How does an equipment floater insurance work?

How Does Equipment Floater Insurance Work?

Equipment floater insurance is a type of property insurance that will cover damage or loss of equipment when it is moved from one place to another. The average property insurance policy only covers personal property that stays in one location, so for many businesses, having equipment floater insurance is essential. But the question still remains, How does an equipment floater insurance work?

You can purchase coverage for an individual equipment floater policy or add it onto your current property policy. For business owners, it is vital to protect financial assets. Having an equipment floater policy will ensure that your expensive equipment will be safe no matter what it is located.

Let’s take a look at the specifics of this type of policy.

Do I Need Equipment Floater Insurance?

If you own a business that uses mobile equipment, this kind of insurance is essential to protect you and your brand. Many contractor businesses purchase this policy because they use rollers, bulldozers and compactors so often. Landscaping companies use mowers, loaders and excavators daily because the equipment needs to get from one client to another. With these kinds of businesses, keeping expensive mobile equipment safe is a top priority.

Policy Coverage

Most equipment floater insurance policies provide protection for risks like fire, theft, vandalism and equipment breakdown. Some policies will cover natural disasters as well, as poor weather conditions can result in irreversible damage to equipment.

Without the proper insurance, all of these unexpected events can ruin a small business due to large financial loss. Paying for the monthly cost of an insurance policy will never add up to the price it would be to replace such expensive equipment. It’s always better to be safe than sorry, especially when it comes to your business.

Rental Equipment

Some floater insurance policies also cover rented equipment. Many contractors and landscapers will take on job they do not have the equipment for, and to accomplish the project, they must rent. Rented equipment is always at risk to damage, and that’s why getting a floater insurance policy for your rental equipment is key.

Contact NE Insure Today!

At NE Insure, we know how to find the best policy for you and your specific needs. Whether it’s personal or for business needs, our team of experienced insurance professionals will get you the protection you need. Insurance is a vital part of owning property and expensive belongings, and you should never have to worry about losing out financially because there is serious damage to something you own. At NE Insure, we have a policy that you can turn to at the time of a crisis. Click here to learn more about our Equipment Floater Insurance Policies.

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