Equipment Insurance in Maryland

Managers of companies of all sizes in Maryland – MD are increasingly relying on getting the proper levels of insurance cover for the equipment that is needed to ensure the success of their operations.

This has created a special requirement in the market for information about Equipment Insurance.

We hope this short article will give you the information about what your best options are in Maryland.

The general sort of equipment can vary depending on what segment 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 protected.

Why do you need equipment insurance in Maryland?

Tools and equipment are essential to daily conduct 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 income flowing.

Home service providers in Maryland

Many private services in MD offer the complete variety of repairs and replacements for domestic customers. A sample of these includes:

• Plumbing
• Fencing installation
• Electrical work
• Painting
• Solar panel installation
• Glazing
• General construction
• Roofing shingle repairs
• Carpentry
• General handyman services

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, a glazer 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 Maryland handyman license demands special insurance covers.

Tools and equipment for on-site work such as we outlined above have some special in Maryland because they don’t have the protection that you can provide when they are stored inside your own workshop.

They are out in the open, subject to weather changes and the roving eyes of possible vandals and thieves.

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 adequate insurance will give you the chance to get on with the job.

Workshop equipment insurance

For larger businesses in Maryland, there is the necessity for both production and administration equipment. A few examples of these are:

• Mobile mechanical equipment such as generators and pumps which are moved around between worksites
• Electrical equipment like generators and cables that control power to your other equipment
• Safety devices like fire alarm systems connected to the phone network
• Control systems such as air conditioners to keep people and goods in the right temperature range.
• Digital equipment such as communication systems that are essential for the administration of business
• Specialized manufacturing equipment used on a manufacturing line

For all of these you should be thinking of the relatively affordable cost of insurance, compared to the substantial 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 employees, who are standing around with nothing to do while the problem is being fixed.

To cover you in this, consider how breakdown insurance can help you.

Equipment breakdown insurance in Maryland

Equipment breakdown insurance helps insure you in case of any stoppage or failure in your equipment. It will provide the following general payouts:

• all adjacent expenses of the repairs, such as assessors, travel and accommodation for repairmen, etc.
• spoilage of products that were stored in temperature-controlled areas
• Lost revenue while the equipment is out of action or being repaired
• repair or replacement costs for any harmed equipment, including time and labor

Equipment rental businesses in Maryland

A special case in all we are discussing is a business that does nothing else but hire-out equipment. For this type of business, there are extra dangers of damage, loss and theft. 

For example, equipment has to be moved around extensively and sometimes stored in insecure and unsafe environments.

In addition, 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 intentional 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 MD a must-have protection.

What is the best form of equipment insurance in Maryland

Since most businesses has equipment of some kind, cover is usually included in a standard Commercial Insurance package.

Alternatively, several insurance companies in maryland offer a specialized Business Owners Policy BOP that includes equipment insurance.

If you have any questions about insurance for small businesses in MD, you can usually find the answers on the yellow pages, or by consulting with suburban 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 should give details of their more expensive and specialized equipment such as generators, concrete mixers, diggers etc.

Most insurance companies 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.

Used equipment may not be covered at replacement cost. You should investigate what the terms and conditions of your policy are.

FAQ

How much does equipment insurance cost in Maryland?

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 may cost around $50 per month for $25,000 cover, but this excludes breakdown insurance
• tools and equipment insurance in Maryland costs approximately $3 per month per thousand dollars of cover
• computer and office equipment with a value of $20,000 may cost around $20 per month, if you agree to a deductible of $250

What is covered under electronic equipment insurance in Maryland?

In Maryland, it is possible to get cover for electronic equipment under a commercial insurance or BOP policy.

This will include laptops, and licensed software. All companies also include mobile devices that are specifically designed.

Office equipment like photocopiers are also covered.

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