# Business Equipment Insurance



## tallcotton (May 4, 2008)

I have found several threads about business insurance , but none are answering my questions. I am not sure if we need a blanket Business Policy (Liability,equipment,etc) or just Equipment Insurance on what we own. 

We have a small shop in NC and were looking to get funding to make an expensive equipment purchase. Since we are on a shoestring budget we have not purchased any kind of insurance. The bank told us they will not even look into a loan until we have equipment insurance on what we already own. 

We both contacted our insurance agents and so far we have had no luck. Mine basically told me they don't insure our type of business. (Farm Bureau) My daughter's insurance agent is independent and says he doesn't know how to catagorize our business to even start looking for a policy. 

We did screen printing (Had to sell equipment because of health issues) so we contract that out. But inhouse we do embroidery, Heat transfer, sublimation, and vinyl graphics. The catch is we are at a 'retail' location next to a restaurant. This is a small rural community and very few locations to have a shop and this became available. 

The insurance guy says there is not a specific catagory for our business so they do not know what the 'risk' would be.

Does any one out there know what we can tell these people so that we can get the ball rolling. We are at a standstill until we get the insurance. 

Also, can you give me a ball park idea of what this is going to cost us. If it is going to hundreds a month then we may have to go back to working out of a garage again.

Any help would be appreciated. 

Thank you,
Sue


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## jean518 (Sep 23, 2009)

Keep going until you find an agent that knows what they are doing. Maybe I got lucky, but my independent agent fixed me up within 24 hours. Rockford Mutual is who she put me with. Liability and equipment coverage as well as off site in case I want to take equipment to do an event.


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## Daffron (Jul 27, 2011)

We are in Tuscaloosa Alabama and I had the issue with insurance, I made the decision not to purchase the insurance and on April 27 2011 our store was totally destroyed we lost everything. We are not back up and running and I have a policy with State Farm to cover content of the building since we rent. The decision I made not to get insurance really cost me. But I to have to tell you it is expensive but worth it. Good Luck


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## Liberty (Jul 18, 2006)

Find a different insurance guy, really. It isn't that difficult to find Business Owners coverage. And it isn't that expensive. And honestly, you are renting space from someone and you have neighbors, customers and passers by that all have a degree of inherit risk. You should have the liability coverage and enough coverage on property and equipment to replace what you have. Adding a Loss Payee rider is usually very cheap, mine are about $12 a year, and any financing I've ever done required it. In fact, my landlord requires one. 

Just as an example, we have a multi million dollar liability policy with $100K in property coverage with a $2500 deductible and it is less than $500 a year. And that includes all kinds of miscellaneous coverage like signage, glass windows and doors, employee theft etc.

Once you make the move into a commercial space, I personally think you would be nuts to run a business without the insurance. Find a local independent insurance guy that specializes in business coverage, or ask the agent that has your other insurance, if they don;t write business coverage they can likely recommend someone.


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## jean518 (Sep 23, 2009)

Whether you work out of your home or rent/purchasing retail space, you need business insurance. If you work out of your home and have some sort of catastrophe, your homeowners will probably not cover your stuff. If someone is at your home to conduct business and falls,etc, your homeowners will/may not cover it as they were there conducting business.


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## binki (Jul 16, 2006)

Contact The Hartford and ask them for an agent in your state that can write the policy.


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## tallcotton (May 4, 2008)

I wanted to thank all that answered. We got in touch with an agent this morning and got a quote of just a little over $700 a year with only a $500 deductible and w/liability.


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## Liberty (Jul 18, 2006)

tallcotton said:


> I wanted to thank all that answered. We got in touch with an agent this morning and got a quote of just a little over $700 a year with only a $500 deductible and w/liability.


Nicely done! Insurance is one of those annoyances we hate to pay for but if the day ever comes we are glad we did...

I would ask the agent what happens to the premium if you raise the deductible to about $2000. You might be surprised how much cheaper the policy gets. And honestly, this is a policy you could have for years and years and never have a claim. Its worth the savings to jack the deductible way up. In my case, we save almost $400 a year by choosing a high deductible and we've never had a claim in the 22 years we've had the coverage, $$$ in my pocket.


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## chrisgayle (Jul 19, 2011)

The sensible investment for business owners is the buying the equipment insurance. If your business depends on equipment that you've leased or purchased, it's a smart move to make sure you have adequate business equipment insurance.


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## Nanny Ogg (Aug 16, 2011)

To find out a reliable insurance company is a must, when you lease the equipment. Today we have a fragile mechanics and electronics, costs a lot.
Regards


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## headfirst (Jun 29, 2011)

tallcotton said:


> We both contacted our insurance agents and so far we have had no luck. Mine basically told me they don't insure our type of business. (Farm Bureau) My daughter's insurance agent is independent and says he doesn't know how to catagorize our business to even start looking for a policy.


Find another Agent. I'm with Farm Bureau for all of my business and personal insurance.

My guess is we're in similar lines of work and they had no problems getting both my general and equipment but my professional liability (copyright, E&O etc...) as well.

It might be a state thing in NC, but in Michigan they had no problems writing it.


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## tiedupcustom (Aug 10, 2011)

you have to go agent
Thanks


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## sewclueless (Mar 28, 2012)

I have read most of the posts regarding this. I am leasing my equipment and need property insurance on the equipment. I have found an insurance company online was just wondering if anyone has heard of them. they are E-Lease International.


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## mustangFWL (Feb 27, 2012)

I just got mine with nationwide. The guy I dealt with was real quick, got me a quote an signed up in a few days and at a great price. I have everything covered for up to 2 million, and he quoted me at a 3rd the price of what I got another quote for. I would check them out.


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## sewclueless (Mar 28, 2012)

thanks. will do.


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