South Carolina is home to more than 400,000 small businesses and almost every business needs equipment in order to run. Commercial equipment insurance is an add-on option for your South Carolina business insurance policy that can help pay for any repairs or replacements of broken-down machinery or equipment.

Is all equipment worth getting insurance for? Not necessarily. Whether you're a small or large business, a South Carolina insurance agent can help you understand what commercial equipment insurance covers and whether it's a good idea to add to your insurance package. 

What Is South Carolina Commercial Equipment Insurance?

Every business has equipment that helps it run. Whether it's heavy machinery like a forklift or bulldozer, a refrigeration unit, a computer system, or medical equipment, when equipment breaks you can't run your business at normal capacity. Commercial equipment insurance will help pay for the costs to repair or replace the broken machinery. It's sometimes referred to as "boiler and machinery" insurance, but ultimately it protects you from a massive bill as long as the breakdown was the result of a covered event.

What Does Commercial Equipment Insurance Cover in South Carolina?

Depending on the policy, your commercial equipment insurance will cover things like repairs, lost income due to broken-down equipment, labor and time costs for someone to repair your equipment, and any loss of goods or spoiled foods as a result of the breakdown.

Here are a few of the covered incidents that could be included in your policy:

It's possible your commercial equipment insurance in South Carolina will have different covered incidents than these. Always check your policy to make sure you're familiar with what is and isn't covered.

What Doesn't Commercial Equipment Insurance Cover in South Carolina?

Commercial equipment insurance will not cover general and expected wear and tear on equipment or intentional damage to equipment. If you don't maintain your equipment and it is in poor condition and it breaks down, the insurance company could deny your claim to have the repairs or replacement fall under commercial equipment insurance. It also does not cover general loss of income unless it is directly related to the breakdown of the machinery. That's what South Carolina business interruption insurance is for. 

Like with all insurance policies, your commercial equipment policy will have a limit on how much it covers. If your limit is $300,000 and your air conditioning unit breaks down and costs $500,000 to replace, your policy will not cover the full amount.

Business Office Equipment Insurance Coverage in South Carolina

If you're a small business owner with minimal office equipment, you may find the equipment coverage you need from your South Carolina commercial property insurance policy. An independent agent can help you understand the difference between your property insurance and the benefits of equipment insurance. However, if you run your business out of your home, it's important to know that your office equipment will not be covered under your South Carolina homeowners insurance policy. This means you'll want to look into an equipment insurance add-on to make sure any office equipment you're using in your home office is covered.

In South Carolina, What Is Commercial Equipment Warranty Insurance?

With most equipment, you'll have the ability to purchase a warranty that may provide similar coverage to a commercial equipment insurance plan. 

• Time limit: Most warranties are only good for a certain number of years. If your equipment breaks down outside this time frame, you're left paying for the damage and replacement yourself. 
• Exclusions: Operator error will not be covered in a manufacturer's warranty on a piece of equipment. It will be covered under your commercial equipment insurance.
• No reimbursements: On some commercial equipment policies, you'll get reimbursed for any lost income directly related to the broken equipment. Warranties never cover any lost income or cash flow. 

Equipment warranties come with a variety of limitations that could still leave you exposed, so it's best to weigh warranty coverage vs. business equipment coverage if you're comparing the two.

Talk to an Independent Insurance Agent in South Carolina Today

Shopping for the right business insurance can feel overwhelming. With a variety of choices, extensions, add-ons, and countless policies, it can be hard to understand what's right for you and your business. An independent insurance agent makes it easy to find the right business equipment insurance. They do the shopping for you and find several quotes that fit your business and your wallet. 

After you've selected a policy, your agent is there to help anytime you need to review, upgrade, change, or use your insurance policy. If you experience an equipment breakdown, your agent can help guide you through filing a claim and making sure you receive your benefits.