Like most businesses in the UK, yours probably relies on gadgets.
Laptops, phones, computers, printers. All these modern technologies have become necessities for day-to-day work.
94% of small businesses rely on this kind of tech to be efficient. And the larger your business, the more technology and gadgets you need to manage it.
But what happens when they break? Or they’re lost? Or stolen?
A broken laptop or a lost phone can leave you in the lurch. And the costs to replace them have never been higher.
One thing’s for sure: problems will happen at some point.
The right business gadget insurance can prevent a problem from becoming a disaster.
Who needs insurance to protect their business’s gadgets and tech?
Damaging or losing a gadget is worryingly easy to do. There’s a reason why it’s one of the most common types of claim we get.
Any business that relies on them would benefit from insurance. It doesn’t matter if you’re an estate agent moving from site to site with a phone and tablet, or an online retailer operating a number of high-spec laptops.
The reality is that even the smallest businesses use gadgets every day. And even though they might not need as much cover as larger businesses with more employees and kit, it’s important to remember that accidents happen. As do burglaries and theft.
No tech, no trade?
Not being insured can open you up to tough situations. Like an employee leaving their laptop on a train and being unable to access crucial client data. Or dropping their phone, losing their lifeline for communicating with their customers.
You also need to think about the cost of replacing gadgets and tech. A basic laptop might not cost too much. But a top-of-the-range iMac or some portable AV equipment might cause some serious damage to your budget.
Especially given how inflation and the post-covid chip shortage have affected the price of electronics. Whilst chip prices are slowly coming down, they are still almost 10% higher than they were in 2020. Making replacing computers and laptops pricey.
Business gadget insurance protects you from the cost of damaged, broken, or stolen gadgets and tech by paying to repair or replace them. So you’ll be able to get back up and running quickly.
What insurance do I need to protect my business’s gadgets and tech?
The type of insurance you need depends on what kind of gadgets and tech you want to insure.
And whether you take them out and about with you. Like to a client meeting or a conference.
Here’s a quick summary of the insurance you might need:
- Business contents insurance covers the gadgets and tech at your workplace, whether that’s your office, studio, salon or whatever. So, computers, printers, phones, and the like. Office furniture, fixtures and fittings, and any equipment you hire are covered too.
- Portable equipment insurance covers the gadgets you take out and about with you. Like your laptop, mobile phone, tablet, camera, and more specialist kit. It’s perfect for photographers, event organisers, and surveyors. Or anyone else who is out of the office a lot.
Now you know the kind of insurance you might need, you might be wondering…
How much business gadget insurance cover do I need?
You should have enough cover to repair or replace all your gadgets and tech.
This is probably making you think: ‘But how likely is it that all my gadgets will be broken, stolen, or damaged at once?’
Well, let’s say your office is flooded by a burst pipe. There’s a good chance this would put all your technical kit out of action.
If you don’t have enough cover to repair or replace them all then you’d be underinsured. Your claim wouldn’t cover your losses.
You’d have to pay out to get anything fixed or replaced that wasn’t within the limit of your insurance.
Some policies will even reduce your claim amount proportionally if it turns out you’re underinsured. So you might find yourself only getting half of what you expected. Or worse.
Look on the dark side
Always assume the worst-case scenario when you’re buying insurance. If it does happen, you’ll have one less thing to worry about.
There’s a few other factors that can affect how much gadgets and tech cover you need, and how much you’ll pay:
- Whether you need your gadgets to be covered for work in the EU or around the world
- How many people your business employs
- If you have any specialist tech, like a 3D printer or similar equipment
- The amount of excess you’re willing to pay
- Whether you sell, supply, make, install, repair, or service any products using your gadgets.
Invest in an upgrade
Hopefully, that should give you a good starting point for insuring your gadgets and other tech.
Insurance probably isn’t at the top of your priority list, but it’s an upgrade to your business you won’t regret.
There’s more information on our office insurance, business contents insurance, and portable equipment insurance pages.
If you have any other questions about insuring your gadgets and tech, you can call us on 0345 561 0320 or email us at contactus@policybee.co.uk.
Image used under license from Shutterstock.
business contents insurancebusiness gadget insurancemanaging riskrunning a business