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An overview of business equipment and tools insurance

As a business owner, there are so many problems that you need to consider each and every day, to ensure that your business is always in the best shape. One of the most important things for most companies is their equipment – whether it’s a tradesman’s tools, a cafe’s coffee machines, or a restaurant’s ovens, every business has vital equipment that’s absolutely crucial to their ability to function and turn a profit. But what happens when this equipment fails, is damaged, or disappears – does your organisation have to stop functioning, or do you have a contingency plan in place in the form of commercial property insurance and equipment insurance cover? If you want peace of mind when it comes to your items, you simply have to invest in the right coverage policies; this way, you’ll be able to make a claim in the event that those vital items are out of use and your business is stuck in no man’s land. If you’re wondering how to choose the right business insurance policy, you’re in luck! Read on below to find out more about the different types of protection you can get for your company and how The Insurance Octopus can help you to get your organisation back on track in the event of equipment troubles.


What is Business Equipment and What Are The Different Types?



Let’s take a look at the types of insurance that you can use to keep your assets protected – there are lots of different options, so you’ll be able to choose a property insurance policy that’s ideally suited to your needs as an organisation. Of course, different companies are likely to require a different level of cover to each other – that’s fine, as there are plans and policies for small businesses to larger corporations here at The Insurance Octopus. Depending on your industry, the things that you need to insure will differ – building firms require heavily on their machinery and tools, whereas office workers have a huge dependency on electrical equipment such as laptops and smartphones, so there are a lot of different things that business owners need to consider when searching for insurance for businesses. Damage for laptops and other items can be substantial, with replacement costs setting the business back by even more, so it’s massively important that you purchase cover for damage within your business equipment and tools insurance.

The details of this type of cover can vary between insurance providers, so you need to be careful when reading the policy wordings for your plan. If you’re unsure of anything, just get in touch with the insurance experts here at The Insurance Octopus – we’ve got lots of experience from office insurance to theft insurance and business contents insurance, so don’t worry about all of the jargon that you’d usually be faced with when you’re talking to our team. We’ll give you the facts and help you find the solution to your problem.



What This Insurance Policy Can Cover – The Tools, Equipment, & Cover



Up next, we’ll take a look at what exactly this type of insurance can help you with – some things are covered, whilst others may not be, so it’s important to know exactly what you are and aren’t protected against. If you’re ever unsure about your policies and coverage, always remember to ask your insurer – they’re the experts and will be able to give you the right answer! Here are the major things that you’ll be looking for your business equipment insurance to cover:

Loss: In an ideal world, we’d never lose our valuable possessions, but here in the real world things do sometimes get misplaced, never to be seen again. This is particularly true for employees who travel a lot for their work where the item has an increased risk of being left on transport or in a different location. With a portable equipment insurance plan, these instances are covered, meaning the cost of lost items can be claimed should they ever be permanently misplaced.

Damage: When it comes to damage, it’s all about the type of damage that the equipment has been subject to; accidental damage is covered by your insurance policy, but general wear and tear or damage as a result of an attempted theft may be eligible for a claim. Portable and handheld tools are usually the items that are most liable to be damaged due to their frequent use and movement, so you’ll want to make sure that your equipment is covered to the best level possible to avoid any interruptions for your business.

Theft: Finally, theft is another thing that you, unfortunately, need to be protected against. It’s difficult to predict what may happen to your belongings when they’re not in your possession at every moment of the day, so having insurance that covers the items means you won’t be at a complete loss should your belongings ever be stolen. In recent years, incidents of tool theft have risen to a surprising level, so there’s never been a more important time to ensure that you’ve taken out comprehensive insurance against your crucial equipment.

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Our panel of insurers

With access to a wide range of both niche and large insurers, The Insurance Octopus can arrange the right business equipment and tools cover for your business, to give you complete peace of mind, safe in the knowledge that your business equipment and tools are adequately protected. We work with a large panel of UK insurers and are able to source some of the most competitive quotes available.

Highly rated specialists

Getting the right cover for your business is crucial, which is why our dedicated team are on hand to discuss your businesses needs and requirements to get you the cover you need. We can often provide you with your business insurance and documents on a same day basis and offer a great range of flexible payment options to suit your business. Get in touch today and get your business equipment & tools insurance quote.

Why choose The Insurance Octopus for Business Insurance?

We proudly make buying insurance different and our cover comes with a range of benefits.

£10,000 worth of cover

Replacing tools can be expensive which is why we can provide cover and insure up to £10,000 worth of tools and business equipment.

Fast specific cover

To help save you both time and money. We compare prices from a range of different insurers so you don’t have to.

A specialist who knows your industry

We'll connect you with an agent who specialises in your field. They understand many of the challenges you face, and can truly get to grips with the type of cover you need.

Easy claims process

Accidents can happen, so when something does go wrong you can rest easy knowing our team is on hand to make the claims process as quick and stress free as possible.

Octopus customer rewards

We pride ourselves on the value we offer our customers, and with Octopus Customer rewards we give our customers a few additional benefits to their insurance such as discounts and offers to save them money.

No mid term fees, ever

We don’t charge any mid-term fees at all during the life of your policy – so there are no hidden fees following any changes you might need to make.

Our Process: Choosing The Right Cover For You

At The Insurance Octopus, we try to make everything as simple as possible for our customers – finding the right insurance can be a tricky task, but with the right advice and guidance, you’ll be able to find effective cover at a great price. We do this by ensuring that every business is put into contact with an agent who’s an expert in their sector; by doing this, you can be sure that you’re dealing with an agent who understands your business and your requirements when looking for a new insurance policy. In addition to this, our team are very helpful during the claims process – get in touch with us when you want to start making a claim on your policies and we’ll guide you through the process and get your business back on time as quickly as possible.

No matter how big or small your business is or could potentially be in the future, we’re able to offer insurance packages that are tailored to the needs of every company. This means you’ve always got an insurance package that’s relative to the size of your operation. In total, we’re able to offer you insurance on up to £10,000 worth of tools and equipment, so you’ll have comprehensive cover that’s substantial enough to cover all of your vital equipment.

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How business equipment & tools insurance works

Examples of business equipment & tools cover in action

A £3,000 theft

A trade’s person attending a work site leaves their tools and equipment inside their work van while they take an hour long lunch break. While away from the vehicle and site, two thieves approach the vehicle and after some time are able to successfully break into the vehicle. The thieves are able to make off with £3,000 worth of tools and equipment, all of which are vital to the tradesman’s work on the site. With the business equipment and tools policy add on cover in place the trade’s person in question should be covered for the £3,000 worth of tools, less the policy excess, and equipment that was stolen while away from their vehicle.

Why Choose The Insurance Octopus For Your Insurance Policy

The Insurance Octopus are experts when it comes to business insurance – we’ve got years of experience within our team and we’ve worked with companies in a wide range of industries, so you know you’re in safe hands when you take out an insurance policy with us. On top of this, you’ll also be blown away by the service that you receive; our team is knowledgeable and friendly, our policies are comprehensive, and our claims system is really easy to use, what’s not to love? On top of this, we’ve also got lots of benefits that are exclusive to our customers! Octopus customer rewards are a great way to add extra value to your insurance plan – we give our customers rewards as a thank you for choosing our service, which can be anything from discounts to offers and perks!

With The Insurance Octopus, you’ve also got peace of mind over your policy pricing – where many insurance providers may surprise you with mid term fees, we’re completely upfront with our costs. This means that what you see is what you get; there are no shocks or surprises in the form of hidden fees further down the line.

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FAQs (including answers to questions, such as):

What is commercial equipment insurance?

It’s basically insurance that protects the equipment that’s most important to your business; from tools and machinery to laptops and printers, there are lots of different things that can be covered when utilising a business equipment insurance plan. If your business would be unable to continue functioning without certain items or equipment, you need to ensure that these items are given the protection that they require; if they were to, for whatever reason, end up out of use for a period of time, the losses could be hugely detrimental to your business.

How can I insure my business equipment?

With The Insurance Octopus, insuring your business equipment is incredibly simple – you’ll just need to get in touch with our team or start a quote online! Once you start the quote process, we’ll ask for a few details regarding your business and the equipment that you’re looking to purchase cover for, then we’ll be able to give you an estimate as to how much it’ll cost to protect those items. After you’ve got a quote that you’re satisfied with, we’ll be able to get the process completed and have the policy wording sent over as quickly as we can. Once you’ve given that a thorough reading, it’s just a case of signing the contracts and your business equipment is all covered.

What tools and equipment are covered under this policy?

In general, this type of insurance is reserved for those items that are essential to your business; you’re protecting the things that are of great value to your company which you simply couldn’t get by without. This may sound extreme, but you’d be surprised how many pieces of equipment are deemed essential; things such as tools and machinery are both vital to labourers and tradesmen, whereas laptops, computers, and even smartphones are all essential to office workers, so all of this can be covered under your insurance policy!

Of course, each industry has different items that they rely upon, which is why our policies reflect this – we’ve got tailored packages for lots of different sectors, so you’re sure to be able to find something that gives your business the protection that it deserves.

Get In Touch

If you feel like you’re ready to start applying for insurance for your business, don’t hesitate to get in touch with a member of the team here at The Insurance Octopus! Our team is available from 9am-5.30pm on Monday through to Friday, so there’s always someone at the end of the phone when you need us. If you’d prefer to get the ball rolling online, just head to your sector-specific section on our website and hit the “start a quote” button!

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