With the increase in technology and artificial intelligence, laptops have become an essential part of people’s daily routines. Companies and individuals use laptops to run a business, store data, study and work remotely because they’re portable. For people who consider laptops as a necessity, then securing your laptop is also crucial.
However, laptops aren’t immune to damages and theft. Losing one’s laptop to criminals or damages could take an enormous toll on anyone. The gadgets could be relatively expensive, and getting a new one could be a problem. The inconveniences will cause you to be late for work or in studies, too.
Fortunately, there are laptop insurance policies that could cover you during these unfortunate times, allowing you to get back on track.
How Insurance Works
Laptop insurance primarily covers thefts and accidental damages. Whether it’s a regular laptop cover or Chromebook insurance, the working principles are similar.
There are two major covers that a policyholder could choose:
- Actual Cash Value: This coverage takes into account the depreciation factor. Regardless of the buying price, your insurer will cover its value when you fill the claim. The premium in this type of coverage is relatively low.
- Replacement Cost: This coverage is more expensive compared to the actual cash value. This is because you’re paying claims according to the cost of replacement for the same laptop model. The cost could be higher than the original cost because the make and model are considered.
Some of the cases that most policies cover include:
- Theft: If your laptop is stolen, your policy provider is entitled to cover the loss.
- Short circuit: In case of power surges that may damage your laptop, the insurer must cover the cost.
- Accidental damages caused by dropping are also considered part of the insurer’s cover catered.
The policy might not exclusively cover everything, which is why it’s essential to read the terms of a cover before agreeing to buy it.
Considering Your Policy
There are several benefits of getting the right insurance policy for your laptop. As such, consider these factors when buying a premium:
- Assess Your Risks
Before buying a policy, you should assess your risk. While insurance is meant to cover the unforeseen risks, you can study your working environment and assess the kind of damages that your laptop may suffer. This will help you determine the kind of coverage that you’ll need. In places where there’s good security, you might not need to insure it against theft.
- Review The Policy
Always check and review your policy coverage. There could be damages that your insurer won’t cover, yet you’d easily assume it’s included in the policy. This will help you prepare for other risks and losses.
It’ll also help you check policies from other companies in case you want to change your insurer.
When choosing a company to cover your laptop, always compare the difference in pricing. One company could charge you more for the same coverage as a different company. There could also be discounts being offered by the insurer that you could take advantage of and use.
You should also figure out the deductible amount, which reduces the total insurance cost. This is the amount that you pay upfront before an insurance provider starts covering you. Some policies won’t require you to pay deductibles, while others will.
- Reputation Of The Company
Laptops are essential gadgets. In case of damages, you’ll want to repair or acquire a new one immediately. This may be possible by buying policies from the right company. Hence, check the financial stability of the company and their age in the business.
A company’s reputation needs to be good in terms of how they release the claims and how soon they cover you. The best way to find reputable insures is through referrals. Asking about the best insurance companies through social media or friends and family helps you get the best policies.
- Number Of Claim Submissions Allowed
Claim submission mainly involves an insured filling form with details and send it to an insurer. Some companies may only accept one claim submission at a time, while others will accept multiple claim submissions. The one claim may be limited, hence it’s crucial that you know these terms beforehand.
After you’ve understood your insurance policy and considered all your needs, look for a company to cover you. Getting a suitable policy for your laptop will help you get back on track in case of a misfortune or an accident.
If you’re not sure about how to wrap up the insurance process, you can seek the advice of a professional or a policyholder with prior experience. This way, you’ll be more productive working since you know that someone else has your back.