Kelley12/14/2024
- Great speedy and easy to use service. Was able to cut down my premium to reasonable amount while still getting covered for my needs. Highly recommend. Andrew was very helpful and understanding my needs.michal hanzlik12/14/2024easy to work withDevin Disabato12/14/2024I use them for my Health and Wellness business. They are well priced and the customer service has so far been amazing!Nina Fraser12/13/2024
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