Businesses are getting digitized and have an array of electronic equipment that they use for day-to-day business activities. Should anything happen to this equipment, operations will come to a standstill. That is why your business should look to cover important business equipment with electronic equipment insurance.
Purpose of the Insurance:
Imagine if your computer systems or any other electronic equipment get damaged or cease functioning. It would have a profound effect on your business until you repair or replace the equipment. This can be very risky for the business and can take a toll on your finances. If you opt for electronic equipment insurance, it will minimise these risks and help your business cover the cost of repair and the losses you incur when the electronic equipment is not functioning.
This insurance ensures that you can repair damaged or non-working equipment or even hire temporary electronic equipment to keep your business running until the original equipment is replaced or repaired.
What Does Electronic Equipment Insurance Cover?
While the equipment covered by the insurance will vary, based on what you choose to include, usually the following electronic equipment is covered:
This insurance ensures that you can repair damaged or non-working equipment or even hire temporary electronic equipment to keep your business running until the original equipment is replaced or repaired.
What Does Electronic Equipment Insurance Cover?
While the equipment covered by the insurance will vary, based on what you choose to include, usually the following electronic equipment is covered:
- Electrical and mechanical machinery
- Software
Computer systems - Air conditioning systems
Printers - Scanners
- Any equipment that is connected to a computer
- Cables and piping
Most insurance providers do not offer coverage for certain electronic equipment, like motor vehicles, vacuum cleaners, and blenders.
Is the Insurance Worthwhile?
It goes without saying that you should be aware of the types of equipment that are covered and under which situations. Electronic equipment is expensive and a power surge or lightning strike can cause irreversible damage. Hence, if you want to safeguard your business and ensure that it gets back on its feet with minimal losses, it is prudent to opt for this policy.
The sum insured will be equivalent to the amount that you would need to replace the damaged equipment, and it includes duty paid, freight charges, and the cost of installing or erection of the equipment. Also, the premium amount will vary, as it depends on the type of equipment you insure. So, you have total control over how much you would like to pay for this insurance policy.
Is the Insurance Worthwhile?
It goes without saying that you should be aware of the types of equipment that are covered and under which situations. Electronic equipment is expensive and a power surge or lightning strike can cause irreversible damage. Hence, if you want to safeguard your business and ensure that it gets back on its feet with minimal losses, it is prudent to opt for this policy.
The sum insured will be equivalent to the amount that you would need to replace the damaged equipment, and it includes duty paid, freight charges, and the cost of installing or erection of the equipment. Also, the premium amount will vary, as it depends on the type of equipment you insure. So, you have total control over how much you would like to pay for this insurance policy.
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