Heavy Equipment Insurance: How Much Does It Cost? | LandesBlosch

If you’re a contractor, you likely have equipment that you need to insure, either to protect your investment or to meet certain loan requirements.

Heavy equipment insurance coverage is often easy to find with the right broker and may cost less than you think. read on for more information.

Reading: How much does heavy equipment insurance cost

what is heavy equipment insurance?

Heavy equipment insurance is a term for a contractor’s equipment and tools policy. Although this policy covers a variety of things, in this case, we are referring to machinery or equipment that a contractor uses to complete projects for their business. Machinery can include bulldozers, excavators, equipment attachments, and just about anything that moves from one job site to another.

What sets heavy equipment apart from insuring other equipment is that it is often necessary to individually list each piece of heavy equipment on the policy as it carries a higher value.

how do heavy equipment insurance prices work?

Heavy equipment insurance pricing works similarly to most property insurance policies. the insurance company will provide you with a rate based on your location, the type of equipment you want to insure, your experience, and the security measures in place to prevent a claim (for example, if the equipment is stored inside a locked building when you are not in use ).

This fee is multiplied by the total value of the equipment. For example, if you insure $200,000 worth of equipment, your insurance will cost twice as much as $100,000 worth of equipment.

how much does equipment insurance cost?

The cost of your heavy equipment insurance will depend on where you are and how you use the equipment. your deductibles and the additional coverages you want in your policy will also influence the price.

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In general, you can expect to pay between $600 and $1,200 for a $100,000 kit.

examples of heavy equipment insurance claims

mini excavator theft

During a project, a contractor leaves his mini excavator on the job site. Returning to the job site after a weekend off, they discover that the bulldozer has been stolen.

theft is usually covered by a heavy equipment insurance policy.

skid steer dump

While doing cleanup work, a contract company employee accidentally rolls the skid steer loader over a hill, causing extensive equipment damage.

Under most heavy equipment insurance policies, this physical damage to the skid steer would be covered.

car accident

A contractor gets cut off on the road while transporting some equipment, causing them to run off the road. during the incident, the equipment sustains significant damage.

Many heavy equipment insurance policies with “in transit” coverage would cover this incident.

our tips for buying heavy equipment insurance

Get the additional heavy equipment rental insurance coverage.

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When you buy a heavy equipment insurance policy, you’ll usually have the option to add “lease or rented equipment” insurance. Although you may not need this coverage for the foreseeable future, it often only costs a couple hundred dollars a year and will save you some trouble down the road if you need to rent equipment.

Without this coverage, it can take up to two weeks to modify your policy to cover this scenario; by then, it might be too late. it’s always a good idea to include this coverage in your policy.

ask for replacement cost.

If you can, ask about the replacement cost of your equipment. Although finding a replacement cost policy can be quite rare and possibly unaffordable in many situations, it doesn’t hurt to ask.

Replacement cost works like this: If your device is lost, the insurance company will buy you a new device instead of a used model from a similar year.

If you are working on water, tell your insurance broker.

Most policies will exclude any work you are doing on bodies of water. If you do this type of work (or think you will in the future), you should be aware that there are specialty policies available, but you’ll need to look specifically for them.


Insuring heavy equipment is necessary for contractors to meet certain bank or leasing company requirements. it also helps protect the investments they’ve made in the equipment they need to do their jobs.

We’re here to help, so give us a call if you have any questions or are looking for a heavy equipment insurance quote.

See also: Wage Garnishment: Everything You Need Know on How to Handle It

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