Florida Business Equipment Insurance

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There are 2,500,000 business owners in Florida. When you own a business here, you'll want the right protection. Business equipment coverage is necessary if you wish adequate insurance for your property.

An independent insurance agent will help with coverage and premium options. With access to multiple markets, you'll save big. Connect with a local expert to begin.

Commercial Equipment Insurance

Your Florida business equipment coverage can be included under your business insurance or on its own policy. This coverage is unlike your business personal property insurance, and both are usually necessary. Commercial equipment insurance will cover the types of damage listed below.

  1. Power surges
  2. Electrical shorts
  3. Mechanical breakdowns
  4. Motor burnout
  5. Operator error

Equipment can typically include the following items

  • Boilers
  • Air conditioners
  • Freezers
  • Refrigerators
  • Heavy machinery
  • Contractors equipment

What Does Commercial Equipment Insurance Cover?

When your Florida equipment keeps your business operational, coverage is important. This policy focuses on interior forces that cause damage, such as power surges. 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

When your equipment becomes damaged, you'll be financially responsible without this policy. That could be thousands of dollars of loss you won't want to pay out of pocket. Review your business policy to ensure you have the right protection.

What Does Commercial Equipment Insurance Not Cover?

It's essential to know what your Florida commercial equipment policy won't cover. That way, you can be proactive when it comes to which claims you should file. 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 spoiled 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 any structures or 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 for that.

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Business Equipment Insurance Cost

Your Florida business insurance costs vary for every policy. Commercial equipment coverage premiums will be dependent on numerous risk factors. Some you will be able to control, while others you will not. Here are 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 Florida natural disasters that can impact your premiums

  1. Wildfires
  2. Hurricanes and tropical storms
  3. Severe storms and lightning damage
  4. Flooding and water damage
  5. Burglary and other property crimes

Insurance for Business Equipment at Home

In this day and age, there are many people working from home. Some work for others, and some have their own business. If you're running a company out of your home, you might have some coverage under your homeowners policy. Take a look at what could be insured from your home policy.

  • Liability 
  • Business personal property 
  • Medical payments

One item that won't have coverage is your business equipment. There will be business personal property protection, usually between $1,000 to $5,000, but that's pretty much it. To have insurance for all your exposures, you'll need to consider separate business policies.

How to Connect with an Independent Agent in Florida

In Florida, commercial equipment insurance can mean the difference in thousands of dollars getting paid by you or by a carrier, so it's not a risk that's worth taking. To ensure that you're fully protected, consult with a licensed professional. 

An independent insurance agent can help with policy and premium options. They have a database of dozens of carriers that will present the best coverage in town. Get connected with a local expert on TrustedChoice.com today.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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