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A guide to business equipment insurance

It is highly likely that every successful business will be reliant on specialised equipment. If this equipment was stolen or damaged, it could have a significant impact on your business’ operations and finances. However, business equipment insurance is available to ensure you can quickly replace the equipment you need.

How much business equipment cover does my business require?

It is important to estimate accurately the value of your equipment, as an incorrect estimate could leave you underinsured. Think about how much it would cost to replace the equipment, as in some cases this may be higher than the original cost of the equipment. You also need to decide the level of cover which your business requires, as policies can cover the following:

Fixing or replacing equipment
Reimbursement for labour and time used to fix or replace the equipment
Replacement of lost income during the disruption
Potential legal costs
Reimbursement for loss of goods and materials due to the shut down

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What is business equipment cover?

Almost every business relies heavily on equipment to operate, especially tools of the trade. If this equipment is damaged, lost, stolen or destroyed, it is likely that the business will be severely disrupted. Your business could grind to a halt and lose money, while you wait for the equipment to be replaced or repaired. Even if you lease your business equipment, you may still require business equipment insurance. Although the provider may be responsible for fixing any damaged equipment, they will not reimburse you for any income lost.

Some businesses also believe they are covered by warranties on their equipment, however there are many limitations. For example, time frame limits and exclusions for faults due to an operator error. Arranging the right cover will provide you with the peace of mind that your business is able to replace or fix equipment. The insurance will remove the potentially high costs, while also reimbursing you for potentially lost income.

Business equipment insurance

Insurance is available to cover many types of equipment, for example:

Photography equipment insurance
Excavator insurance
Portable equipment insurance
Tool hire insurance
Event equipment hire insurance
Office equipment insurance
Farm tractor insurance

As you can see the list is almost endless, so whatever your requirements, there will be an equipment insurance policy available for your business. In many situations equipment cover is added as an extra to the standard business insurance policy.

However, there may be some exclusions or conditions of the cover which you should always check. For example, the cover may only be available if a certain level of security is installed. In general, the coverage will extend across any issue which has an impact on your business, as long as the conditions are met. This could include anything from machine failure following a power surge to equipment breakdown following an operator error.

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How do I find the best business equipment insurance?

As specialists in insurance business comparison, we can help you find an equipment insurance policy at a great price. We have partnered with a selection of leading insurers; which your business can trust to provide the cover you need. We can help you compare several business equipment policies and their prices, in one place.

You will need to enter your details into our simple online form. This will give us an understanding of the requirements of your business, so that we can arrange quotes from our panel of insurers. We will then provide you with an array of competitive quotes which you can compare. There is no-obligation to purchase your insurance, although it is possible to complete the purchase through our website.

To find out more about business equipment insurance, please contact our experienced team.