Business Equipment Protection (2024)

FAQs

What type of business insurance protects you from damage to your equipment? ›

Tools and equipment are covered under commercial property insurance. Standard commercial property insurance covers the tools and equipment that you use for your business as long as they stay inside your primary office location.

Commercial contractors equipment insurance is a broad-ranging policy designed to cover damaged or missing contracting equipment. A contractors insurance policy can extend beyond simply covering equipment; it can also cover small tools, employees' equipment and clothing, and borrowed equipment.

Equipment breakdown insurance covers damages caused by covered internal forces, such as power surges, electrical shorts, mechanical breakdowns, motor burnout or operator error. Keep in mind that even though equipment breakdown insurance covers computers, it does not cover software.

Tools and equipment insurance (also called equipment floater insurance) is a type of small business insurance that covers the cost to repair or replace your tools and equipment for problems like theft, broken or damaged equipment and lost equipment while they're in transit or stored at another location, such as a job ...

On average, an insurance policy that offers coverage for up to $2 million can cost about $30 a month in premiums.

Commercial insurance can protect you from some of the most common losses experienced by business owners such as property damage, business interruption, theft, liability, and worker injury.

Equipment breakdown insurance covers most commercial and industrial equipment. Covered equipment includes electrical or mechanical equipment, boilers and other pressurized equipment, computers (but not software or data), communications systems, and heating and cooling equipment.

Here are two examples of equipment breakdown claims. The computer server at a doctor's clinic would not restart after a power surge. The repair technician could not find any physical damage to the server. After replacing the controller board, the server began to function properly.

A common equipment breakdown coverage deductible is $500, regardless of what your policy deductible is. Typical equipment breakdown coverage plans provide $100,000 of coverage and come with a $500 deductible that's separate from your policy deductible.

Commercial property insurance can help cover theft and replacement for stolen property so your business can quickly return to normal operations after a crime. Business property — office equipment, tools and the like — can be a thief magnet.

Should my employer pay for my tools? ›

Can my employer make me provide and maintain my own tools and equipment for work? No. Generally, employers must supply and take care of all tools and equipment that are required by the employer or necessary to do the job.

Chubb (Best for Large Firms & Heavy Equipment)

Chubb is the largest commercial insurer in the U.S. Among a wide range of business policies, Chubb offers comprehensive equipment insurance to help contractors protect their tools and equipment.

Business Personal Property (BPP)

Business personal property (also called business contents insurance) protects stuff like your inventory, tools, office supplies, computers, heavy machinery, furniture and other equipment. It also covers buildings you own or rent.

There are two types of physical damage insurance: Comprehensive – this type of physical insurance, also called “other than collision coverage,” covers theft, vandalism and fire-related losses. Collision – this covers losses associated with vehicle collisions.

Equipment insurance covers losses to business's movable tools and equipment. If an item is lost, stolen, or damaged, the policy typically helps insured to pay for repairs or replacement of the covered equipment.

Asset Protection Insurance has been created to protect those who are vulnerable to catastrophic lawsuits that put your personal fortune at risk. Asset Protection Insurance is designed to protect personal assets when a rendered legal judgment exceeds existing insurance limits.