When you and your crew are up on a roof focused on getting the job done right, the last thing you need to worry about is the security of your equipment. As a roofer, you rely on tools and machinery daily. Every piece of equipment is a valuable asset and crucial to your business.
From hammers to heavy-duty nail guns, your equipment isn’t just costly—it’s the backbone of your business. But what happens if those tools are lost, damaged, or stolen while you’re on the job? Continually replacing tools can get expensive quickly.
That’s where equipment floater insurance comes into play. This specialized type of insurance is designed to cover your essential tools and give you peace of mind. It protects you from unexpected losses that could disrupt your work and impact your bottom line.
In this guide, we’ll break down what equipment floater insurance is, why roofers need it, and how you can select a plan that best fits your business needs. Here’s what roofers need to know about equipment floater insurance.
What Is Equipment Floater Insurance?
Equipment floater insurance is a type of property insurance that covers tools and equipment that don’t permanently stay t in one place. You can probably already see why this would be valuable to a roofer.
It’s not like your customers can bring their broken roofs to your business—nope, you’ve got to go to them! This means the valuable equipment you’ve invested in travels around quite a bit.
Unlike standard insurance policies that cover items at a fixed location, an equipment floater policy “floats” along with your assets, following them wherever they go. This flexibility is essential for roofing professionals since it covers tools and machinery as you move between projects.
Why Roofers Get Equipment Floater Insurance
Roofing work requires a range of specialized tools and equipment. Equipment floater coverage helps roofers protect these essential items, offering greater financial security. Here are a few examples of the type of equipment roofers could cover:
- Hammers
- Harnesses
- Drills
- Nail guns
- Saws
- Ladders
- Shovels
- Other general roofing equipment
Whether you’re transporting tools in a work truck or using them at a job site, equipment floater insurance can safeguard your assets against theft, accidental damage, or other unforeseen events.
Benefits of Equipment Floater Insurance
The benefits of insuring your equipment wherever it goes extend beyond simple replacement costs. With the right coverage, roofers gain several advantages.
Financial Protection
Roofing equipment is a significant investment, from a simple hammer to high-end power tools. Equipment floater insurance helps you recoup damaged or stolen equipment costs without dipping into company funds.
Business Continuity
In roofing, working consistently and meeting deadlines are essential to client satisfaction and a positive business reputation. A damaged or missing piece of equipment can halt work, delay projects, and even cost you future jobs.
Equipment floater insurance helps you replace tools promptly. With coverage in place, you’re less likely to face downtime due to extended replacement delays.
Reduced Stress
Handling multiple projects and managing your roofing jobs is stressful enough on its own. Knowing your equipment is insured lets you focus on the job and less on potential losses. This reduced stress helps you concentrate on essential things like roofing safety and quality work.
Equipment Floater Coverage Options
You can typically customize equipment floater policies to fit your specific needs. Some policies offer coverage for various types of equipment, while others may be tailored to protect high-value items or even newly purchased tools.
Review your options carefully to select a plan that balances cost with coverage.
Factors to Consider for Equipment Floater Insurance
When choosing the right policy for your business, it’s critical to consider factors that affect both your coverage and cost.
Equipment Type
Determine which tools and machinery are essential to cover for your business. Consider the cost and importance of each tool—you may not want to insure every nail, but insuring the nail gun itself is a good idea.
Coverage Limits
Insurance policies may set maximum limits on coverage amounts. Check that your coverage can handle any high-value items you want to insure.
Policy Deductible
A higher deductible could lower your monthly premium upfront but can increase your overall out-of-pocket costs during a claim—which could defeat the purpose of insuring your items. Try to find a good balance between your deductible and maximum expenses if you ever file a claim.
Geographic Coverage
Make sure the policy you choose covers your equipment not only at the job site or on your lot but also during transit.
Equipment Floater Cost
The cost of equipment floater insurance can vary based on different factors. For example, equipment value, work type, and location can all impact the price. Insurance policies typically range from very budget-friendly to more comprehensive plans.
As a roofer, consider the value of your tools and how essential they are to your daily operations. This analysis can help you find the right policy that balances coverage with affordability.
Here are some strategies to help you lower the cost of insurance.
Bundle Policies
Some insurance companies offer discounts for bundling equipment floater plans with general liability or other insurance types. Ask insurance providers about the bundle options they offer businesses.
Secure Equipment
No insurance company wants to cover equipment that’s carelessly left unsecured. Using secure storage and tracking technology can minimize your loss risks, which could lead to lower insurance premiums. Ask your insurance specifically if they offer discounts for better equipment storage habits.
Get Several Quotes
Do your research! Don’t just go with the first insurance provider you find. Instead, shop around and get several quotes. Insurance providers offer various rates and discounts—compare quotes and find the best coverage for your needs and budget.
Safeguard Your Tools, Protect Your Business
In roofing, your tools are more than possessions—they’re a critical investment in your livelihood. Equipment floater insurance protects that investment and keeps your business running smoothly if anything ever happens to your tools.
Insurance isn’t the only way to safeguard your business. Consider investing in roofing software to protect your company from risks like low productivity, stalled growth, or disorganization.
Roofing software helps contractors streamline processes through lead organization, sales optimization, billing, and project management tools.
Start a free 14-day trial of JobNimbus to see how roofing software can help you take your business to the next level.
