battleface

Business equipment insurance explained

Travel insurance isn’t only for leisure travel like summer vacations and bucket-list adventures. When you’re traveling for business, many of the same unexpected challenges can occur, including your baggage getting lost, stolen, or damaged along the way. Business equipment insurance provides peace of mind when you’re traveling for work, ensuring you won’t be on the hook for the replacement cost of company equipment if the unexpected happens.

 

How does business equipment insurance work?

Business equipment insurance provides coverage for business property or equipment while an employee or small business owner is traveling for business — whether that’s flying halfway across the world for a client meeting or driving across the state to a neighboring job site.

It covers equipment and tools that you use anywhere you perform your work, whether you’re a DJ traveling for a wedding, a stylist working  on a photo shoot, a sales professional attending a conference, or a computer programmer flying halfway across the world for a working session.

 

What does business equipment insurance cover?

While the coverage details may vary depending on which travel insurance company is providing your policy, business insurance for travel usually provides reimbursement for lost or stolen items you travel with for business, such as laptops, phones, trade show displays, product samples and technical equipment.

If your equipment is damaged on your trip, you’re also protected. Most policies may pay the lesser of the actual cash value or the cost to repair the item, up to a set maximum.

This type of coverage is available as a single-trip policy, meaning you tell your insurance company your exact dates of travel, during which time your equipment will be covered. Alternatively, some insurance companies may offer year-long policies for individuals who regularly travel for work.

Because lost business equipment can turn your well-planned trip into a disaster, having a policy in place whenever you travel for work is a smart move. battleface also offers a coverage called Business Necessities which includes reimbursement for the reprinting of lost or damaged presentation materials. This type of coverage also includes reimbursement of expenses if you have to rent equipment for the meeting, presentation, conference, or event after yours is lost, damaged or stolen. And, if your items are later recovered, your policy may even cover the cost of shipping them back to you at your home address or the next stop on your trip.

 

What if my equipment breaks down during a trip?

As noted above, business equipment coverage can help pay for the costs of repairing or replacing equipment that may break down during your policy period. Out-of-commission equipment can ruin your business trip, so this type of coverage can help you recoup unexpected costs like temporary or rush repairs, or mandatory inspections of key equipment.

 

Are my personal items covered under a business policy?

Because most business equipment policies are offered as add-ons to a standard travel insurance policy, your personal items may be protected under baggage coverage as well. For example, a travel insurance policy may reimburse you for lost, damaged, or stolen baggage, up to a coverage limit that’s set by your policy. That means with both a standard travel insurance policy and a business equipment policy in place, both your personal items, like clothing and toiletries, and your business equipment is protected.

It’s especially important to have a policy in place if you travel with expensive belongings like camera equipment or jewelry, although there may be per-item limits for some of these belongings. Additionally, some policies allow you to add coverage for costly sporting equipment, which can come in handy if, for example, you’re traveling with your golf clubs for a client meeting that takes place over 18 holes. battleface includes coverage for sporting equipment, such as golf clubs and scuba gear, with its Discovery plan.

 

What is not covered by business equipment insurance?

All policies have specific exclusions, so be sure to read your policy details ahead of time. Commonly excluded are damage or loss to motor vehicles or bicycles, loss of illegal items or contraband, and loss or damage to items shipped as freight.

Additionally, it’s common that the covered incident must take place more than a defined number of miles from your primary residence. Day trips are also not usually insured. If you’re looking for insurance that covers your equipment when you’re working around your hometown, consider a commercial property policy instead.

For equipment breakdown coverage, ordinary wear and tear is not covered. Similarly, if your business equipment doesn’t work because of defective materials or craftmanship, your policy likely won’t cover it.

 

Should I also have a general travel insurance policy when I travel for work?

Whether you’re traveling for business or pleasure, it’s a wise plan to purchase coverage for all kinds of unexpected travel hiccups. A standard travel insurance policy provides financial protection if your trip is delayed, interrupted or canceled for a covered reason.

Travel insurance can also include coverage for medical issues and even emergency evacuations if you become seriously ill or injured while traveling, whether you’re halfway across the country or halfway across the world.

 

How do I make a business equipment insurance claim?

In order to be reimbursed for business equipment loss or damage, you’ll need a few key pieces of documentation. First, you’ll need an accident, police or incident report providing details of the incident. You’ll need receipts for all items being claimed, and you’ll also need to provide documentation showing any received or expected settlements, refunds or credits you’ll be receiving from any other party. For example, if your baggage was lost or damaged by an airline and they will be compensating you to some degree, that information should be provided to your travel insurance company.

PRE-EXISTING MEDICAL CONDITION

Pre-Existing Medical Condition means an illness, disease, or other condition during the 180 day period immediately prior to the date Your coverage is effective :
  1. received or received a recommendation for a test, examination, or medical treatment for a condition which first manifested itself, worsened or became acute, or had symptoms which would have prompted a reasonable person to seek diagnosis, care or treatment; or
  2. took or received a prescription for drugs or medicine. Item (2) of this definition does not apply to a condition which is treated or controlled solely through the taking of prescription drugs or medicine and remains treated or controlled without any adjustment or change in the required prescription throughout the 180 day period before coverage is effective under this policy.
  3. required a change in prescribed medication. Change in prescribed medication means the dosage or frequency of a medication has been reduced, increased, stopped and/or new medications have been prescribed due to the worsening of an underlying condition that is being treated with the medication, unless the change is:
    1. between a brand name and a generic medication with comparable dosage; or
    2. an adjustment to insulin or anti-coagulant dosage.
If you, or someone you are traveling with, has a Pre-Existing Medical Condition, you can still buy a policy from us but there is no cover for any claim arising directly or indirectly from that condition.

PRE-EXISTING MEDICAL CONDITION

Any Medical Condition that, within the last 12 months, required any:

  • surgery, inpatient or outpatient treatment, referrals or investigations of any sort. This includes being on any waiting list, taking any prescription medication, tablets or required medical treatment (This will not apply to common colds, flu or contraceptive medication);
  • medical advice or treatment for any respiratory condition relating to the lungs or breathing;
  • medical advice or treatment for any heart, stroke or diabetic condition;

Hypertension or high cholesterol controlled by 1 prescription drug only and where the dosage has not been changed within the last 12 months will not be considered a pre-existing medical condition

Coverages Available:

*not all coverages are available in all states
Travel Protection Benefits Limits
Trip Cancellation 100% of trip cost (up to a maximum of $20,000)
Single Occupancy Up to trip cost
Cancel for Any Reason Up to 75% of trip cost Up to 50% of trip costs in FL(CFAR not available to NY residents)
Trip Interruption 150% of trip cost
Delay Package
Trip Delay
Maximum $200 per day up to $2,500
Missed Connection Maximum of $1,000 per covered trip
Baggage Package – Excess
Baggage and Personal Effects $2,500 $100 Deductible
Baggage Delay $100 per day up to a maximum of $500
Travel Medical Package – Excess AK, CO, ID, ND, NH – Primary
Travel Medical Expense – Adventure sports included $100,000 $50,000 in NH $50 Deductible
Emergency Dental $750
Emergency Evacuation and Repatriation of Remains Up to $500,000
Up to $1,000,000 in NH
Accidental Death & Dismemberment $100,000 or $250,000 or $500,000
Pet Medical Package
Pet Medical Expense Up to $2,000 $100 Deductible
Pet Return Up to $500
Rental Vehicle Damage – Primary Up to $35,000 per rented vehicle- Primary $250 Deductible for loss greater than $2,000
Vacation Rental Damage $1,500 or $3,000 or $5,000

Travel Medical Insurance

Some benefits are subject to an excess (aka, the deductible, or what you have to pay before we pay), as stated in the Policy Schedule, and are per Policy Period.

Benefits Limits
Cancellation and Curtailment 5,000
Emergency Medical Expenses, Evacuation and Repatriation of Mortal Remains 10,000,000 (excess 250 or 50)
Hospital Benefit 25 per day, maximum 100
Personal Accident up to 250,000
Baggage Loss or Delay up to 5,000 (excess 250 or 50)
Personal Money and Passport, limited to 250 in respect of cash 500 (excess 250 or 50)
Personal Liability 500,000
Travel Delay 500
Optional Benefits Limits
Business Extension up to 1,000 (excess 100)
Winter Sports (Ski Equipment) up to 750 (excess 50 or 100)

Travel Medical Insurance

Some benefits are subject to an excess (aka, the deductible, or what you have to pay before we pay), as stated in the Policy Schedule, and are per Policy Period.

Benefits Limits
Trip Interruption 2,000
Emergency Medical Expenses, Evacuation and Repatriation of Mortal Remains 10,000,000 (excess 250)
Hospital Benefit 25 per day, maximum 100
Personal Accident up to 5,000
Baggage Loss or Delay up to 2,000 (excess 250 or 50)
Personal Money and Passport, limited to 250 in respect of cash 500 (excess 250) *** Limited to 250 in respect of cash
Personal Liability 500,000
Optional Benefits Limits
Business Extension up to 1,000 (excess 100)
Winter Sports (Ski Equipment) up to 750 (excess 50 or 100)
Personal Accident up to 250,000
Baggage up to 10,000

Travel Medical Insurance

Some benefits are subject to an excess (aka, the deductible, or what you have to pay before we pay), as stated in the Policy Schedule, and are per Policy Period.

Benefits Limits
Cancellation up to $20,000
Trip Interruption $1,000
Medical and Emergency Expenses $5,000,000 (deductible $250)
Hospital Benefit $25 per day, maximum $100
Personal Accident up to $50,000
Baggage $2,000 (deductible $250)
Personal Money and Passport, limited to $250 in respect of cash $500 (deductible $250)
Personal Liability $500,000
Optional Benefits Limits
Business Extension up to $1,000 (deductible $100)
Winter Sports (Ski Equipment) up to $750 (deductible $50 or $100)

Travel Medical Insurance

Some benefits are subject to an excess (aka, the deductible, or what you have to pay before we pay), as stated in the Policy Schedule, and are per Policy Period.

Benefits Limits
Cancellation and Curtailment 5,000
Emergency Medical Expenses, Evacuation and Repatriation of Mortal Remains 10,000,000 (excess 250 or 50)
Hospital Benefit 25 per day, maximum 100
Personal Accident up to 250,000
Baggage Loss or Delay up to 5,000 (excess 250 or 50)
Personal Money and Passport, limited to 250 in respect of cash 500 (excess 250 or 50)
Personal Liability 500,000
Travel Delay 500
Optional Benefits Limits
Business Extension up to 1,000 (excess 100)
Winter Sports (Ski Equipment) up to 750 (excess 50 or 100)