Equipment Insurance in New Hampshire

Managers of companies of all sizes in New Hampshire – NH 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 knowledge about what your best options are in New Hampshire.

The general kind of equipment can vary depending on what part 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 New Hampshire?

Tools and equipment are essential to daily running 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 New Hampshire

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

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

Some examples of the typical equipment insurance requirements for such businesses includes:

A roof shingle repairer 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 New Hampshire handyman license requires special insurance covers.

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

They are in open space, 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 enough insurance will give you the chance to get on with the job.

Workshop equipment insurance

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

• Mobile mechanical equipment such as engines which are moved around between worksites
• Electrical equipment like transformers and cables that control power to your other equipment
• Safety devices like security systems connected to the phone network
• Control systems such as freezers to keep people and goods in the right temperature range.
• Digital equipment such as computers that are essential for the administration of business
• Specialized output 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 fails.

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, give regard to how breakdown insurance can help you.

Equipment breakdown insurance in New Hampshire

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

• all adjacent expenses of the repairs, such as assessors, travel and accommodation for repairmen, etc.
• spoilage of goods 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 out-of-action equipment, including time and labor

Equipment rental businesses in New Hampshire

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.

As well, 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 deliberate 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 NH a must-have protection.

What is the best form of equipment insurance in New Hampshire

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

Alternatively, most insurance companies in new hampshire offer a specialized Business Owners Policy BOP that includes equipment insurance.

If you have any questions about insurance for small businesses in NH, you can usually find the answers on the internet, 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 must give details of their more expensive and specialized equipment such as generators, concrete mixers, diggers etc.

Most policies 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.

FAQ

How much does equipment insurance cost in New Hampshire?

It is impossible to give exact numbers because there are so many differences between what kind of equipment is covered, the value, and the risks.

Here are some guidelines:

• heavy equipment will cost something like $50 per month for $25,000 cover, but this excludes breakdown insurance
• tools and equipment insurance in New Hampshire costs around $3 per month per thousand dollars of cover
• computer and office equipment with a value of $20,000 should cost around $20 per month, if you agree to a deductible of $250

What is covered under electronic equipment insurance in New Hampshire?

In New Hampshire, 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 fax machines are also covered.

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