The District of Columbia has 76,083 small businesses in operation today. If you're one of them, you'll need adequate protection. Business equipment insurance can help cover your assets after a loss.
An independent insurance agent has a network of carriers to quote your coverage through at no cost. They do the shopping for you so that you can get affordable rates. Connect with a local expert and start saving today.
Commercial Equipment Insurance
In D.C., your business equipment insurance can be on your property policy or can be separate. This is not to be mistaken for business personal property coverage, as they do different things. Commercial equipment insurance will cover these types of damage.
- Power surges
- Electrical shorts
- Mechanical breakdowns
- Motor burnout
- Operator error
Equipment can typically include the following items.
- Air conditioners
- Heavy machinery
- Contractors equipment
What Does Commercial Equipment Insurance Cover?
The most common coverage that business equipment provides is protection against power surges. If your D.C. business experiences a loss, this policy will shelter your equipment. 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?
It's vital to know what your commercial insurance won't cover. Every policy will have exclusions that need to be taken into account. Check out 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, 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.
Business Equipment Insurance Cost
In the District of Columbia, $750,576,000 in commercial insurance claims were paid in 2019. This and other risk factors will affect your premiums. Here are 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 D.C. natural disasters that can impact your premiums.
- Severe storms and lightning damage
- Hurricanes and tropical storms
- Heavy snow
- Burglary and other property crimes
Insurance for Business Equipment at Home
If you're one of the many people currently working out of their residence, there may be some coverage under your homeowners insurance. While it can't protect everything, it might apply to some operations. Take a look at what could be insured under your home policy.
- Business personal property
- Medical payments
One item that your homeowners insurance won't provide coverage for is business equipment. For that, you'll need a separate policy to have adequate protection. When your business has many moving parts, you may need to have different insurance as well.
How to Connect with an Independent Agent in D.C.
Your D.C. business will need sufficient protection for all the what-ifs. If you're not adequately insured, you'll be on the hook for any loss. Business equipment insurance can help cover your assets.
An independent insurance agent will be able to run quotes through their network of carriers. Since they do the shopping on your behalf for free, you'll save time and premium dollars. Connect with a local expert on TrustedChoice.com to save big.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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