There are 571,495 small businesses in Arizona alone. If you use specific items to run your operation, you'll need business equipment insurance. A licensed professional can help you determine which coverage options apply.
When working with an independent insurance agent, you'll get the best of both worlds. They do the shopping for you at zero cost to your company. Connect with a local expert for coverage and premium options.
Commercial Equipment Insurance
In Arizona, business equipment insurance can be on a separate policy or included under a package. No matter which way you obtain coverage, there are specific items it will insure. Commercial equipment insurance will cover the damage below:
- Power surges
- Electrical shorts
- Mechanical breakdowns
- Motor burnout
- Operator error
Equipment can typically include the following items:
- Air conditioners
- Heavy machinery
- Contractors equipment
What Does Commercial Equipment Insurance Cover?
This policy focuses on interior forces that cause damage. Among what's included could be power surges and equipment failure. Check out what commercial equipment coverage will insure:
- Coverage to replace or repair failed equipment
- Coverage for the labor to replace or repair failed equipment
- Coverage for lost income due to failed equipment
If you don't have adequate protection for your equipment, you could be out thousands of dollars in damage. Insufficient coverage could hinder your overall operation. This policy is especially important when you use equipment to run your business.
What Doesn't Commercial Equipment Insurance Cover?
Before you file a claim on your Arizona business equipment policy, it's essential to know what it won't cover. A zero pay loss can still affect your rates and should be avoided if possible. Take a look at what's not included and if it can be added to your equipment coverage:
- Spoilage: This coverage refers to food or items that spoil due to an equipment loss. It can usually be added for a fee, but won't be automatic in most cases.
- Vehicles: Some insureds think automobiles or company vehicles fall under business equipment, but they don't.
- Structures: If you want coverage for structures or anything similar, it will fall under your business property coverage.
- Wear and tear: If your business equipment stops working only because of wear and tear, it won't be covered under any policy.
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Business Equipment Insurance Cost
Several factors can affect your business insurance costs. Commercial equipment coverage is no different. Take a look at things carriers use to rate your business equipment insurance:
- The value of each piece of equipment
- Your safety measures in place
- Who operates said equipment?
- Your claims history
- Your business address
- Local disasters
Common Arizona natural disasters that can impact your premiums:
- Flooding and water damage
- Severe storms and lightning damage
- Burglary and other property crimes
- Hurricanes and tropical storms
Insurance for Business Equipment at Home
In today's workplace, many people are running a business out of their home. Coverage for your business equipment will look a bit different when this is the case. Some insurance can fall under your homeowners coverage. Take a look at what could be insured from your home policy:
- Business personal property
- Medical payments
One area that won't be protected under your home coverage is business equipment. For this, you'll need separate insurance. There may be some protection under your homeowners insurance for business property such as computers or furniture up to $5,000. Review your limits with a licensed professional.
How to Connect with an Independent Agent in Arizona
In Arizona, your business equipment insurance is critical when operating a company. It can mean the difference between whether a claim gets paid or not. To avoid financial ruin, consider using a trusted adviser.
An independent insurance agent can help with policy and premiums that fit your budget. They work with several markets so that you have options. Connect with a local expert on TrustedChoice for quotes today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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