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What range of equipment does business insurance cover?
Equipment insurance can fall under business insurance. It can cover items such as machinery, tools, fixtures and electronics against damage, accidents and theft. Therefore, businesses that rely on certain equipment to operate can benefit from this policy. Small businesses in particular need to look after their most valuable assets and make sure coverage is in place. Otherwise, they can face significant income losses as operations come to a halt. Let’s look at some examples. 1. Personally-owned equipment You can get coverage for the equipment you own and need for the day-to-day operations of your business. But any personal equipment that's not used in connection with the business may not be covered. What is coveredA new mechanic accidentally damages a power drill during trainingLighting fixtures in a yoga studio needed to complete classes have stopped working since a power surgeA sole trader whose point-of-sale equipment for a storefront location is vandalizedBenches or weight machines are broken at a gym because of member negligenceChildren have damaged furniture in a daycare centerWhat is not coveredA contractor's personal mobile phone that's not used for business purposesGardening tools used to maintain personal properties » Explore NEXT's tools and equipment insurance options 2. Employee-owned tools and equipment Equipment or tools owned by an employee and used for business purposes can be protected with equipment insurance. Small businesses can replace equipment that was stolen or accidentally damaged. What is coveredItems an employee needs to do their job were stolen from their toolboxA remote writer's work laptop is stolen from their co-working spaceSafety work gear in a factory gets damaged on the job and needs to be replacedWhat is not coveredPersonal cameras that aren't being used in commercial activitiesKnives that a chef owns for personal use » Discover how contractor tools and equipment insurance can protect your business 3. Borrowed equipment Business insurance can also include equipment that's not owned by a business but has been borrowed for temporary use. However, rental equipment is excluded from this. What is coveredA construction company borrows a bulldozer from a contractor and it's damaged in a stormA restaurant borrows a commercial oven for a special event and it's damaged in a fireA consulting business borrows electronic equipment (e.g., projectors) for a conference and it's damaged during a power surgeWhat is not coveredAn excavator rented by a mining businessA bulldozer that was damaged due to operator error Protect all your equipment with tailored business insurance We recommend getting affordable, tailored business insurance for your profession that gives you peace of mind, especially if you travel with your gear to different locations. This safety net can prevent you from shouldering the entire cost if any equipment gets lost, stolen or damaged. Your first step is simply answering a few questions to get an instant quote online in less than 10 minutes. » Find out if your personal vehicle requires business insurance coverage FAQs What does business insurance cover? Business insurance covers public liability, professional liability, tools and equipment insurance, etc. Small businesses can choose separate policies for their specific needs. Does business insurance cover tool theft? Yes. If a tools and equipment policy is part of your business insurance coverage, stolen items belonging to your business, your employees, and even borrowed equipment will be covered.
Asked 4 months ago
Are all contents covered by Commercial Property insurance?
Simply put — no, not all business contents may be covered under commercial property insurance, and the coverage can vary depending on the policy and insured property type. Types of contents covered by Commercial Property insurance In commercial property insurance, contents typically refer to the business property and equipment that is necessary to run the business. Here are some examples of what might be covered under each type of content: Furniture and equipment, such as desks and computers.Inventory, like goods for sale or packaging materials.Machinery, for example, in manufacturing, could include conveyor belts.Building improvements can include permanent improvements or additions made to the building, such as flooring. » Find out why businesses need more than one business insurance policy Damage and contents not covered by Commercial Property insurance These may include: High-value items, such as artwork or rare collections. Businesses with these items may need to purchase additional coverage or seek a specialized policy.Intentional property damage caused by the business owner or employees may not be covered.Flood or earthquake damage may not be covered, and businesses located in flood- or earthquake-prone areas can consider purchasing additional insurance. Choose Commercial Property insurance with NEXT Commercial property insurance can be highly beneficial to help reduce the risk of business interruption due to theft, equipment malfunction, or inventory damage. With NEXT, you can explore tailored coverage options. Plus, you'll have instant access to your certificate of insurance once you purchase coverage, and you can share it 24/7 with the NEXT app. Get an instant quote online today in less than 10 minutes to find out more. » Find out if commercial property insurance is manadatory
Asked 4 months ago
Are gyms considered buildings for commercial insurance?
Gyms are generally considered buildings for commercial insurance purposes. A gym business insurance package, also known as fitness insurance, can provide financial help for different types of damage. For example, if a fire breaks out and damages gym equipment, property insurance can help cover the cost of replacements or repairs. Additional insurance considerations for gyms In addition to property insurance, gyms may also need: Liability insurance This includes general liability insurance and professional liability insurance, which can protect against potential lawsuits or claims from customers that are injured while using the gym's facilities or equipment. Liability insurance can generally cover legal fees, medical expenses and other costs associated with such claims.Workers' compensation insurance This can be necessary for gym owners who have employees. It can provide benefits to employees who are injured or become ill while on the job by helping to cover medical expenses and lost wages. How NEXT can help protect your gym It's important to make sure your gym has proper commercial property insurance because it provides financial protection against unforeseen events such as property damage, accidents or liability claims. Protect your gym building and your business with customized insurance coverage that meets all of your business needs. Easily get an instant quote online or reach out to our U.S.-based insurance professionals with any questions. » Is your gym open 24/7? Discover the best business insurance options for 24-hour gyms
Asked 4 months ago
General and Professional Liability insurance: When do I need both?
The main difference between general and professional liability insurance is that they can protect you from different risks. General liability insurance can cover you for common risks like damaging a client's property, paying the medical expenses of someone that got hurt at your business or getting sued for using an improper picture on an advertising poster.Professional liability insurance can help to protect you from business errors like making a professional mistake that costs your client money or giving your client incorrect information. This coverage can also help to cover legal fees if a client sues you. Many small businesses choose to get both types of insurance because then they're covered for a wider range of risks. Let's look at some examples that can benefit from both types. » Are you self-employed? Find out why you need general liability insurance Architects & engineers While you're working on a project, you spend a lot of time on a property that isn't yours. General liability insurance can help to safeguard your business if you're blamed for damaging something on the property (e.g., a piece of machinery) or for someone getting hurt (e.g., tripping over tools left around and breaking an arm).Professional liability insurance can protect you if your client sues over poor work quality or claims you were negligent, especially if your client loses money because of this. » Learn more about NEXT's architect and engineer insurance Accountants & financial advisors Despite not working in a high-risk field for physical damage, third-party accidents can still happen on your premises. General liability insurance can help pay for medical bills if a client slips and falls in your office. It can also help cover the costs of repairing or replacing your client's laptop if it gets damaged at your office and it's your fault.Professional liability insurance can protect you against expenses related to lawsuits filed by disgruntled clients who suffered financial losses because of your advice — even if you are not at fault. » Learn more about NEXT's financial services insurance Protect yourself and your business with NEXT As you can see from the examples, each insurance covers different scenarios and can give you more protection — and more peace of mind. Get a hassle-free, customized insurance quote based on your profession and your business needs in less than 10 minutes online. » Explore further why businesses need more than one business insurance policy
Asked 4 months ago
Who can claim Workers' Comp benefits after an employee death?
When a family member passes away due to a work accident, this can have a significant impact on family members, both emotionally and financially. Death benefits exist to provide relief during these difficult circumstances. We understand that losing a loved one who was the main source of income can be a difficult time. If you or someone you know relied on their income to cover everyday expenses, they may be eligible to receive workers' comp death benefits. Our team is here to support you during this process. To determine eligibility, we may need additional evidence to support the claim. A dedicated claims examiner will be assigned to assist with the case. » Here's how to file a workers' compensation claim Primary Workers' Comp beneficiaries Spouses, partners and children are defined as typical dependents. They're entitled to "survivor benefits" that usually pay either a lump sum or a structured benefit package. Spouse: The widowed husband or wife becomes the primary beneficiary.Children: Minors may be entitled to claim death benefits. Older children may be entitled to a claim if they were still living at home or unemployed (criteria vary between states).Live-in relatives: An elderly relative living with the deceased may be entitled to a claim. Other Workers' Comp beneficiaries In the event that there are no primary beneficiaries, death benefits can be distributed to others, including: Partial dependents: Adult children and relatives may qualify as partial dependents.Next of kin: The closest living relative of the deceased. We understand that navigating death benefit claims can be overwhelming, and the laws surrounding them can be confusing. Rest assured; the NEXT team is here to help you every step of the way. Every family situation is unique, and most states have established procedures to handle these claims fairly. Let us help you navigate the process and secure the benefits that you or your loved ones may be entitled to. Separated: Spouses that are separated but not divorced are still viewed as beneficiaries and may be entitled to death benefits.Divorced: The divorced partner has no right to death benefits in the majority of cases, but an ex-spouse may partially qualify, subject to state laws.Unmarried partners: Death benefit payouts for unmarried partners are not common in many states. It's crucial that both you and your partner have a Trust of Will in place.Stepchildren: If stepchildren were financially dependent on the deceased, they may receive compensation.Estranged children: If there was proof that an estranged child was depending on their deceased parent financially, they may qualify for benefits. Consider your state's specific timeline It's important to file your death benefits claim as soon as possible within the specified timeline. Most states allow claims to be submitted within one to two years after the death, but it's important to confirm the deadline in your state to avoid any potential rejections. NEXT is here to help make the process as smooth and stress-free as possible. Once you file your claim, it will be given priority and handled promptly to help alleviate any difficulties faced by dependents. The goal is to provide support during a difficult time and get the benefits you are entitled to as soon as possible. Be prepared with NEXT Insurance At NEXT, we believe in transparency and honesty. Being truthful when filing a claim will ensure an easy claims process that pays you the compensation you're entitled to fast. Our dedicated claims examiner will provide personalized support and guide you through every step of the process. » Find out whether the employer or employee should file the workers' comp claim
Asked 4 months ago