What is business equipment insurance?
Whether you're running a small business or a large enterprise, the equipment you use is essential to your day-to-day operations. From power tools to gym equipment, protecting your assets with business equipment insurance is a smart move.
Business equipment insurance is usually an optional cover which you can add to your business insurance. It is designed to pay the cost of replacing or repairing lost, stolen or damaged equipment of all kinds.
What does business equipment insurance cover?
Business equipment insurance typically covers:
- Malicious damage: Protection against damage caused by vandalism or attempted theft to your business equipment, whether it’s power tools or delicate equipment like gym machines.
- Theft: If your equipment is stolen, whether from your business premises or during transit, your policy will help replace it.
- Loss: If your equipment is destroyed during transport or other business activities, this insurance will help you replace it.
Why is business equipment insurance important?
If your business relies on equipment, not having insurance can leave you exposed to costly repairs, replacements, or downtime. Business equipment insurance ensures that if something goes wrong—whether it’s damage, theft, or vandalism—you’re covered.
Who needs business equipment insurance?
Any profession or trade that relies on the usage of equipment would benefit from business equipment insurance:
How much business equipment insurance do I need
The amount of cover you need depends on the value of your equipment and the risks involved in your industry. For instance, a fitness studio might need higher coverage for gym equipment, while a hairdresser might only need the lower limit to cover some of the more fancy equipment such as Dyson hair styling tools.
