Business Equipment Insurance for Laptops and Cameras

Business equipment insurance commonly works through business pack or commercial property policy sections that may respond when laptops, tills or cameras are damaged or stolen. In Australia, business pack insurance bundles several covers into one policy, and equipment sections may be available, depending on the insurer.

Cover depends on the policy and insurer you choose. Check the policy wording and its terms and conditions for what is and isn't included.

Key takeaways:

• At your premises, a business pack's contents or theft section may respond to insured damage or a break-in.
• Away from your premises, a portable equipment section of a business pack may respond, if selected.
• Restoring lost data may fall outside a business pack's property sections. Cyber insurance, designed to cover costs after a data breach or cyber attack, may include data recovery.
• An asset register with serial numbers may help you set the sum insured.

What is business equipment insurance?

Business equipment insurance is a name for the cover sections designed for the laptops, tills, cameras and other items a business uses. Commercial property insurance is designed to cover business property, such as contents, stock and equipment, against insured loss or damage at your premises.

You can request a business pack quote online, and an upcover team member or an insurance broker can confirm which sections are available.

Which business assets does equipment insurance apply to?

Equipment insurance commonly applies to the portable and electronic items a business owns.

Where business equipment is commonly insured (common market patterns, not a statement of any policy). Each section named commonly sits within a business pack or commercial property policy. Tools of trade insurance may be a policy section or a standalone policy, depending on the insurer.

Each section is subject to the policy terms, conditions and exclusions. Tools of trade insurance is designed to cover the tools and equipment you use for work, against theft and accidental damage, depending on the policy.

Goods in transit cover, designed for loss or damage to goods from pickup to delivery, may be available under some business pack policies.

Equipment kept at your premises

A business pack's contents section is designed to cover business contents, such as equipment, furniture and stock, against insured damage at your premises. A business pack's theft section is designed to cover business property stolen from your premises, commonly only where there are signs of forced or violent entry (theft from locked building).

See business contents insurance explained.

How does portable equipment insurance differ from electronic equipment insurance in a business pack?

According to business.gov.au, portable equipment insurance is for equipment "you take on a job", and electronic equipment insurance is for items "at a specific location".

Machinery breakdown is a benefit that may be available under business pack or commercial property insurance. It may respond to sudden breakdown of insured machinery.

What each section may respond to varies between policy wordings, so always check with your insurance broker or the team at upcover.

What is general property insurance?

General property insurance is a name some insurers use for the portable equipment section of a business pack.

What does business equipment insurance usually not cover?

Wear and tear and theft of unsecured items are common exclusions for business equipment. Exclusions commonly include, but are not limited to:

• wear and tear and gradual deterioration
• electrical or mechanical breakdown, unless you arrange a business pack's electronic equipment or machinery breakdown section
• lost or corrupted data and software, which generally sits with cyber insurance
• a cyber incident, such as ransomware that takes down a point of sale system, where there is no physical damage to insured property
• theft of items left unsecured in the open air, such as on a work site (theft in open air exclusion)
• theft from an unattended vehicle without signs of forced entry
• loss or damage caused on purpose by you or anyone acting with your consent
• fraud or dishonesty by you (dishonesty by an employee may be covered under a business pack's employee dishonesty section, where you arrange one)
• mobile plant such as excavators and loaders, which generally sits with mobile plant and equipment insurance

Mobile plant and equipment insurance is designed to cover machinery such as excavators and loaders against theft or accidental damage. A business pack's employee dishonesty section is designed to cover loss from theft, fraud or dishonesty by your employees, subject to the policy terms.

Important: This list is not exhaustive. Exclusions vary between insurers. Always refer to the policy wording and its terms and conditions for the exclusions that apply to you, and if you have questions you should speak to your insurance broker or the upcover team.

How do you work out the sum insured for business equipment insurance?

The sum insured is commonly set by valuing each item on the basis your policy uses, such as what it would cost to replace today. The sum insured on your policy schedule is the most the insurer may pay.

Replacement value is the cost of replacing an item with new property of a similar kind and quality (replacement cost). Indemnity value is what the item was worth at the time of loss, after wear and depreciation.

An asset register, a list of the equipment your business owns, commonly records each item's serial number, purchase date, receipt and current replacement value.

ASIC's Moneysmart defines underinsurance as "when there is not enough insurance to cover the value of the insured property".

What do business equipment insurance claims look like?

Equipment claims may follow a break-in, as in the claims examples below from a florist and an education business. Equipment at the premises may be insured under commercial property insurance or the property sections of a business pack.

Overnight break-in

Hypothetical claims example: When staff arrive to open the store, they find the front lock has been forced open. Premium bouquets, gift hampers, tools and the EFTPOS tablet are gone. The florist needs to replace stolen stock and contents quickly so customer orders can still go out.

How cover may respond: Commercial property insurance may respond to loss of or damage to insured stock, contents and specified items arising from theft or forced entry at your business premises.

Theft or vandalism loss

Hypothetical claims example: Over a weekend break-in, tablets and a projector are stolen and the front door is forced open. The reception desk is damaged and locks need urgent replacement, disrupting lessons while you source new equipment and secure the site.

How cover may respond: Commercial property insurance may respond to loss or damage to insured contents and business property arising from theft or forced entry at your premises.

Important: These claims are examples only. Cover is subject to policy terms, conditions and exclusions. Policy wordings vary between insurers. Always refer to the policy wording and its terms and conditions for details. If you have questions about a particular possible claim or would like assistance about whether a certain claim might be covered it is always best to speak to an upcover team member or your insurance broker.

If you're concerned about a particular customer service or experience, you can always consider telling your insurer as soon as you become aware of an incident, complaint or circumstance that could lead to a claim. You don't need to wait for a formal demand. Also keep in mind that notifying of a claim late may affect your claim.

Claims made, occurrence-based and discovery claims are to be notified to the insurer as soon as reasonably practicable.

If you've purchased a policy through upcover, you can start a claim through www.upcover.com/support or by contacting our team directly on support@upcover.com or 1300 UPCOVER (1300 872 683). Admitting liability, incurring costs or agreeing to a settlement before you notify your insurer may affect your claim. Starting a claim does not confirm that your claim is covered; your insurer assesses it under the policy terms, conditions, exclusions and limits.

What affects the cost of equipment insurance?

The sections you choose and details about your business may affect the cost of equipment insurance. Factors may include the sum insured, the types of items and where you use them, security and your excess (what you pay towards a claim).

Your existing controls and risk framework, your answers to insurers' risk questionnaires or proposals, and your recent claims history may also affect the total cost of your insurance.

The guide to business pack insurance cost explains how insurers price a pack.

How upcover can help

upcover arranges business pack insurance for small businesses that rely on laptops, point of sale terminals, cameras and other equipment. upcover works with 80+ insurance partners and can arrange quotes from a range of insurers.

• 70,000+ businesses covered
• 4.9/5 customer rating
• Certificate of currency available once your policy is confirmed

Get a business pack insurance quote or speak to an upcover team member about business equipment insurance.

Frequently asked questions

What does business equipment insurance cover in Australia?

Equipment cover in Australia is designed to respond to insured loss, damage or theft of laptops, tills and cameras, depending on the sections chosen. A business pack's contents and theft sections commonly apply at the premises, and a portable equipment section may apply elsewhere, subject to the policy terms.

Is a work laptop covered by business equipment insurance away from the office?

A work laptop may be covered away from the office under a portable equipment section of a business pack, which some insurers call general property. Theft from an unattended vehicle commonly needs signs of forced entry, subject to the policy terms.

How do specified items work on a business pack?

A business pack insurer commonly lists each specified item by name and value on your schedule, such as a camera above any single-item limit. Other portable items, called unspecified items, commonly sit together under a total limit. An upcover team member or an insurance broker can talk through what those limits mean for your business.

Is business assets insurance the same as business equipment insurance?

Business assets insurance is a broad term for insuring the buildings, stock, equipment and other property a business owns. Business equipment insurance is narrower and commonly refers to the sections for laptops, tills, cameras and similar items.

Does a business pack cover data on a damaged laptop?

Restoring data may sit with cyber insurance rather than the property sections of a business pack, depending on the policy wording. Those sections may respond to loss or damage to the device itself, subject to the policy terms. Cyber insurance is designed to cover costs after a data breach or cyber attack, and first-party costs may include data recovery.

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_{The information in this article is general information only and does not take into account your objectives, financial situation or needs. Insurers set the sections, limits and conditions in their policy wordings, and these can change. Before deciding whether a product is right for you, read the policy wording and its terms and conditions. upcover arranges insurance products with selected insurers and underwriters and does not compare all general insurers or insurance products available in the market.}