Tools & Equipment Insurance for Contractors
Get the coverage you need to protect your most important tools & equipment.
Join over 150,000 businesses that have trusted us!
Save up to 35% on your insurance
Just a few minutes to get your best quote
Join over 100,000 businesses that have trusted us!
Save up to 35% on your insurance
Just a few minutes to get your best quote
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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The renewal process was quick and easy for the most part. When I needed assistance in completing the document it... read moreThe renewal process was quick and easy for the most part. When I needed assistance in completing the document it was provided in a quick and efficient manner. read less
Ross Leclair6/24/2022Mark was very helpful in gliding me through the process of obtaining my Business Insurance policy!Thank you, Mark!
Erika R6/24/2022Brenda was a pleasure to work with, thanks again.
Gregory Tome6/23/2022 -
I needed liability insurance to teach Senior's fitness. Zensurance staff were helpful, offered a reasonably priced product (I did... read moreI needed liability insurance to teach Senior's fitness. Zensurance staff were helpful, offered a reasonably priced product (I did check with 3 other companies) and fulfilled my order quickly and efficiently. I would recommend them to anyone, anytime. read less
Margaret Harris6/23/2022Great experience so far! Just signed up for some commercial insurance -- Josh H helped us... very fast and efficient,... read moreGreat experience so far! Just signed up for some commercial insurance -- Josh H helped us... very fast and efficient, and a great price. read less
Suzanne Peters6/23/2022Josh did an incredible job very helpful and informative. He was able to accommodate my tight schedule and supply me... read moreJosh did an incredible job very helpful and informative. He was able to accommodate my tight schedule and supply me with everything I needed. He will be the first person I will call in my future needs. read less
GARNET BANFORD6/23/2022 -
Mark Cote was super helpful and quick to respond to my calls and emails. He got me the best rate... read moreMark Cote was super helpful and quick to respond to my calls and emails. He got me the best rate for my yoga and fitness policy. I recommend this Canadian company for all fitness professionals. Site is easy to navigate, and the online chat team is responsive and helpful as well. Thank you! read less
Hamida Denny6/06/2022Perfect so far - Easy to sign-up and get coverage at a reasonable rate. This was by far the best... read morePerfect so far - Easy to sign-up and get coverage at a reasonable rate. This was by far the best experience I have had getting coverage for my small business. Justin was great and I am very happy with Zensurance so far.
I don't have experience with any claims (hopefully I won't need one), but would recommend this insurer if you are looking for coverage. read lessTrevor Schofield5/26/2022Absolutely a great support service. They respond to my emails quickly. Their chat feature on their website is... read moreAbsolutely a great support service. They respond to my emails quickly. Their chat feature on their website is very easily accessible, and I only waited for one minute! Couldn't be happier.
We are pleased that we switched to this broker from our old broker that we were with for over 20 years.
Zensurance is highly recommended if you are looking for business insurance. read lessJeff Panasuik5/20/2022
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