Equipment Insurance in Alabama

What Is Equipment Insurance?

Equipment insurance is a broad term that can include several types of coverage depending on what you own, where the equipment is located and how it is used. Some equipment may be insured under commercial property coverage, while mobile equipment, tools or property in transit may require inland marine or specialized coverage.

What Types of Equipment May Need Coverage?

• Contractor tools and equipment
• Construction machinery
• Mobile equipment
• Specialized business equipment
• Farm machinery
• Equipment transported between locations
• Leased or rented equipment, depending on contractual requirements

Coverage for Equipment That Moves

Commercial property insurance is often tied to a specific location. Equipment that regularly leaves your premises or moves between job sites may require inland marine or contractor’s equipment coverage designed for mobile property.

Theft, Damage & Other Covered Losses

Depending on the policy selected, equipment coverage may respond to certain losses involving theft, fire, vandalism, collision or other covered causes of loss. Coverage varies significantly, making it important to review exclusions, deductibles, valuation and where the equipment is covered.

Owned, Rented & Leased Equipment

Businesses may use a combination of owned, rented and leased equipment. Contracts can also create insurance requirements. Tell your agent how equipment is acquired and used so the appropriate coverage options can be considered.

When Should You Review Equipment Coverage?

• Purchasing expensive machinery or tools
• Adding new job sites
• Expanding operations
• Leasing or renting equipment
• Transporting equipment more frequently
• Changing storage locations
• Making major upgrades to existing equipment

Why Work With Bates, Roberts, Fowlkes & Jackson?

Equipment coverage often overlaps with commercial property, inland marine, commercial auto and liability insurance. Our team can help look across your insurance program to identify how these coverages work together. Bates, Roberts, Fowlkes & Jackson has served insurance clients since 1963.

Equipment Insurance FAQs

What insurance covers business equipment?

The answer depends on the equipment and how it is used. Commercial property, inland marine, contractor’s equipment and other specialized policies may provide protection.

Does commercial property insurance cover equipment away from my business?

Coverage can be limited when property leaves the insured premises. Mobile equipment and tools may require inland marine or other specialized coverage.

Can equipment insurance cover theft?

Certain theft losses may be covered depending on the policy, location, circumstances, limits and exclusions.

Can rented equipment be insured?

Coverage may be available for rented or leased equipment, and rental contracts may require specific insurance. Review the agreement and coverage with your insurance professional.

Is equipment in transit covered?

Some inland marine and equipment policies are designed to cover eligible property while it is being transported, but coverage varies.

How should equipment be valued for insurance?

Valuation methods can differ by policy. Replacement cost, actual cash value and other valuation provisions can significantly affect a claim settlement, so they should be reviewed carefully.

Protect the Equipment That Keeps Your Business Moving

Your equipment is essential to getting the job done. Bates, Roberts, Fowlkes & Jackson can help you understand how your current insurance protects it and where additional coverage may be appropriate.Let’s review what you own, where you use it and how it should be insured.