South Dakota Equipment Breakdown Insurance

Your Guide to South Dakota Equipment Breakdown Insurance

Where to find a local expert

South Dakota Equipment Breakdown Insurance

In 2020, South Dakota had 93,309,000 property insurance claims alone that were paid. When you need adequate protection for your assets, a trusted adviser can help. Equipment breakdown insurance can cover your personal and business property.

An independent insurance agent will show you which policy is best for a fair price. They have a network of local carriers that they can quote through for free. Connect with an expert for custom coverage today.

What Is Equipment Breakdown Insurance?

Equipment breakdown insurance is different than your personal and business property coverage. It can be included in these policies but is a separate limit of protection. In order to have proper coverage, you'll need both.

What Does Equipment Breakdown Insurance Cover?

Your South Dakota equipment breakdown insurance will provide coverage for a variety of instances. It works in conjunction with your other property coverages to pay for a claim. It will provide personal and commercial insurance for the following types of equipment and damages.

  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

Equipment Breakdown Coverage under Home Insurance

The average homeowners premium in South Dakota is $1,202 annually. Your home policy will have an option for equipment breakdown coverage. The policy may automatically include this limit, or you may have to add it for an additional premium.

Whether or not you'll pay extra for equipment breakdown is dependent on your carrier. A limit of $5,000 to $10,000 is typical for this coverage. It will provide protection for your appliances and other equipment on the property.

Equipment Breakdown Coverage under Commercial Insurance

Your business insurance policies may have equipment breakdown automatically included at a generic limit. In 2019, South Dakota had $2,227,477,000 in commercial insurance claims alone that were paid. A portion of those were property losses. 

To ensure you are obtaining accurate protection, check your property policy for equipment breakdown coverage. It can help pay for a claim, saving you thousands of dollars in out-of-pocket expenses. Equipment breakdown can help a business pay for the following.

  • The repair or replacement of damaged equipment
  • Lost income resulting from damaged equipment
  • Spoiled inventory like food or other products
  • Additional expenses accumulated as a result of damaged equipment

Does Business Property Insurance Cover Equipment Breakdown

Business property insurance will not insure the same risks as business equipment breakdown. Both will be needed to have sufficient protection for a loss. Business property insurance covers the following items.

Like every policy you own, some exclusions apply. Business property insurance will not cover power surges, electrical shorts, mechanical breakdowns, motor burnout, and operator error. Equipment breakdown coverage can help fill that gap. 

How to Connect with a South Dakota Independent Agent

Your personal and commercial insurance policies are the key to avoiding financial disaster. In South Dakota, you can obtain proper protection from a licensed adviser. Equipment breakdown insurance will help cover your assets from a potential loss. 

An independent insurance agent is available to quote with multiple carriers on your behalf for free. They do the shopping for you at no additional cost so that you can save. Connect with a local expert on TrustedChoice.com in minutes. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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