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From a camera to a bulldozer, if you use equipment on the job, there’s a chance it could get damaged. It’s important to protect your investments, especially when they play an integral role in your ability to conduct business. When your equipment breaks down, it could affect your work, productivity, and revenue. While general liability insurance protects damage to your clients’ property, equipment insurance provides coverage for your own property. Here’s what business owners should know about equipment insurance.

What Does Equipment Insurance Cover? 

Equipment insurance policies protect your business equipment. That includes any equipment you use, whether you own it, rent it, or you’re borrowing it. Policies cover the cost to fix or replace any tools lost or damaged on the job. Coverage also includes business income losses due to damaged equipment.

Insurance policies cover accidental or direct damage that commercial property insurance typically excludes, such as power surges, short circuits and other mechanical or electrical breakdowns. Most policies cover computers, mechanical and manufacturing equipment, central air conditioning and heating systems, and boilers, just to name a few.

It’s important to note that equipment insurance won’t cover damage from natural disasters or ordinary wear and tear.

Who Needs Equipment Insurance?

Most jobs involve the use of some kind of equipment, regardless of the industry. Any business that relies on equipment to generate revenue should consider purchasing insurance. Here are some common businesses that could benefit:

 – Barbers

 – Baristas

 – Carpenters

 – Contractors

 – DJs

 – Hair Stylists

 – Landscapers

 – Nail technicians

 – Photographers

 – Programmers

 – Tech support

 – Tattoo artists

 – Restaurants

CTG: Personalized Insurance Solutions

With 40+ years of proven experience, CTG Insurance delivers personalized insurance solutions tailored to your unique needs, risks, and budget. Speak to one of our experienced advisors to find the right insurance policy for your business.

Anton Thornquist CTG Insurance

Have questions? We’re here to help.

Send me an email to [email protected] or call/text our office at (810) 695-0096.

About the Author: Steven Elkins
Steven Elkins is the vice president of CTG Insurance.

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