What does inland marine insurance cost for a Georgia contractor?

Most Georgia small to mid-market contractors pay between 500 and 5,000 dollars a year for a contractor equipment floater, the type of inland marine policy that covers tools and mobile equipment. Where a specific contractor lands in that range depends on the total value of equipment covered, the type of equipment, how much theft and damage exposure the equipment faces day to day, and the business's claims history.

Total insured value is the largest driver. A framing crew insuring a few thousand dollars in hand and power tools sits at the low end of the range. A contractor insuring excavators, skid steers, or specialized diagnostic equipment worth six figures combined sits well above it, since the floater's premium scales with the value being protected, similar to how a property policy's premium scales with the value of a building.

Equipment type also affects pricing. Small, portable tools that are easy to steal and hard to trace, such as power tools left in a van overnight, tend to carry higher theft-related rating factors than large, serialized equipment like a mounted generator or a trailer-based compressor, which is harder to move and easier to identify if stolen.

Example: a Georgia electrical contractor insuring $60,000 in tools and testing equipment, with no theft or damage claims in the past five years, typically prices toward the middle of the range. A similarly sized plumbing contractor with two theft claims in the past three years, insuring the same equipment value, typically prices higher within the range, because claims history factors into how a carrier rates ongoing theft exposure.

Coverage terms affect price as well as the headline premium. A floater that excludes employee theft by default, discussed in does inland marine cover employee theft of tools in Georgia, generally costs less than one endorsed to include it. What the base floater covers is explained in what does inland marine insurance cover in Georgia, despite the name, and how it fits alongside a general liability policy is covered in do Georgia contractors need inland marine if they already have general liability.

Because Georgia does not mandate this coverage by statute (see does Georgia require contractors to carry inland marine insurance), pricing is set entirely by the carrier's underwriting of equipment value, type, and claims history rather than a regulatory floor or ceiling. Carriers offering this coverage are listed on the carriers page, and a coverage review can price a specific contractor's actual equipment list against current market options.