There are 669,224 small businesses in Massachusetts. If you're one of them, you'll need adequate protection for your assets. Business equipment insurance can help.
An independent insurance agent has access to several carriers so that you can obtain quotes fast. They are able to find you the best coverage for a low price. Connect with a local expert to start saving.
Commercial Equipment Insurance
In Massachusetts, business equipment coverage can be included under your commercial insurance or on a separate policy. This coverage is not the same as your business personal property insurance, and both could be necessary. Commercial equipment insurance will cover the damage caused by:
- 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?
If you have the equipment to help run your Massachusetts business, you'll need to keep it operational. When an item goes down, coverage can help repair or replace it fast. 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
Without an equipment policy, your business could suffer thousands of dollars in damage. In order to have adequate commercial protection, business equipment insurance can help. Consider obtaining coverage for all the what-ifs.
What Doesn't Commercial Equipment Insurance Cover?
Just like your other business insurance policies, there are exclusions. Your commercial equipment coverage won't cover everything, and it's essential to know what it excludes. 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 any structures or the like, 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
In Massachusetts, $8,060,079,000 in commercial insurance claims were paid in 2019 alone. The cost of your business equipment insurance will pale in comparison to a substantial loss. Here are 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 Massachusetts natural disasters that can impact your premiums:
- Severe storms and lightning damage
- Hurricanes and tropical storms
- Heavy snow
- Flooding and water damage
- Burglary and other property crimes
Insurance for Business Equipment at Home
In today's world, there are more and more people taking their business home. If you work out of your residence, you may have coverage under your homeowners policy, but usually not for equipment. Take a look at what could be insured from under your home policy:
- Business personal property
- Medical payments
If you want protection for your business equipment at your home, you'll need to obtain a separate policy. Your homeowners insurance isn't robust enough to handle complicated commercial exposures. Sometimes it will extend the above with a business endorsement, but that's it.
How to Connect with an Independent Agent in Massachusetts
Your Massachusetts business needs key coverages to have adequate protection. If you're not a licensed professional, you could be missing essential policies. When it comes to insuring your business equipment, consider using a trusted adviser.
An independent insurance agent can help find coverage for an affordable price through their many carriers. They do the shopping for you at no cost so that you can save. Connect with a local expert on TrustedChoice in minutes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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