South Western Financial Network- We provide the Building, Lessors, Equipment, Cash value, Permanent, Disability, and Income protection insurance. Get the best coverage for the best price.
For several decades, my associates and I have been helping business executives and professionals from all walks of life create and implement strategies that help to build confidence and work towards financial freedom for themselves and their families.
All business owners should know how important it is to have business equipment insurance. Equipment that is not insured can lead to some very nasty shocks without the right coverage.
If your company is heavily dependent upon equipment that you have either purchased or leased it's a wise move to make sure that they are adequately covered with the right insurance. Your business equipment can be damaged in numerous ways through electric current problems, arcing and mechanical breakdown, even theft is a possibility. Any of these things happening can cost your company dearly. You are not only faced with having to repair or replace this equipment but you will have losses incurred because the equipment is out of commission.
This is why you should make sure you have the correct business equipment insurance in place.
If yours is a company that relies heavily on equipment that has been leased you are one of those that are most vulnerable. A lot of companies lease very expensive equipment to keep start up costs to a minimum but fail to insure them properly in the case of a total loss. Most of the companies that lease equipment to businesses insist that in the case of an item being damaged beyond repair that you either replace that item or you pay off the remainder of the lease agreement.
Think about this, you have just gone out and leased a piece of equipment that costs $50,000 the very next day it gets damaged beyond repair, your business is then faced with a bill from the leasing company to replace it! Not a pleasant thought.
You should make sure that your coverage includes any loss of income you may incur due to failure or loss of equipment. Income loss coverage protects your business from loss of revenue. The coverage that you need may have some limitations.
Your business equipment insurance policy is the same as any other insurance policy you have to read the small print. There is no point in covering your items for explosion, fire, vandalism, theft, flood, repair or replacement of equipment or pay off the lease contract and so on if you fail to include something like earthquake damages. How about this scenario, your coverage includes damage to your computers but not for the loss of any data that's stored on them. It can cost a lot of money to hire an expert to retrieve lost data running into thousands of dollars.
Another thing a lot of business owners forget is that some insurance policies will only provide cover for ACV (actual cash value) and not what it would cost to actually replace the item if you've had equipment that's leased for quite a while the cost of replacing it years down the line will be a lot more that its actual cash value as of today. So ACV coverage will mean that you are under-insured.
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