Does your business involve the use of expensive machinery or equipment? In the event of unexpected loss would your standard Chicago insurance coverage for your business be enough to pay for replacement in the event of a breakdown or loss? When it comes to insurance it’s often details like this that slip through the cracks and have the potential to dramatically affect your business finances.
Make a list of the equipment you would like to insure and work out the cost of replacements if they were ruined. Would the breakdown of any equipment cause downtime and loss of income?
Keep in mind that equipment used off the business premises like cell phones, cameras and laptops may not be covered by a standard insurance policy. Coverage for these items usually requires extra insurance to be purchased as an add-on.
It’s a good idea to ensure that your policy coverage is for the replacement cost of your equipment and not just the cash value, which may not be enough to purchase a replacement. Also, read the terms and conditions carefully. Some policies only cover equipment damage or destruction in certain circumstances.
Having a sound knowledge of your business requirements you will be well placed to speak to a Chicago insurance agent about equipment coverage for your business. It’s likely you’ve spent a significant amount of money on your business equipment and machinery, so it makes considerable sense to protect your investment.
*