A Brief Guide to Demystifying Computers Insurance

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Insuring your gadgets is essential if you want to ensure their safety. Laptops alone regularly disappear in coffee shops, airports, and public transport around the world. And it is only natural for owners to be reluctant to pay the replacement costs out of their pockets.

There are several ways to obtain insurance for computers. This guide will answer the most common insurance questions and help you discover how to protect your expensive electronic items.

Do I Need to Insure Laptop or Other Devices?

It depends on multiple factors like whether you can afford to substitute the ruined or stolen device. That is why it is completely up to the device owner to decide.

It also has to do with the risks your devices are more susceptible to and the current insurance coverage you have. 

Most of the gadgets come with a manufacturer warranty. And while it might cover some of the typical malfunctions, it has an expiration date and a list of restrictions. That is why some owners choose to secure their devices through traditional insurance plans or specifically designed gadget insurance plans.

The bottom line is if you are often on the go or have to travel around the country for your job, purchasing laptop theft insurance may be a good call.

What Kind of Insurance Can Guarantee Gadget Protection?

The most common approach is to secure the devices through renters or home insurance plans. The latter can cover your personal belongings, including a laptop. 

For it to work, you need to list your laptop in the policy. This way, it will be covered in case of a burglary, vandalism, or fire. Listing it as one of your valuables on the add-on plan can help you get laptop accidental damage insurance.

Many device owners tend to worry about the damage that can be done by the power surge. And it is not uncommon for policies to exclude electronics from the power surge coverage. If that is your concern, make sure to check if your insurance covers this particular risk. 

Read about cybersecurity insurance

Laptop’s Warranty vs. Business Insurance: Which One Is Better?

Ultimately, getting a warranty and business insurance can get your device covered almost 100%. 

As mentioned before, getting a warranty can guarantee protection against the specified risks like a mechanical malfunction or breakdowns. However, warranties cannot cover all the threats and dysfunctions because it is not what they are supposed to do.

Such issues as data loss, theft, fractures, and any accidental self-inflicted damage go beyond the warranty limits and can only be covered by insurance. 

Contrary to popular belief, you cannot get comprehensive coverage of your devices. Every policy has its limits and offers only specific protection. That is why you might significantly benefit from the property coverage if your employer offers one.

What Should I Expect From a Company Laptop Insurance?

If you are not the owner of the device you use for work, your policy is not likely to cover it. However, you might be held financially responsible by the employer if it gets stolen, you lose it, or you damage it. It means that the outcome depends on the individual circumstances. And it is up to your company to decide how to handle the loss.  

If you use the company laptop while working from home, you can extend your coverage to it. But it depends on the policy type you have.

In case the company covers the loss, they are likely to make a claim within their current insurance plan. And here is what the commercial plan might cover:

But keep in mind that many businesses include laptop protection in business assets insurance and E&O insurance. The latter has specific limitations when it comes to liability matters. For instance, you can be held responsible for opening a file that contains a virus. 

That is why understanding your rights and liabilities under specific policies is essential. Make sure to request all the information on your employer’s property insurance, your device warranty, and current personal coverage. This way, you can ensure the safety of your devices. 

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Date added: February 22, 2021