Business equipment insurance

What is business equipment insurance?

Business equipment insurance is an insurance policy that covers the cost of replacing or repairing lost, stolen or accidentally damaged equipment. You’ll pay a premium based on the type of business you run and the type of equipment you are covering. 

It’s designed to protect any moveable equipment used in connection with your business including:  

  • Communication equipment like your phone, tablet or laptop 
  • Portable machinery
  • Office contents
  • Machinery leased by you or your partners 

For tradespeople, you can get tools insurance to safeguard everything in your toolkit – from hammer and chisels to power-tools and diggers.

With business equipment insurance we will pay claims up to market value of the insured items up to policy limit. This is known as fixed depreciation based on wear and tear of the equipment over time.

Please note: We cover accidental damage or theft, not general “wear and tear” caused by routine usage or age.

What equipment is covered?

Business equipment cover is best suited to professionals as it covers equipment needed for your job – typical portable equipment such as laptops, mobile phones and cameras.

Business equipment insurance

With this optional cover that can be added to your business insurance, you’ll get protection for any equipment needed to keep your business running, no matter what your job description is. 

Examples include:

  • Communication tools: including desktops, laptops, mobiles, and tablets. 
  • Essential work tech: including graphic tablets, hairdressing equipment, and exercise equipment. 
  • Photography equipment: including cameras, lighting, and staging equipment.

So, whether you’re working with computers, styling someone’s hair or teaching a Zumba class – your essential kit is covered with a business equipment insurance policy.

Is business equipment separate to tools insurance?

Yes, tools equipment is a separate cover and is more suited to tradespeople as it protects tools, rather than equipment.

Own plant, tools, and equipment cover

If you’re a tradesperson, own plant tools and equipment offers protection in case of accidental loss, theft or damage to your owned tools, including;

  • Constructional plant
  • Machinery
  • Trailers
  • Tools
  • Site huts
  • Caravans (including their contents)
  • Portable tools and equipment (including electronic communication and computing equipment)

Hired-in plant cover

If you’re renting specialist gear, our hired-in equipment cover will protect them if they’re damaged or destroyed in your care. We’ll provide cover for a variety of hired-in equipment, such as:

  • Constructional plant
  • Machinery
  • Tools and equipment
  • Site huts or caravans you have hired to use in connection with the business

What is stock in trade cover?

With this cover, you can protect stock up to a value of £2,000. Stock in trade cover is an automatic extension that you get with both business equipment and tools insurance.

Who needs business equipment insurance?

We cover a broad spectrum of professions with our business equipment insurance, everything from consultants and bookkeepers to stylists and tutors.

Every business has equipment that they need to keep business running, so no matter what equipment you need to protect – we’ve got something to suit you.

Regardless of what you use them for – your equipment is almost as essential as you are to the running of your business. And that’s why you need to protect them.

Tell us a bit about the work you do and add our business equipment cover, or tools insurance, to whichever core covers you have with us.

Are rental equipment and tools covered?

With our hired-in plant and tools insurance, we’ll help tradesmen and construction workers protect things like constructional plant, machinery, tools or site huts if they’re damaged or destroyed whilst in your care.

How much business equipment cover do I need?

Every business is different, and so is the level of cover you need. That’s why we let you tailor your level of cover to what’s right for your business.

It’s important when you’re deciding on cover levels to get the right value for your equipment you don’t want to be left under, or over, insured. Underinsuring your equipment could result in not getting the right level of cover to suit the potential damage, whereas over insuring can leave you paying a higher premium than necessary.

To get this right, we suggest making sure you know the accurate value of the equipment you want to cover as well as keeping detailed records and evidence of their condition.

What else should you consider when buying business equipment insurance?

When you’re buying business equipment insurance there may be other factors to consider.

Excess details

You might think that it makes more sense to have a high excess on your policy, however, your excess is costing you more than it would cost you to replace the damaged or stolen equipment, then you’re not getting the value you should be. So, always check your excess.

At AXA our excess is variable, offering 10% of every claim subject to a minimum of £100 and a maximum of £500.

Possible exclusions

Some policies come with certain exclusions, so be sure to always check your policy wording to be crystal clear on what we do and don’t cover.  As with most insurance policies, for a claim to be accepted there must be signs of forced entry in cases of theft.

Know the value of your equipment

When adding on your business equipment insurance cover, keep your receipts from any purchased items and photographs of the equipment. Doing so could help you get a claim settled faster. Over or underestimating the value of your tools could lead to paying too much, or not having enough cover should you need it.


What types of business insurance can I add this to?

You can add this to any of our core covers, to create the perfect mix of cover for your company – meaning you only pay for the things you need.

Professional indemnity

Given advice that causes financial loss to your clients and results in a claim? Cover legal fees and compensation payments with professional indemnity insurance. With optional add-ons, you can also protect your business in case of breach of confidentiality, loss of documents or dishonesty of your employees.

Find out more about professional indemnity insurance

Employers’ liability insurance

If you have employees, contractors, casual workers or temporary staff, it’s a legal requirement for you to take out employers’ liability insurance. It covers you for up to £10 million for any claims from staff may become unwell or suffer an injury as a result of working for.

Find out more about employers liability insurance

Public liability insurance

You’re responsible for the welfare of every customer or visitor. Public liability keeps you covered for up to £5 million if a member of the public is injured or their property gets damaged while dealing with your business.

Find out more about public liability insurance

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