Since 1953, there have been 73 federal disasters declared in West Virginia. These have included damaging events like floods, severe storms, hurricanes, snow accumulation, and fires. These and other disasters have led to the destruction of millions of dollars worth of business equipment.
If you are among the proud business owners in the Mountain State, you will want to be sure that all of your commercial property, including your essential business equipment, is suitably covered against potential loss or damage.
Local independent insurance agents can help you review your coverage options and can ensure that you are getting your commercial equipment insurance at a reasonable price. Contact an insurance agent near you to learn more.
What Is West Virginia Commercial Equipment Insurance?
This insurance covers your business-owned machinery and equipment if this expensive property is lost or damaged by a covered event such as a fire, property crime, or severe weather event.
Equipment insurance is not the same as equipment breakdown insurance. Equipment breakdown insurance is a policy option that can cover losses related to sudden machinery malfunctions due to risks like motor burnout and short circuits. In most cases, business owners who own expensive machinery purchase both types of coverage.
How Much Does Business Equipment Insurance Cost in West Virginia?
The cost to insure your business equipment will be based primarily on the type of equipment you are insuring, its overall value, and the likelihood that it will be lost or damaged due to a covered event.
The only way to find out how much it will cost to cover your business equipment is by contacting a few competing insurance companies and requesting customized quotes. Independent insurance agents can save you time and money by comparison shopping on your behalf.
What Does West Virginia Business Equipment Insurance Cover?
Business equipment insurance can cover the cost to repair or replace your company’s essential equipment if it is lost or damaged by hazards like the following.
- Severe storms
- Freezing temperatures and heavy snows
- Property crimes
Some businesses may need supplemental coverage. For instance, your insurance agent may recommend also purchasing these policies.
- Inland marine insurance: This can cover your portable business equipment when it is being transported over land or when it is being stored away from your place of business.
- Contractors equipment insurance: This is a form of inland marine insurance. It can cover your tools and machinery whenever they are being used at a job site.
- Equipment breakdown insurance: This can cover your well-maintained equipment and machinery if it breaks down due to a covered event like a power surge or motor burnout.
- Spoilage insurance: This is often included with equipment breakdown insurance. It can cover perishable items like foods and medicines if they are tainted due to a refrigeration or freezer failure or because of a prolonged power outage.
Learn more about each of these supplemental coverage options by speaking with a local independent agent.
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Is My Business Equipment Insurance Covered against Flood Damage?
Floods pose a significant threat in many parts of West Virginia. Unfortunately, business equipment insurance does not cover damage caused by floods.
The good news is that you can supplement your coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP). These affordable policies enable your business to purchase up to $500,000 in property coverage. That way, if a flood damages your business equipment, you will have the funds necessary to repair or replace it.
A local independent insurance agent can help you review your flood risk and, if needed, obtain an affordable flood insurance policy. Be aware that flood insurance policies take 30 days to go into effect, so you shouldn't wait until heavy rains are imminent to purchase your policy.
Can You Get Insurance for Business Equipment Kept at Your Home?
If you operate your business from your home, your homeowners insurance can provide some coverage for your business equipment, but it is usually extremely limited.
Unless your equipment consists of merely a simple printer and a laptop, it is unlikely that your home insurance can provide sufficient coverage if your business equipment is lost or damaged.
You can be certain your at-home business property is suitably covered either by purchasing a special rider on your home insurance policy or by investing in business owners policy (BOP), which will give you the added benefit of business interruption and general liability coverage.
How Can I Find the Best Business Equipment Insurance in West Virginia?
When you are shopping for the best coverage for your business equipment, a local independent agent can help. Unlike captive agents, independent agents are free to work with several different insurance providers and can shop around to find you a suitable policy at a competitive price.
There are more than 100 independent agents in the state of West Virginia. Arrange an obligation-free consultation with an insurance agent near you to start comparing customized quotes for business equipment insurance.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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