Indiana has about 512,348 small businesses. If you're one of them, you'll want adequate protection for your livelihood. Business equipment insurance can help cover some of your prized assets.
An independent insurance agent will be able to find a policy at an affordable price. They work with several carriers so that you have choices. Get connected with a local expert in minutes.
Commercial Equipment Insurance
In Indiana, your commercial equipment insurance is typically on its own. It can be included in a package or business owners policy, but is usually separate. 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?
Power surges and equipment failures are not covered under your business property policy. They are insured under commercial equipment insurance, though. Check out what commercial equipment coverage includes:
- 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 your business equipment becomes damaged, you'll be financially responsible without insurance. A repair or replacement can put you out of commission for days. To ensure you're adequately protected, you'll want to review your policies.
What Doesn't Commercial Equipment Insurance Cover?
While it's good to know what your policy will protect against, you should understand what it won't. Carriers will look at reported claims as a negative. To avoid claiming a loss that isn't insured, you'll need to be familiar with your policy. 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 for that.
Business Equipment Insurance Cost
In Indiana, $6,780,466,000 in commercial insurance claims were paid in 2019. Business equipment losses were among the ones reported. Your costs will depend on the number of claims in an area and personal data factors. Take a look at some 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 Indiana natural disasters that can impact your premiums:
- Hurricanes and tropical storms
- Severe storms and lightning damage
- Flooding and water damage
- Burglary and other property crimes
Insurance for Business Equipment at Home
With the high demand by people and businesses working from home, coverage needs to be considered. There are certain things your homeowners policy will extend protection for, and others it will not. Take a look at what could be insured in your home policy:
- Business personal property
- Medical payments
If you have commercial equipment stored at your home, your standard homeowners policy won't insure it. In order to have proper coverage, you'll need separate business equipment insurance. Your homeowners coverage will usually insure up to $5,000 in non-equipment business belongings.
How to Connect with an Independent Agent in Indiana
A local adviser can help review your commercial equipment insurance and all your other business policies. Coverage can be confusing if you're not a licensed professional. Your business insurance policies can vary depending on your industry and your assets.
An independent insurance agent can help with policy and premium options. They have a database of multiple carriers that they are able to quote coverage through. Connect with a local expert on TrustedChoice to begin.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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