Tennessee Business Equipment Insurance

Your Complete Guide to Tennessee Business Equipment Insurance

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Tennessee Business Equipment Insurance

Tennessee has approximately 603,310 small businesses in operation. When you own a company here, coverage is essential to avoid financial ruin. Business equipment insurance will protect the items that help your business run. 

An independent insurance agent has access to multiple markets so that you get the best options on coverage and premium. Since they do the shopping for free, you'll save big time. Connect with a local expert for tailored quotes. 

Commercial Equipment Insurance

In Tennessee, your commercial equipment coverage can be included under your other business policies or on its own. It is separate from your business personal property insurance and protects against different losses. Commercial equipment insurance will cover the types of 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?

Your Tennessee business equipment policy focuses on interior forces that cause damage, such as power surges. It will protect your operation from a loss that could shut you down without adequate business protection. 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 Does Commercial Equipment Insurance Not Cover?

While it's key to know what your business insurance will cover, it's equally important to understand what it won't. Every policy comes with exclusions. 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.
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Business Equipment Insurance Cost

In 2019, Tennessee had $6,317,565,000 in commercial insurance claims paid. The cost of your policies will factor in many items, and prior losses are among them. Here 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 Tennessee natural disasters that can impact your premiums

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

Insurance for Business Equipment at Home

With everyone making a move to work from home, there are specific things you need to know. Some coverage can be extended from your homeowners policy to cover your operation. Take a look at what could be insured from your home policy.

  • Liability 
  • Business personal property 
  • Medical payments

While you can add a business endorsement to your homeowners insurance for protection, it won't cover everything. Business equipment will still need its own policy. Anything too complex will have to be on a separate form altogether and may not qualify for this endorsement.

How to Connect with an Independent Agent in Tennessee

Your commercial coverage in Tennessee can help protect your assets and liability. Business equipment insurance is necessary if you own and operate machinery. Instead of going at it alone, consider using a trained professional.

An independent insurance agent can help with policy and premium options. They work with dozens of carriers on your behalf at no cost, saving you time and money. Connect with a local expert on TrustedChoice.com to get started in minutes. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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