August 10, 2022
What is Business Equipment Insurance? Do You Need It?

What is Business Equipment Insurance? Do You Need It?

Business equipment insurance is a type of business insurance that protects your machines from damage or theft. It can be defined as an additional layer of protection to protect your machines from the unexpected and help you recoup costs in case of an accident or theft.

Business insurance is not cheap, but it’s worth every penny in order to protect your company from unforeseen circumstances without having to worry about significant costs later down the road. What would happen if disaster struck and technology cost more than anticipated?

This article will explain what business equipment insurance is, why you need it, and how to get the best deals.

What is Business Equipment Insurance?

Business Equipment Insurance protects the equipment and property of a business. This type of insurance is typically purchased by businesses that have net worth in excess of $7,500,000 or have had annual gross revenues over $15,000,000 for the past three years.

The coverage is for businesses with significant amounts of physical assets, such as real estate and inventory. The scope covers losses caused by fire, smoke, wind storms, civil disobedience, vandalism and more.

When you purchase Business Equipment Insurance, you are simplifying the process of buying insurance and saving yourself money in the long run.

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General liability insurance protects against financial loss as the result of bodily injury, property damage, and medical expenses. All businesses should have general liability insurance for risk management purposes; however, it’s important to note that not all general liability policies offer protection against slander and libel.

Businesses should consider expanding their general liability coverage to include these protections if they feel they are at risk for an accusation related to either one of those offences.

Professional Liability Insurance protects against financial loss as a result of malpractice, errors, and negligence. This type of policy is ideal for professionals who provide services to their clients, such as doctors, lawyers, and accountants.

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Commercial property insurance protects your company against loss or damage of company property due to a wide variety of events. The coverage is for businesses with significant amounts of physical assets, such as real estate and inventory. The scope covers losses caused by fire, smoke, wind storms, civil disobedience, vandalism and more.

Business Equipment Insurance is a rider that can be added to home-based business owners’ policies, offering protection for small amounts of business equipment and liability coverage for third-party injuries.

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Business owners’ policies are bundles that combine all the usual coverage options into one package. This type of policy is ideal for small business owners who want to have comprehensive protection without having to research different types of insurance and compare rates.

When you purchase Business Equipment Insurance, you are getting peace of mind knowing that your equipment is protected in the event of theft or damage.

What equipment and tools does business equipment insurance cover?

Own plant, tools, and equipment cover

If you’re a tradesperson, you can choose to have your tools and equipment covered under your business equipment insurance policy. This will protect them against accidental damage, fire or theft.

  • The cover also includes construction plants, machinery, trailers and site huts.
  • This protection is available whether the items are owned or hired-in.
  • You can also choose to take out cover for stock in trade up to a value of £2000.
  • This option is ideal if you’re renting specialist gear as it protects you against loss or damage.

Hired-in plant cover

When you’re renting equipment for your business, it’s important to know that you’re protected in the event of damage or destruction. That’s why our hired-in plant cover offers protection for rented items.

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We provide insurance for a vast range of hired gear, including constructional plant and machinery. So whether you’re working on a construction project or need some specialized equipment for a one-time job, we’ve got you covered.

The insurance company offers protection for business equipment, stock, plant and machinery. And if something happens to your tools or equipment while they’re in use, we’ll help make things right.

Business equipment insurance has the ability to cover up to £2000 worth of stock. That means you can rest assured that your tools and equipment are protected against accidental loss, theft or damage.

Business equipment insurance

Business equipment insurance is an important type of coverage for any business. The policy protects items needed by employees to keep the business running, such as laptops, mobile devices and other technology. It also covers any other tools necessary for work purposes.

There are different types of coverage with varying price amounts. Equipment Insurance can cover your camera, phone, gadget and laptop. Business equipment insurance is especially important for freelancers or self-employed professionals who may not have access to employer-provided coverage.

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You can get a quote in less than 10 minutes with Essential Insurance’s business equipment insurance coverage. Plans offer flexible options with competitive prices, so you can find the perfect plan for your needs.

When do small businesses need contractor tools and equipment insurance?

Small businesses may not think they need contractor tools and equipment insurance, but the truth is that it can be very valuable. This type of policy covers movable tools and equipment that are used for business purposes.

It is designed for construction professionals, installation professionals, and contractors whose job sites are always changing. The coverage typically includes an annual deductible which starts at $250-$500 per claim, with a limit of 20 claims in a year for businesses that have never had any claims before (small businesses).

The contractor’s tools and equipment insurance is a Business Owner’s Policy (BOP). This type of policy protects your business from damages to tools and equipment – such as a broken laptop. It also provides protection if you need to borrow someone else’s tools or equipment. General liability insurance provides protection for other people’s property that is damaged by your business, but not your own.

How much does Business Equipment Insurance cost?

The cost of business equipment insurance varies depending on a number of factors, including where you live and work, the value of your equipment, and the excess amount you’re willing to pay in case of a claim. In general, though, business equipment insurance is much cheaper than replacing your equipment if something happens to it. The median premium for contractor’s tools and equipment insurance is $14 per month or $169 per year.

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The price of business equipment insurance also depends on the industry you’re in. For example, businesses that are exposed to more risk may have to pay more for coverage than those that aren’t. And if you choose to insure more items under your policy, the cost will be higher.

One thing to keep in mind is that the excess amount you pay if a claim is made can also affect how much you end up spending on insurance each year. So be sure to ask your insurer how much this will be before signing up for a policy.

Generally speaking, though, it’s safe to say that business equipment insurance is not cheap—but it’s still much cheaper than replacing all your valuable equipment. And don’t forget: most insurers require owners to store their items in a secure place when they’re not being used. So make sure you talk with your provider about what’s covered and what’s not before you buy a policy.

5 Best Small Business Insurance Companies of 2022

State Farm

State Farm is one of the largest small business insurance companies in the United States. It offers a wide range of coverage, including property damage, workers’ compensation, and general liability insurance. State Farm also offers accident medical coverage, which can help pay for medical expenses if an employee is injured on the job.

Hiscox

Hiscox is a huge international insurer with policies designed for the needs of micro-businesses. Hiscox only has nine U.S. offices, but they are available in 49 states and Washington D.C. The parent company is not American and Hiscox does not offer life insurance products for American citizens or residents S.-based company, with corporate headquarters in Atlanta, Georgia.

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Hiscox provides small business insurance for 19 countries and all 50 states Small business insurance is not available in Alaska The parent company of Hiscox is based in Bermuda The company offers commercial general liability, professional liability, business owners’ policies (BOPs), workers’ compensation, cyber liability, commercial auto and employment practices liability insurance.

Its standard limits are up to $2 million but higher limits may be available upon underwriting approval. It provides coverage for many industries and policy types

Small Business insurance is available for a wide variety of industries on their website. Each industry has different requirements so it is important to review the website carefully before selecting an appropriate plan

Nationwide

Nationwide is a general liability insurance provider that focuses on straightforward business solutions. Nationwide received an A++ Superior rating from AM Best, which is one of the leading rating agencies in the world.

Nationwide Insurance traces its roots back to 1926 and has been providing quality services ever since.

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The company offers 14 different industry specialities, including investment services. They have an A++ rating from AM Best and cover all 50 states except Alaska and Hawaii.

Nationwide offers many types of business insurance, such as property damage, automobile coverage, product liability, and professional liability. The company also specializes in medical clinics and food & beverage businesses.

The Hartford

There are many good reasons to choose Hartford as your workers’ compensation provider. For starters, the company offers employers a pay-as-you-go plan, which helps lower the chances of overpaying or underpaying premiums. In addition, Hartford is one of the top workers’ compensation providers because it also provides other benefits to employers such as pay-as-you-go plans and special benefits for companies with multiple locations.

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Hartford is the second-largest provider of workers’ compensation insurance nationwide. But what really sets this company apart is its commitment to excellent customer service. Hartford has a network of over one million healthcare providers in its database to help injured employees get back on their feet quickly and efficiently when they are unable to file business claims on the app themselves.

Hartford Insurance offers many types of business insurance, including general liability, BOPs, commercial auto, commercial flood, data breach coverage and more. And if you’re looking for an insurer that always puts customers first, you’ll be happy to know that Hartford insurance has an A+ rating from AM Best with a wide range of industries available for coverage. Plus, as a policyholder, you can take advantage of a number of valuable discounts and features, such as Hartford’s myPolicy app.

So if you’re looking for a workers’ compensation provider that has your best interests at heart, Hartford should be at the top of your list.

Liberty Mutual

Liberty Mutual has a fast and easy process. Liberty Mutual offers a Business Owner’s Policy which can be customized for different industries.

The company is also inexpensive with plans starting at $26/month. Liberty Mutual is one of the best providers for business owners.

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Liberty Mutual offers policies that combine liability, property loss, and loss of income into a single policy. For small businesses, Liberty Mutual is an excellent option because it offers coverage of all types, including commercial auto and equipment breakdown, as well as 12 industry-specific solutions such as construction, public entities, financial institutions, healthcare or real estate.

Conclusion

Business equipment insurance is a great way to protect your investment and keep your business running in case of an accident or theft. However, it’s important to understand your needs and the coverage that is available before purchasing a policy. We hope this article has helped you understand what business equipment insurance is and whether you need it for your business. If you have any further questions, please don’t hesitate to reach out to us. We’re always happy to help.

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