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Laptop insurance policies – What does it cover and what is still exposed?

Are you a small business owner who uses laptops throughout the day? If answered yes, insuring your laptops is not at all a luxury, rather it is a necessity. However, locating the best policy for your laptop is often confusing due to the large number of insurance policies that are available in the market. As laptops are portable devices, they are susceptible to falling off from your hand, liquid spilling, theft, damage due to fire or any other unfortunate incident, it is better to get them insured as this way you can protect your hard-earned dollars on repairing that item or buying another new one. Below mentioned is a guide that will help you ensure that you’ve got enough insurance coverage to protect your equipment.

Laptop insurance for commercial purposes

Depending on the way you use laptops for your commercial purposes, you can think of getting various levels of protection from different types of insurance coverage. Here are some of them:

  • Homeowners insurance: Do you operate your tech firm from your home? If yes, then it is most likely that your laptop must be included within your homeowner’s insurance policy, particularly when you use your laptop for mostly personal reasons. But in case you primarily use your laptop for commercial purposes, you will most likely require added insurance because homeowner’s insurance doesn’t cover any of your business assets, even when it’s operated at home.
  • Cyber liability insurance: While property insurance protects your laptop, it won’t safeguard you from some specific types of liability that is associated with the work that you do on your laptop. For instance, if your laptop is attacked by virus and that virus spreads itself to the computers of all your clients, you could be held responsible for such damages. In such cases, cyber liability insurance protects you against data breaches and other financial loss.
  • Property insurance: Most business firms have property insurance that covers certain equipments like laptops and software. If your laptop is stolen, lost or damaged due to certain reasons, property insurance can pay for the cost of repairing. There are some cases when owners of small technology companies see that they can get property insurance with some discounts. Through BOP insurance, it is possible to combine property insurance with general liability.

What is not covered by your laptop insurance?

You should also know at the same time what your laptop insurance doesn’t cover. Here are some such details.

  • Dangers that are not included: There is nothing called comprehensive insurance coverage as every policy excludes few things. So, before choosing a policy, ensure it includes coverage for mishaps that cause damage.
  • New devices: If you suddenly expand your business by buying new equipment, you might need to update your insurance policy too. Speak to your agent to know about it.

Hence, when it comes to laptop insurance, you have to be careful enough what your policy covers and what it doesn’t. Always keep checking with your agent so that you don’t make a wrong decision.

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