Equipment Insurance in Connecticut
Managers of companies of all sizes in Connecticut – CT are increasingly turning to getting the proper levels of insurance cover for the equipment that is necessary to ensure the success of their operations.
This has created a special necessity in the market for information about Equipment Insurance.
We hope this short article will give you the perception of what your best options are in Connecticut.
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The general kind of equipment can vary depending on what sector of the economy your company operates in.
In this article, we will try to highlight the main features of how businesses have been ensuring that their investment in equipment is properly covered.
Why do you need equipment insurance in Connecticut?
Tools and equipment are essential to daily performance of your business activity. If they are stolen, lost or damaged, then all activity must come to a halt until they have been replaced.
So this is a double need. Insurance will help you to replace whatever you now need, and will quickly bring you back to normal operations and keep your customers happy and the cash flowing.
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Home service providers in Connecticut
Many self-employed services in CT offer the complete variety of repairs and replacements for domestic customers. A sample of these includes:
- General construction
- Solar panel installation
- Roofing shingle repairs
- Fencing installation
- General handyman services
- Electrical work
Some examples of the typical equipment insurance requirements for such businesses includes:
A carpenter will have need of powered hand tools like drills, saws, blowers, cutters, scaffolding, ladders and workbenches, and helmets and safety gear.
On the other hand, an electrician will typically need laser levels, dust-control systems, standing lights and hearing protection and goggles for welding.
A few special cases are, for example where the Connecticut handyman license stipulates special insurance covers.
Tools and equipment for on-site work such as we outlined above have some extra in Connecticut because they don’t have the protection that you can provide when they are stored inside your own home.
They are out in the open, subject to weather changes and the roving eyes of possible vandals and thieves.
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If you are spending your time watching over them, then you won’t get much work done, so having the safety of knowing that you have enough insurance will give you the chance to get on with the job.
Office equipment insurance
For larger businesses in Connecticut, there is the necessity for both production and administration equipment. A few examples of these are:
- Safety devices like fire alarm systems connected to the phone network
- Specialized manufacturing equipment used on a manufacturing line
- Control systems such as refrigerators to keep people and goods in the right temperature range.
- Digital equipment such as computers that are essential for the administration of business
- Electrical equipment like transformers and cables that control power to your other equipment
- Mobile mechanical equipment such as generators and pumps which are moved around between worksites
For all of these you should be contemplating the relatively affordable cost of insurance, compared to the considerable losses that your business could sustain if something goes wrong.
As well as replacement costs and work lost, you may have to carry the bill for idle-time of your workers, who are standing around with nothing to do while the problem is being fixed.
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To cover you in this, consider how breakdown insurance can help you.
Equipment breakdown insurance in Connecticut
Equipment breakdown insurance helps insure you in case of any stoppage or failure in your equipment. It will provide the following general benefits:
- Lost revenue while the equipment is out of action or being repaired
- spoilage of goods that were stored in temperature-controlled areas
- all necessary expenses of the repairs, such as assessors, travel and accommodation for repairmen, etc.
- repair or replacement costs for any out-of-action equipment, including time and labor
Equipment rental businesses in Connecticut
A special case in all we are discussing is a business that does nothing else but hire-out equipment. For this kind of business, there are extra possibilities of damage, loss and theft.
For example, equipment has to be moved around extensively and sometimes stored in insecure and unsafe environments.
Also, for extended periods of time, the equipment is outside of your control so the levels of risk are much higher.
It may be subject to malicious damage, fire, theft or acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events.
All of these combine to make equipment insurance for equipment rental companies in CT a must-have protection.
What is the best form of equipment insurance in Connecticut
Since most businesses has equipment of some kind, cover is usually included in a standard Commercial Insurance package.
Alternatively, several insurance companies in connecticut offer a specialized Business Owners Policy BOP that includes equipment insurance.
If you have any questions about insurance for small businesses in CT, you can usually find the answers on the yellow pages, or by consulting with regional brokers and agents.
Neither commercial insurance nor BOP provide coverage for wear-and-tear from usage, like corrosion and rust.
Larger operations such as building contractors must give details of their more expensive and specialized equipment such as generators, concrete mixers, diggers etc.
Most insurers require specifications for any items that have a replacement cost of more than a few thousand dollars, the age of the equipment and its book value in your accounts.
Out-of-date equipment may not be covered at replacement cost. You should investigate what the terms and conditions of your policy are.
How much does equipment insurance cost in Connecticut?
It is not possible to give exact numbers because there are so many differences between what kind of equipment is covered, the value, and the risks.
Here are a few guidelines:
- heavy equipment can cost around $50 per month for $25,000 cover, but this excludes breakdown insurance
- computer and office equipment with a value of $20,000 may cost around $20 per month, if you agree to a deductible of $250
- tools and equipment insurance in Connecticut costs about $3 per month per thousand dollars of cover
What is covered under electronic equipment insurance in Connecticut?
In Connecticut, it is possible to get cover for electronic equipment under a commercial insurance or BOP policy.
This will include monitors, and modems. Some companies also include mobile devices that are specifically designed.
Office equipment like telecommunications systems are also covered.