by Guest » Mon Mar 08, 2010 10:26 am
I have a couple of computers and laptops that I work on. How do I go about
obtaining insurance coverage for them? Are there any special coverage for such items?
obtaining insurance coverage for them? Are there any special coverage for such items?
Posted: Tue Mar 09, 2010 09:31 am Post Subject:
Many of us won't go for coverage that protects our laptops and computers, simply because these items are covered under our home owners insurance. Once the HO agent assures us of such coverage we don't bother to get any special policy for such items. But, do we really know the exact worth of coverage that we have towards such items? Is HO coverage enough to reimburse the worth of losses that such valuable items may suffer during an accident?
Make sure you obtain the necessary warranties from the manufacturer. Hardware and certain vulnerable parts should be covered under the manufacturer. It will truly help you at times!
Posted: Wed Mar 10, 2010 10:12 am Post Subject:
I guess the extended warranties are a much better option than the manufacturer's warranties. Extended warranties are offered both by the manufacturer and the seller. Apart from what the manufacturer's warranties cover, an extended warranty would cover power flows as well as water leakage.
Posted: Wed Mar 10, 2010 09:23 pm Post Subject:
One cannot assume that their homeowners insurance policy will cover one's computer. We need to know a couple of things before we can answer the OPs questions with any accuracy.
Hey OP!
A couple of questions for you! :)
1. How are the computers used- are they for your business or are they purely for personal use?
2. What, exactly, are you looking to make sure you have coverage for? The hardware? Software? Data? If you could explain what your coverage concerns are, we can assist.
3. How will any loss to your gear actually affect you? Loss of income? More specifics here will help too.
There are huge differences in terms of coverage based on how you answer these questions.
More info is better info!
InsTeacher 8)
Posted: Thu Mar 11, 2010 09:21 am Post Subject:
How are the computers used- are they for your business or are they purely for personal use?
For my home-based business.
The hardware? Software? Data?
I'd say 'yes' for the first two, but 'data' ?? Now, you've added one to my concern.
Loss of income?
Definitely!
Posted: Thu Mar 11, 2010 07:06 pm Post Subject:
Pilgrim42, thank you for responding to my questions...it's appreciated!
Any computers that are used for business purposes are generally excluded from coverage in your homeowner's insurance policy without the proper endorsement attached to your policy.
As well, if you have clients or customers coming to your home for business purposes, your liability coverage attached to your homeowner's insurance will NOT pay for liability losses connected with your business either!
These are critical concerns- you need to speak with your agent as soon as you can to get the proper coverage. Now, there's probably more to this than has come out in a forum discussion and your agent should question you thoroughly to make sure that you're properly covered for the exposures you bring to the table.
I'd say 'yes' for the first two, but 'data' ?? Now, you've added one to my concern.
Your policy will NOT pay for any data that needs to be recreated in the event of loss. As well, it will not pay for data restoration on CDs, DVDs, hard drives or any other media. The policy will only pay for the physical storage device itself (e.g. a new blank CD, DVD or similar) and will not pay to have any data recreated or redone. This could be a huge concern in the event of loss.
Remember what every computer geek will tell you: BACK UP YOUR DATA!
InsTeacher 8)
Posted: Fri Mar 12, 2010 06:58 am Post Subject:
Your policy will NOT pay for any data that needs to be recreated in the event of loss.
It's true that your policy will not cover you for any type of data recovery. At the same time, it will also not cover you for any kind of damages caused by pests or corrosion. I'm not sure if the usual wear-n-tear is covered or not, but I guess elements like rust, dust, heat and cold are not covered.
Posted: Sat Mar 13, 2010 04:44 am Post Subject:
I'm not sure if the usual wear-n-tear is covered or not, but I guess elements like rust, dust, heat and cold are not covered.
No, I don't think it would cover you for the usual wear and tear. It will also not cover for damages that are being caused intentionally or for equipments that are being sold or leased.
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