In general, equipment that is used for certain contractor businesses and is mobile is typically covered under equipment floater insurance. For instance, a general contractor will require a bulldozer, roller compactor, or backhoe for various construction jobs — all of which are mobile — and therefore need equipment floater insurance coverage for protection. A landscaping business, which uses excavators, gravel screeners, riding mowers, and loaders — all of which need to be transported, is another example.
Equipment floater insurance offers protection for mobile equipment in the case of a number of risk exposures including:
- Theft
- Fire
- Flood
- Equipment Breakdown
- Vandalism
- and More
Small business owners of contractor businesses with mobile equipment are advised to obtain equipment floater insurance coverage in order to protect their business from financial struggle in the case of a natural disaster or other cause of damage. Equipment is expensive and should be properly protected by an insurance policy designed specifically for that type of machinery.