South Dakota Business Equipment Insurance

Your Complete Guide to South Dakota Business Equipment Insurance

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South Dakota Business Equipment Insurance

In South Dakota, there are 86,550 small businesses in operation. If you own a company here, you'll need proper coverage for all the what-ifs. One way to protect your assets is with business equipment insurance.

An independent insurance agent can help quote your protection through multiple markets. They can find an affordable policy through their network of carriers. Connect with a local expert for custom quotes. 

Commercial Equipment Insurance

Your South Dakota business equipment coverage can be included on your property policy or can be a stand-alone. It is separate from business personal property insurance, and both can be needed. Commercial equipment insurance will cover the damage below:

  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?

If your South Dakota business is run on equipment, this policy is essential. The commercial coverage focuses on interior forces that cause damage, such as power surges. 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

What Doesn't Commercial Equipment Insurance Cover?

In order to be proactive, it's vital to know what's excluded from your commercial insurance policies. In South Dakota, your coverage will provide many things, but there are some that 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 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 South Dakota, $2,227,477,000 in commercial insurance claims were paid in 2019. If you operate a business, the cost will be based on several risk factors, including prior claims. Take a look at 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 South Dakota natural disasters that can impact your premiums:

  1. Severe storms and lightning damage
  2. Flooding and water damage
  3. Wildfires and residential fires
  4. Heavy snow
  5. Burglary and other property crimes

Insurance for Business Equipment at Home

The average cost of South Dakota home insurance is $1,202. With many companies making a move to work from home, there are some things your homeowners policy can pick up. Take a look at what could be insured under your home policy:

  • Liability 
  • Business personal property 
  • Medical payments

One item a business endorsement on your homeowners insurance won't cover is business equipment. While you can get by with insuring some business personal property, your equipment needs specific coverage. A separate policy is necessary to have adequate protection.

How to Connect with an Independent Agent in South Dakota

South Dakota businesses need proper protection for all life throws at them. If you own a company here, you'll want the right coverage to avoid financial ruin. Business equipment insurance can be essential if your operation runs off of machines. 

Fortunately, an independent insurance agent can help find a policy for a low price. Since they work with a network of carriers, you'll get the best options on coverage. Connect with a local expert for free on TrustedChoice and start saving today.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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