A snow removal business runs on equipment, and much of it is worth more than people expect. A commercial V plow, a tailgate spreader, a skid steer with a snow pusher, a loader or a sidewalk tractor can each represent a serious investment. When one is stolen or damaged mid season, you lose both the equipment and the revenue it was earning.
What Equipment Insurance Covers
Equipment coverage, often written as a contractors equipment floater, typically covers your gear against physical loss or damage, such as:
- Theft from your yard, a job site or a truck
- Vandalism
- Fire
- Collision or overturn of mobile equipment
- Damage in transit
Your broker will explain what perils are covered and what is excluded, such as normal wear and tear or mechanical breakdown.
Why Your Auto Policy May Not Be Enough
A blade mounted on an insured truck may be covered under your auto policy when properly declared. Once it is detached and sitting in the yard, coverage can be different. Off road equipment like skid steers, loaders and sidewalk units usually is not covered by an auto policy at all. See plow truck insurance.
Equipment Commonly Insured
- Plow blades, pushers and attachments
- Salt spreaders and sanders
- Skid steers
- Wheel loaders
- Compact tractors
- Sidewalk tractors and trackless units
- Commercial snow blowers
- ATV and UTV plows
Owned, Leased and Rented Equipment
Tell your broker if you lease or rent equipment for the season. Lease agreements often require you to insure the equipment and name the leasing company. Rented equipment may need its own coverage.
Valuation Matters
Ask whether equipment is insured for replacement cost or actual cash value. With older equipment, actual cash value can leave a gap between the payout and the cost of getting back to work. Keep a current list of serial numbers, values and photos.
Reduce Theft Risk
Equipment theft is common in the off season and overnight. Secure yards, GPS trackers, locked hitches and good lighting can help, and some insurers ask about these measures.
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Frequently Asked Questions
Is my snow plow blade covered by my truck insurance?
Sometimes, when mounted and declared. When detached or stored, coverage can differ. Many contractors schedule blades on an equipment policy.
Do I need separate insurance for my skid steer?
Usually yes. Skid steers and loaders are typically insured under an equipment policy rather than auto insurance, unless licensed for road use under specific circumstances.
Does equipment insurance cover breakdowns?
Standard equipment policies often exclude mechanical breakdown. Ask your broker about options.