South Carolina Business Equipment Insurance

Your Guide to South Carolina Business Equipment Insurance

And how to get connected with a local adviser

If you own a business in South Carolina, there are many ways you can purchase protection. There are 418,031 business owners in South Carolina. If you own a company here, commercial equipment coverage may be necessary.

An independent insurance agent will help with policy and premium options. They have access to several markets, saving you time and money. Connect with a local expert in minutes. 

Commercial Equipment Insurance

Your South Carolina business equipment insurance will cover interior damage. Equipment such as freezers, boilers, refrigerators, air conditioners, and more can be covered. It will protect the following damage caused to business equipment.

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

Business equipment coverage can be added to your other business insurance policies or can be a stand-alone policy. It will depend on what your carrier offers and the type of equipment you own. Review your options with a professional.

What Does Commercial Equipment Insurance Cover?

If you own equipment that helps power your business in South Carolina, coverage is necessary. It only takes one outage to destroy thousands of dollars worth of property. Check out what commercial equipment insurance 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

If your equipment stops working due to a covered loss, this policy will replace or repair up to the limit of coverage. This policy is different from business personal property insurance. Your equipment won't have protection against a power surge, for example, without this coverage.

What Does Commercial Equipment Insurance Not Cover?

Your commercial equipment policy will have coverage for many things. There are some instances you will need to add. And others where coverage simply won't apply. Take a look at the common items that won't be included in your equipment policy.

  • 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.

Business Equipment Insurance Cost

Many factors will determine the cost of your business insurance policies. Carriers look at personal data and outside elements when figuring your premiums. Things companies use to rate that will affect your business equipment pricing are the following.

  • 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 South Carolina natural disasters that can impact your premiums

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

Insurance for Business Equipment at Home

If you're working from home, your insurance will look a bit different. Some carriers will allow you to have your South Carolina business coverage on your homeowners policy. Take a look at what home coverages extends to your business.

  • Liability 
  • Business personal property 
  • Medical payments

On your home policy, there isn't coverage for your business equipment. It goes as far as business personal property, typically up to $5,000 max. To have adequate protection for your equipment, you'll need to obtain outside coverage for your home business.  

How to Connect with an Independent Agent in South Carolina

Your South Carolina business equipment insurance is necessary to avoid thousands of dollars in damage. If you have a loss without proper protection, you could have a financial disaster on your hands. Consider reviewing your business policies with a trained professional.

An independent insurance agent can help with coverage for an affordable price. They work on your behalf at zero cost to your business. To start saving now, connect with a local expert on TrustedChoice.com.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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