Commercial Scheduled Property Insurance covers all goods and property that your business transports both on land and on water. Whether you are driving home late at night with accounts receivable records in your truck or delivering goods via van to a customer, your business most likely needs the protection offered by this coverage. You may have numerous small tools, and only one large piece such as a forklift; or you may have several large pieces such as front end loaders, portable cement mixers, etc... Regardless of the type of equipment you are insuring, the most used form to provide the best coverage is Commercial Scheduled Property Insurance coverage form.
Commercial Scheduled Property Insurance is a far-reaching coverage that may hedge against land transportation risks that you have yet to consider. It can cover:
Art and Other Property
One of the biggest advantages of using the Commercial Scheduled Property Insurance form is the flexibility it provides, such as "Property in Transit" and "Property Off Premises". Sometimes referred to as "equipment Floater", the general idea of a Commercial Scheduled Property Insurance form is that it covers your tools and equipment as they move from place to place.
Coverage for loss or damage to your tools and equipment may be provided on a Scheduled or Unscheduled basis. As a general rule, you should specifically schedule any individual piece of equipment with an Actual Cash Value of over $1,000. Unscheduled tools and equipment under $1,000 can be lumped together and put on the policy as a set amount for all.
If you or an employee are taking computer equipment to be repaired or home to work over a long weekend, a car accident could cause the complete destruction of the equipment. This loss would be covered with inland marine insurance.
If you have back up disks or records that are damaged during transport, commercial scheduled property insurance can reimburse you for loss of business or the cost to restore the data.
Art and Other Property:
Assets of your business, either in the form of stock or for business use, may need to be transported to a new location or to a customer's home. Damages encountered during the transport may be covered under commercial scheduled property insurance.
Contractors equipment can be insured in a few different ways, depending on your business operations and the type of equipment you use.