Maryland Business Equipment Insurance

As a business owner in Maryland, you will want to insure your commercially owned property against potential loss or damage. When purchasing your coverage, it is important to be certain that your essential business equipment is sufficiently covered.

Local independent insurance agents can help you review your coverage options and can ensure that you are getting suitable business equipment insurance at a great price. Contact an insurance agent near you to learn more.

What Is Maryland Commercial Equipment Insurance?

Business equipment insurance is part of the commercial property coverage that you’ll find in a business owners policy (BOP) or business insurance policy.

Commercial equipment insurance covers loss or damage to your business-owned machinery and equipment if this expensive property is lost or damaged by a covered event such as fire, theft, or severe weather.

Equipment insurance is not the same as equipment breakdown insurance, which is a policy option that can cover losses related to sudden machinery malfunctions due to risks like motor burnout and short circuits.

How Much Does Business Equipment Insurance Cost in Maryland?

The cost to insure your business equipment will be based on your equipment’s value, type, and the likelihood that it will be damaged.

If, for instance, your business in an area that is prone to severe storms and hurricanes, this coverage will cost more than if your business is in a less risky location.

The only way to find out how much it will cost to cover your business equipment is to contact a few competing insurance companies to request customized quotes. Independent insurance agents are available to do this on your behalf.

What Does Maryland Business Equipment Insurance Cover?

Business equipment insurance can cover the cost to repair or replace your company’s essential equipment if it is lost or damaged by hazards such as the following.

• Fire
• Severe storms (including windstorms, electrical storms, tropical storms, and hurricanes)
• Hail
• Heavy snows and ice accumulation
• Prolonged freezing temperatures
• Property crimes (including theft, vandalism, and arson)

In some cases, you may need supplemental coverage. For instance, depending on the type of business you have and how it operates, your insurance agent may recommend also purchasing the following.

• Inland marine insurance: This can cover your portable business equipment when it is being transported over land or when it is being stored away from your place of business, such as if you manage vending machines throughout the area or own a cellphone tower.
• Contractors equipment insurance: This is a form of inland marine insurance that is designed to cover your tools and machinery whenever they are being used at a job site.
• Equipment breakdown insurance: This can cover your well-maintained equipment and machinery if it breaks down due to a covered event like a power surge. This insurance can also cover any income losses that your business experiences due to the malfunction.
• Spoilage insurance: This is often included with equipment breakdown insurance but may need to be purchased separately. It can cover perishable items like foods and medicines if they are spoiled due to an equipment failure or power outage.

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What Does Maryland Business Equipment Insurance Not Cover?

As with most commercial property insurance coverage, your business equipment insurance will not cover damages caused by floods, which pose a significant threat in many parts of Maryland.

Fortunately, you can supplement your coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP). These policies enable your business to carry up to $500,000 in property coverage so that if a flood damages your business equipment, you will have the funds necessary to repair or replace it.

A local independent insurance agent can help you review your flood risk and obtain an affordable flood insurance policy. These policies take 30 days to go into effect, so do not wait until heavy rains are imminent to purchase a policy.

Can You Get Insurance for Business Equipment Kept at Your Home?

If you run your business out of your home, your homeowners insurance can provide some coverage for your business equipment, but it is usually very limited and may not provide you with the coverage you need if your equipment is lost or damaged.

The best way for at-home businesses to cover their expensive property is by purchasing a business owners policy that includes commercial equipment coverage.

How Can I Find the Best Business Equipment Insurance in Maryland?

When you are looking for the right policies to cover your business equipment, a local independent agent can help. Because they are not tied to a single insurance provider, these agents are free to shop around to find you reliable coverage at a competitive price.

There are more than 200 independent agents in the state of Maryland. Set up a one-on-one consultation with an insurance agent near you to get started.