Computer Equipment Rental Insurance – Cost and Types Of Policies

Whenever you budget the expenses of your business, Computer Equipment Rental insurance must be high on the list because you can’t always know exactly what is going to happen in the future.

With the protection provided by general insurance and all the other sorts of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.

Like any business owner, for your Computer Equipment Rental enterprise, you must consider how much financial danger you are taking on.

If your Computer Equipment Rental business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a final wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the results of their actions. 

In this article, we are giving very general guidelines for small businesses to explain what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Computer Equipment Rental business?

What this means, for any Computer Equipment Rental business owner, is that if some company claims that your actions caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Computer Equipment Rental business is not protected by laws in the same way as states are, where legislation can place a “cap” on the maximum level of liability.

In some states, like Montana, there are specific monetary levels that limit the amount a judge can award in any case against the state.

In a court case, it’s purely the privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have sort.

When you are running your Computer Equipment Rental operations, you can’t deny responsibility for the outcomes of your actions.

Even more importantly, unless you have spent in advance the money necessary to have your business running as a limited liability company, all of that liability belongs to you alone.

What does Computer Equipment Rental insurance protect you from?

For your Computer Equipment Rental business, the most important kinds of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.

As well there are some legal kinds of insurance that various states require.

In the next few paragraphs, we will outline the most important points any Computer Equipment Rental business owner should consider when negotiating the insurance needed.

The main headings of insurance for your Computer Equipment Rental businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Computer Equipment Rental business is dealing directly with members of the public, and that means you generally have the danger that some accident can happen to them bodily or else something of theirs can be spoiled.

In such a case, they can require compensation.

General liability insurance policy for your Computer Equipment Rental business insures you against claims coming from injury to visitors or damage to their property.

It protects your Computer Equipment Rental business from the claims themselves and also to any associated court costs and legal fees of the lawsuits.

In many cases, it should help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.

The average level of general liability insurance for your Computer Equipment Rental business would be with a upper limit of $1 million for a single event and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your Computer Equipment Rental insurance operations.

Professional liability insurance for your Computer Equipment Rental business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Computer Equipment Rental business for them, you can quickly have to fight a monetary claim.

Even if the case against you is decided in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.

Almost all small Computer Equipment Rental business should have enough professional liability insurance to cover an individual claim of $25,000, with annual cover of $50,000.

See the table in the cost of Computer Equipment Rental insurance section below for average prices of professional liability insurance for your Computer Equipment Rental operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that what you delivered didn’t meet your description of function, or that your guidance was basically incorrect.

You need to know the specific laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held liable for injuries caused by products claimed to be defective.

To cover yourself against any possible lawsuit, you need Product liability insurance for Computer Equipment Rental

Only you can estimate exactly how much insurance you should get.

Best advice is to consult with experienced insurance agents, brokers or company representatives for guidance.

Commercial insurance

Commercial vehicle insurance for your Computer Equipment Rental business

Be careful! – practically all policies for private vehicle insurance do not cover any event like theft or accidental damage when the van is being used for business purposes.

The proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a designated commercial vehicle insurance package.

Commercial car policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.

In addition, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your truck is involved in a collision.

Most states, other than Virginia and New Hampshire, require this type of insurance.

The necessary value of the insurance is worked-out for the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your Computer Equipment Rental business needs unique and costly equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.

The tools may be subject to malicious damage, deliberate fire, theft, other such unpredicted acts.

In addition, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.

Unless you can afford to immediately replace such specialized gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy everything needed to keep your Computer Equipment Rental business running.

It is hard to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Computer Equipment Rental business’ equipment.

Commercial Property insurance

Any Computer Equipment Rental business that owns or rents space in a building should have a commercial property insurance policy.

If you own the space, you probably have a substantial capital investment, in addition to a big liability if there’s a mortgage.

Any physical building location must carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your Computer Equipment Rental business operates in areas of high risk, like California or Georgia, extra coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Computer Equipment Rental business premises, there is a need for more supplementary cover than in warmer climes.

Although the level of cover depends mainly on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Computer Equipment Rental insurance section below to give some estimate of the average prices per million dollars of property insurance for your Computer Equipment Rental business.

Temporary insurance by month, week or day for your Computer Equipment Rental business

Is your Computer Equipment Rental business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Computer Equipment Rental – are special policies where you can cover a specific period when you want to be covered.

By only paying for that period of cover, you will save by having lower premiums but still having the same risk cover.

The essential feature of short-term insurance is that you buy the cover for a defined period – a nominated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of higher business activity, get the existing cover improved.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Computer Equipment Rental business

You have the chance to combine a few of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP combines commercial property and public liability insurance by amalgamating these coverages into one insurance policy, which can save you money.

BOP insurance will protect you if any claims of injury or property damage are made.

It is often the right choice for small and medium-sized Computer Equipment Rental businesses, such as yours.

There are a few limits that will rule whether BOP is suitable for your own business.

BOPs cannot cover your professional liability or commercial vehicle cover.

Also, the size of your business will determine whether you are eligible to take out BOP cover.

The typical business that can take out a BOP policy must have no more than one hundred employees, and under five million dollars in annual revenue.

Plus, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Computer Equipment Rental business employees

In most states, it is mandatory to have workers compensation insurance when your Computer Equipment Rental business has one or more employees.

Workers compensation insurance covers the operation against any costs that arise if an employee experiences an injury or becomes sick as a result of work.

The benefits provide for medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s regulations in this regard can leave you as the employer obliged to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only allow coverage from the government-run monopoly state funds.

In these states, you cannot get your workers compensation obligations from private insurance providers.

Workers compensation premiums are computed based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must see the relevant authorities in your state.

Average costs of these types of insurance

Although every Computer Equipment Rental insurance need is unique, there are enough examples of usual quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.

Of course, you should always check with an agent what’s relevant for your business.

The list below is of annual premiums we have researched for the main types of insurance your Computer Equipment Rental businesses needs.

Cost of insurance for your Computer Equipment Rental operations depends on many different factors.

We have calculated these figures for small freelance Computer Equipment Rental businesses.

In larger states like California, premiums are generally about 20%-30% higher than national averages, but in smaller states like Oregon, they can be about 20%-30% cheaper.

The location and size and type of your Computer Equipment Rental business can have a big effect on the cost of different policies.

You should consult with professional insurance agents and brokers, or insurance company representatives.

As well you can let the internet do the work for you by enquiring about insurance companies near where your business is located.

Another useful source of information is the local Better Business Bureau in your town.

FAQ

What is small business insurance for Computer Equipment Rental operations?

This is a wide term used to describe common insurance policies designed to protect Computer Equipment Rental business owners from risks like bodily injury, property damage, claims of negligence.

Does my Computer Equipment Rental business have to have insurance?

Some of the types of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.

Certain other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Computer Equipment Rental business insurance policy cover?

Liability insurance provides insurance against lawsuits or claims filed by a third-party for bodily injury, property damage, or negligence.

The exact cover will vary based on your own operations.

See the table in the costing section above for average prices of the best policies for Computer Equipment Rental insurance.

How much will Computer Equipment Rental business insurance cost?

As well as the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.

You should talk to professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for Computer Equipment Rental, in the search box below, and follow the relevant links.

Related Industries:

Baby Equipment Rental Insurance – Cost and Coverage Camp Equipment Rental Insurance – Cost and Coverage Computer Network Support Specialists insurance – cost and types of policies Computer Instructor Insurance – Cost and Types Of Policies Computer Teacher Insurance – Cost and Types Of Policies Computer Programmers Insurance – Cost and Types Of Policies Computer Software Engineer Insurance – Cost and Types Of Policies Party Equipment Rentals insurance – cost and types of policies Beach Equipment Rentals insurance – cost and types of policies Golf Equipment Retailer insurance – cost and types of policies Hockey Equipment Retailer insurance – cost and types of policies Rotating Equipment Engineer insurance – cost and types of policies