What does business equipment insurance cover?
Business equipment insurance covers the cost of repairing or replacing items that are lost or damaged.
The exact items and incidents that business equipment insurance can cover will depend on the insurer. However, you will typically be covered if your equipment is affected by the following:
- malicious damage
- accidental damage
This insurance should cover your equipment while it’s at your business premises and if you’ve taken items off-site. For example, if you’ve taken your laptop out of the office to a business meeting or if you’re using equipment for a job at a client’s property.
As well as covering the items you own, some insurers will cover you for any equipment you hire. You may need to specify hired-in equipment cover if it applies to your business.
You may also be able to get a limited amount of insurance for items belonging to your employees or any visitors to your premises.
To know for sure exactly what a business equipment insurance policy is and what it covers, you should check the terms and conditions in the policy documents.
What isn’t covered by business equipment insurance?
Business equipment insurance comes with a number of exclusions. For example, you may not be covered in the following circumstances:
- Your items haven’t been stored securely. Many insurers will require you to keep your items in a locked and secure place whenever you’re not using them.
- Your equipment breaks down due to wear and tear.
- There are no signs of forced entry (for a claim for theft).
- Your claim relates to fixtures and fittings, such as lights, sinks, and other fixed units. These are usually covered by business buildings insurance.
The exclusions to cover will be listed in your policy documents.