What is Business Equipment Protection?
Also known as inland marine insurance, Business Equipment Protection is insurance for equipment you own and use for work. (At Thimble, we like when insurance makes sense! So we made the name a little clearer.)
From a chainsaw to a camera, if you use it on the job, there’s a chance that it could get damaged. And while general liability insurance protects damage to your clients’ property, Business Equipment Protection is coverage for your own stuff. And if that sounds important to your business, it is! Let’s break it down.
What does Business Equipment Protection cover?
Business Equipment Protection does exactly what the name implies: it protects your business equipment. The policy can cover two main areas:
Importantly, Business Equipment Protection from Thimble does not currently cover vehicles or smartphones. We’re focused on the key tools and equipment you use to get the job done.
Anytime, anywhere. Business Equipment Protection is designed for independent and self-employed workers like you: unlike a commercial property policy, inland marine coverage applies to damages to your equipment that occur no matter where you work.
Equipment You Use
If you rent equipment, keep a customer’s appliance in your shop while you’re repairing it, or borrow a tool from a colleague, Business Equipment Protection can also cover replacement costs in the event of an accident.
How much does Business Equipment Protection cost?
Business Equipment Protection is available with every Thimble Monthly policy, starting at $23 a month.
Business Equipment Protection starts at $6 per month, and it’s available with general liability coverage on any Thimble Monthly policy. Together, a policy with both coverages starts at $23 a month.
Some jobs require more expensive gear than others, so we offer three Business Equipment Protection coverage limits: $1000, $2500, and $5000, all with a low $500 deductible. A higher limit will result in a slightly higher cost per month. You pay the premium you’re quoted, and if anything happens to your equipment, you’re covered up to the limit you select—it’s just that simple.
General Liability Insurance
Protects your business against claims of third-party bodily injury, property damage, and personal and advertising injury.
Professional Liability Insurance
Protects professionals against claims that you have failed to provide your services appropriately, causing monetary or reputational damage. Also known as errors and omissions insurance.
Protects your business if you have employees or workers of any kind. This coverage applies to medical expenses and lost wages associated with work-related injuries and illnesses.
Business Owner's Policy (BOP)
Designed for small business owners who need a few types of coverage. BOP is a bundle that usually protects you against damage to owned property, liability, and business interruption.
Business Equipment Protection FAQs
Is Business Equipment Protection different from inland marine insurance?
No, they’re the same! Inland marine insurance is an old-school insurance term that stemmed from the introduction of marine insurance. Business Equipment Protection is just a simpler alternative to an otherwise confusing term, but it offers the same coverage as a standard inland marine insurance policy: protection for damage to first-party property used in connection with your business.
How does Business Equipment Protection differ from equipment insurance?
Business Equipment Protection, also known as inland marine insurance, is described as a “floating coverage” because it covers items that you use anywhere you perform your business services. Equipment insurance, however, is a different type of policy that protects your equipment at a stationary place of business, such as a retail store, commissary, or repair shop.
Why would I need to list the make and model of an item?
Listing a specific item on a policy is known as “scheduling” coverage, and it’s only required for items valued over $2,500. With a make, model, and serial number on your biggest assets, we can minimize fraudulent claims and help ensure that, if a claim were to be filed, you’d be paid the right amount of money.
Why can’t I purchase Business Equipment Protection on a short-term policy?
In an effort to reduce fraudulent claims, our insurance for equipment is only available for our Thimble Monthly policies. This will give you Business Equipment Protection throughout the duration of your Thimble Monthly policy. And, importantly, the risk of first-party property damage doesn’t only apply when you’re on the job, so you’ll need an ongoing policy for this coverage to apply.
If you would like to purchase Business Equipment Protection, you would need to upgrade from Thimble On Demand to a Thimble Monthly policy.
How do I file a Business Equipment Protection claim?
All claims are handled by Sedgwick. If you need to file a Business Equipment Protection claim, visit https://www.sedgwick.com/your-claim/assign-a-claim. Read more here.
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