Missouri Business Equipment Insurance

Your Guide to Missouri Business Equipment Insurance

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Missouri Business Equipment Insurance

In 2019, Missouri had $7,615,718,000 in commercial insurance claims paid alone. Part of those was due to commercial property losses. Business equipment insurance can help cover your assets.

An independent insurance agent can review your business insurance for gaps at no cost. They work with multiple carriers so that you have plenty of coverage and premium options. Connect with a local adviser and start saving.

Commercial Equipment Insurance

Your Missouri commercial insurance will have several coverage options. There is a difference between your business property insurance and your business equipment policy. Check out what commercial equipment insurance will cover.

  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?

Unlike your other business insurance policies, commercial equipment coverage insures differently. It will cover your equipment for things like power surges or failure. Take a peek at what commercial equipment policy will cover.

  • 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 you use equipment to operate your day-to-day tasks, it can be troublesome if a loss occurs. Without adequate insurance, you could be out thousands of dollars. In order to survive an unexpected event, look at reviewing your policies with a trained professional.

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What Does Commercial Equipment Insurance Not Cover?

There are numerous coverage options when it comes to your business equipment. Some may be automatic depending on your carrier, while others will be excluded. 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.

Business Equipment Insurance Cost

The cost of any business insurance policy will be customized. Each insured has a unique set of needs that will be used when setting a premium. In the meantime, take a look at things carriers look at 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 Missouri natural disasters that can impact your premiums

  1. Severe storms and lightning damage
  2. Flooding and water damage
  3. Severe ice storm and freezing
  4. Burglary and other property crimes
  5. Tornadoes

Insurance for Business Equipment at Home

If you work out of your home, certain items could fall under your homeowners policy. Others will need separate business insurance to be covered. Check out what could be insured from your home policy.

  • Liability 
  • Business personal property 
  • Medical payments

Business belongings such as furniture can usually be added to a home policy up to $5,000. Anything else will need its own insurance coverage. One item that will have to be on a commercial policy is business equipment. 

How to Connect with an Independent Agent in Missouri

Missouri has roughly 532,277 small businesses. Each will need tailored insurance coverages. Business equipment insurance can be added to your package policy or off on its own separate form.

Fortunately, an independent insurance agent can help review your limits and find protection for an affordable price. They will do the shopping at no cost so you can save time and money. Connect with a local expert on TrustedChoice.com to get started.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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