Business gadget insurance

How to find insurance for all of the important gadgets you use for your business.

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Business gadget insurance covers all of the expensive things you use for your business, including mobile phones, cameras, laptops and desktop computers. It only covers gadgets you or your employees use for work, and means you’ll be able to claim for repairs, or a replacement, if they are broken, lost or stolen.

What is business gadget insurance?

Whatever your business – from setting up your own florist or cake business to running a network of recruitment managers – you and your employees will be using gadgets. The mobile phones you use to communicate with clients, the laptops or desktop computers you have for managing customers and processing orders – the cost of all the equipment can really add up. Gadget insurance for business provides cover for all the gadgets you’re using if they are stolen, broken or lost.

What’s the different between a business and a consumer gadget policy?

Gadget insurance can be bought both as a consumer policy, to cover the gadgets you use in everyday life, or as a business policy, to cover gadgets used specifically for your business. The difference is that under gadget insurance for business, the items have to be those used for your business. You can’t, for example, add your children’s mobile phones to the policy, or your laptop if you’re not using it for work.

What do business gadget insurance policies cover?

Every business gadget insurance policy differs, so it’s worth checking the small print. But in general the following should be included:

  • Laptops
  • Mobile phones
  • Desktop computers
  • Cameras
  • Tablets
  • GPS devices
  • Music players
  • Ereaders

How to choose the right cover

The kind of business gadget insurance for you will depend upon the type of work you do and the size of your company. The following will help you to narrow down the kind of policy you may need.

  1. Check if you’re already covered. You may already have business insurance so check this policy to see what cover, if any, you already have. Look at the portable equipment insurance section to see what’s included.
  2. Are replacement gadgets offered by your insurer? If you can’t live without these gadgets and you need them to continue your business work, look for a policy that offers a replacement gadget within 24 or 72 hours of making a claim.
  3. Do you need worldwide cover? If you travel out of the country with these gadgets for work, you will need your policy to include protection when you’re out of the UK.
  4. Will your insurer pay out for water and mechanical damage? These are both common reasons for making claims on gadget policies so check both are included in a policy before you buy.
  5. Is accidental damage included? In some cases it won’t be automatically added so check the small print.
  6. Insuring multiple gadgets? You may be able to get a discount if you’re adding several devices to the same policy.
  7. How old are the gadgets? There may be limitations on how old a gadget can be before it can be added to an insurance policy.
  8. Are unauthorised calls covered? If a phone is stolen, look for a policy that also provides protection for any unauthorised calls, texts or data usage.

What isn’t covered under a business gadget policy?

There are a number of exclusions with any insurance policy; in general, the following are usually excluded from a business gadget policy:

  • Loss or theft without due care. Some policies won’t cover loss or theft of a gadget if it wasn’t put somewhere safe or out of sight, or unless it was left in a locked office or safe. For example, if you’ve taken your work phone and tablet to the pub and left it out while you’ve gone to the bar, you may not be covered. Whereas if you leave it in a locked office overnight and it’s taken you will probably be covered on your policy.
  • Theft without a police record. If a gadget is stolen, you’ll need to contact the police and get a police record to show to your insurer when you make a claim.
  • Claiming without proof of purchase. Most insurers will require proof of purchase when you make a claim, so keep any receipts for gadgets in a safe place.
  • Gadgets that are still in a warranty period. In some cases you can’t make a claim for repairs of a gadget if it’s still within its initial warranty period.

Bottom line

If you have several gadgets you use for your business, or your employees are going to need them, it’s worth considering business gadget insurance. These policies can provide peace of mind if gadgets are broken, stolen or lost. There are several types of policy, so it’s worth checking the details. And compare the cost from a few different insurers to make sure you’re getting a policy that’s value for money.

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