In South Carolina, there are roughly 418,031 small business owners. You'll need coverage for all the what-ifs that ownership can throw at you. Commercial equipment insurance can help cover your assets.
An independent insurance agent will be able to find policies and premiums at an affordable price. Since they work with several carriers, you'll have options. Connect with a local adviser for custom quotes.
Commercial Equipment Insurance
In South Carolina, your equipment may help you run a business. The right protection for your assets could mean the difference in you staying open or closing your doors. Commercial equipment insurance will cover the types of 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
Business Equipment Insurance Cost
Business insurance expenses will depend on many items. Insurance companies look at everything when it comes to figuring your South Carolina premiums. Obtaining custom quotes can only determine your exact costs. These are 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 South Carolina natural disasters that can impact your premiums
- Hurricanes and tropical storms
- Ice storms and freezing
- Burglary and other property crimes
- Flooding and water damage
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What Does Commercial Equipment Insurance Cover?
In South Carolina, your business insurance will cover several exposures. From excavators to air conditioners, your equipment needs to function. 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
If your business equipment is used to operate your day-to-day tasks, you could be at a huge loss when a claim occurs. The right insurance policy will make for a speedy replacement or repair. To ensure you are adequately insured, connect with a local adviser.
What Does Commercial Equipment Insurance Not Cover?
In 2019, South Carolina had $5,928,911,000 in commercial insurance claims paid. While it's essential to understand what your equipment policy will insure, you should know what it won't. 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.
Insurance for Business Equipment at Home
In South Carolina, working from home has become a way of life. When you operate a business from your residence, homeowners insurance may cover some of the expense. Take a look at what could be insured from your home policy.
- Business personal property
- Medical payments
Your home insurance will usually have a $5,000 limit of business property coverage that can be used. One item your homeowners policy won't insure is business equipment. For this, you'll need a separate policy.
How to Connect with an Independent Agent in South Carolina
Your South Carolina commercial equipment insurance is essential if you have assets. There are many coverage options when it comes to insuring your business property. It would be beneficial to review coverage limits with a licensed professional.
An independent insurance agent has access to several markets, saving you time and premium dollars. They do the shopping at no cost making it a win-win. Connect with a local expert on TrustedChoice.com to start saving today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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