Most businesses like video editing need powerful workstation laptops for solidworks. Your business computers and laptops are essential assets with a big impact on your company. It is wise to insure your laptops and monitors against risks such as damage, breakdown, or theft. Your business computers and laptops will be insured under commercial property insurance. You can also ensure your laptops or monitors under the business owner’s policy. In case of risks of damage, theft, or breakdown, you will be compensated up to your policy limits.
Business Laptop Insurance Versus Manufacturer’s Warranty
A manufacturer’s warranty covers common laptop mechanical failures but will not cover most laptop failures. On the other hand, laptop insurance policies cover failures not covered by the manufacturer’s warranty. A laptop and monitor insurance will cover issues such as accidental damage, data loss, and vandalism. You should therefore take a laptop and monitor insurance cover if you own a tech company.
The Business Insurance Policies that Cover Computers and Laptops
- Commercial Property Insurance
If you have a property insurance policy, your equipment such as laptops and the software you use for work will be covered. A property insurance coverage will pay for risks requiring the repair or replacement of your business laptops.
- Errors and Omissions Insurance
Errors and omissions insurance policy covers lawsuits resulting from professional mistakes that might cyberattack or data breaches.
Risks Covered By Laptop Insurance
Below are some of the losses your commercial property policy should cover.
- Power surges
- Liquid spills and damage by water
- Theft and vandalism
- Fire and storm damage
- Accidental damage
Losses that a Laptop Insurance Policy Does Not Cover
There are limits determining how much you get for claims from your business laptop insurance company. Before settling for a business laptop insurance company, ensure you understand its exclusions. The common exclusions by business laptop insurance companies include the following
- New devices
If you purchase a new computer or laptop, you should update your insurance policy otherwise your insurance company will not cover its damage or loss. It is essential to talk to your insurance agent about expanding your coverage.
- Excluded perils
Most business laptop insurance companies will exclude some risks in their cover. You need to understand what is excluded and ensure you choose a plan that covers the most common risks.
- Damage beyond policy limits
If you choose a very limiting insurance plan, your tech business might suffer. You need to talk to your insurance agent to help you get the right coverage limit for your business property
The Cost of Laptop Insurance
Laptop insurance policies are affordable for small businesses. However, factors such as the level of coverage and type of protection you want will determine your monthly premiums.
How the Laptop Insurance Works
Laptop losses are paid out in two ways including actual cash value coverage and replacement cost coverage.
If you own a tech company, you should consider taking a laptop and monitors insurance cover. That way, you will not suffer computer or laptop losses that might affect the smooth running of your business. Having understood the facts about laptop and computer insurance policies, you can look for an ideal insurance agent to help you get an ideal plan.