Electronic Equipment Insurance
Get the Best Insurance Plan that fits for Your Need
Get a Quote for Electronic Equipment Insurance
What is Electronic Equipment Insurance?
Businesses depend on computers, laptops, cameras, cash registers, medical devices, and other electronic equipment for their daily operations.
So damage to these devices can result in huge financial losses to any business. So a comprehensive electronic equipment insurance (EEI) policy is required to cover this risk.
What are the Sections of Electronic Equipment Insurance?
Material Damage Cover
The material damage cover protects all your electronic equipment from loss or damage. The insurance policy reimburses the cost of repairs and replacement for the damaged equipment. The policy also covers partial losses.
External Data Media Cover
Data is an invaluable asset to every business today. But the data may be lost or damaged if the storage device is damaged. An electronic equipment cover comes in handy to cover the cost of data recovery and any financial loss.
Increased Cost of Working Cover
Any damage to a piece of electronic equipment may require the setting up of a substitute device. The policy covers the additional expenses needed for the use of such alternative equipment.
What is Covered Under Electronic Equipment Insurance?
The electronic equipment insurance policy covers the following aspects.
- The policy covers the repairs and replacement of damaged electronic equipment.
- Additional costs such as freight, duties, and labor charges will be covered for heavy or imported equipment.
- Loss or damage due to causes such as theft, fire, water, lightning, power surge, etc., will be covered.
- The cost of recovering the data due to damage to electronic equipment will be covered by EEI Insurance.
- The increased cost of working due to the setting up of any alternative device in the event of any loss or damage to the original one
- The insurance for electronic devices also covers the cost of installing software for the new hardware equipment.
What is not covered under Electronic Equipment Insurance?
Electronic Equipment Insurance has the following exclusions.
- Normal wear & tear and gradual deterioration of the equipment
- Deliberate acts of damage or any unlawful activity
- Loss or damage due to negligence by the business
- Damage due to any modification of data and equipment
- Any consequential losses to the equipment
- Additional expenses due to faulty programming, labeling, and discarding of data
- Loss or damage due to virus attacks are excluded (unless specifically covered by the policy)
What are the Benefits of Using Electronic Equipment Insurance?
Complete protection against unforeseen events that cause loss or damage to your electronic devices
Provides coverage for the loss or damage to data when the electronic equipment is damaged
Quick repair & replacement of the damaged equipment reduces downtime and mitigates the financial losses
Covers any additional expenses required to set up and operate an alternative unit
Coverage for the equipment parts, accessories, peripherals, and service charges
How to Buy Electronic Equipment Insurance with PIB Secure?
Step 1
Enter your details in the electronic equipment insurance get quote form.
Step 2
Once you provide all the required details in this form, click on the ‘Submit’ button.
Step 3
One of our executives will instantly get in touch with you. You will be guided by our team to buy an electronic equipment insurance policy online.
Step 4
You can also click on the Whatsapp icon on this page and chat with our team members. You will be guided step-by-step to buy the policy online.
Frequently Asked Questions On Electronic Equipment Insurance
Any system that operates on power & voltage is electronic equipment. They typically function without making much sound. E.g., TV, computers, phones, cameras, phones, etc
The failure of electronic equipment can be due to high voltage, excess temperature, fire, water, radiation, stress, and mechanical shocks. In semiconductor devices, the failure of the equipment can be due to contamination and short circuits.
The premium for electronic equipment insurance depends on the following factors:
(i) Type of equipment, its age, and value
(ii) Amount of insurance coverage required
(iii) Location of the equipment
(iii) Specific risk factors
The electronic equipment insurance policy is issued for a period of one year. You have to renew the policy every year.
AD SPACE
Disclaimer: It is important to carefully review policy documents to understand the terms and conditions that apply to the policy & make sure that it meets your specific needs and requirements.