Do Businesses Need Laptop Insurance? A Quick Guide
Laptop insurance is an important consideration for any business providing devices to employees. A damaged, lost or stolen laptop can mean an unexpected replacement or repair bill, as well as lost productivity while an employee is without the equipment they need to work. For businesses managing a larger fleet, even relatively minor incidents can become a significant operational and financial burden. The right policy can help businesses manage these risks and keep employees working when something goes wrong. In this blog, we’ll look at what business laptop insurance typically covers, what to consider when choosing a policy, and how much cover your business may need.
Accidental damage cover
Accidental damage is one of the most frequently used types of cover for company IT devices. Something as simple as a coffee spill or cracked screen can result in repair costs that exceed half the value of the laptop. Protecting devices against these everyday accidents is one of the most valuable types of cover businesses can have and should consider when choosing an insurance policy.
Theft cover
Theft cover is particularly important for employees who regularly travel with company devices, as laptops and phones are more exposed to loss or theft outside the workplace.
However, it is important to understand exactly what your policy considers “theft”. Insurers will often distinguish between genuine theft and negligence. For example, a device left unattended in a public place, such as a phone left on a café table, may not be covered.
When comparing policies, businesses should check the circumstances in which theft is covered, including whether devices are protected when left in cars, taken abroad or lost while travelling. It is also worth noting that theft cover for mobile phones typically costs more than equivalent cover for laptops. Understanding these conditions upfront can help avoid unexpected exclusions when making a claim.
Do I also need loss cover?
If a business already has accidental damage and theft cover in place, loss cover may not always justify the additional premium. A premium is the amount a business pays an insurance company (monthly, quarterly or yearly) to keep their coverage active.
Insurers typically view loss as a higher fraud risk, which can make this type of cover more expensive. For businesses looking to control costs, loss cover may therefore be one area worth reviewing.
A note on excess
The excess is the pre-agreed amount of money a business pays towards the total cost of an insurance claim before the insurer covers the remaining amount. A lower excess usually means a higher premium, but a lower contribution when making a claim. A higher excess typically results in cheaper premiums, but requires the business to pay more towards the cost of a claim.
The key is to find the right balance: the excess should be proportionate to the value of the device, rather than simply accepting the default amount set by the policy.
The claiming process matters more than the price
Cheap insurance can often come with a complex and time-consuming claims process, creating unnecessary friction.
When selecting a provider, businesses should look for:
A successful claims ratio of above 95%
A claims process that is simple and transparent
Clear timelines for resolving claims, rather than simply processing them
A low premium can quickly lose its value if the business ends up spending hours chasing claims or dealing with unnecessary delays. The cheapest policy isn’t always the one that costs businesses the least in the long run.
AppleCare vs. Business insurance
Buying insurance directly from a device manufacturer can work well for individual professionals, but it quickly becomes more complex as a business grows.
Once a business reaches around 30 employees using a mix of devices, managing separate policies for each brand can become costly and difficult, with different terms, claims processes and coverage for MacBooks, Windows laptops and other devices.
At that point, a single business policy covering the entire device fleet is often a simpler and more cost-effective approach.
Repair lead time and loan devices
Two weeks without a laptop while it is being repaired can mean two weeks of lost productivity for a single employee. Repair turnaround times are therefore an important consideration when choosing insurance.
Before selecting a policy, businesses should always check:
The provider’s committed repair turnaround time
Whether a loan device will be provided while repairs take place
These details can make the difference between a straightforward claim and a significant disruption to the business.
Ooodles Insurance
As a one-stop shop with tailored, FCA-approved insurance packages, we help businesses ensure no employee is left without a working device for more than 24 hours, without the red tape of dealing with third-party insurers.
Whether devices were sourced through the Ooodles shop or are part of an existing fleet managed through our dashboard, Ooodles insurance protects business devices against accidental damage, theft and loss, helping keep the workforce running without interruption.
Our business insurance includes:
✓ Accidental damage protection
✓ Theft and loss coverage
✓ Fast replacement service
✓ 24/7 claims support
✓ No excess fees on claims
FAQ
Is it worth insuring company laptops? Yes, especially as your business scales. A single accidental damage repair can cost hundreds of pounds, and the lost productivity while employees wait for repairs or replacements usually costs more than the cover itself.
What's the difference between theft and loss cover? Theft cover applies when a device is stolen and typically requires proof (like a police report). Loss cover applies when a device simply goes missing with no clear theft event. Insurers price cover for loss higher due to fraud risk, and it's often skippable if theft and damage cover are already in place.
Should I use AppleCare or business insurance for company devices? AppleCare works well for individuals or very small teams. Once your company has a mixed device fleet (typically Mac and Windows machines together), a single business insurance policy is usually simpler to manage and more cost-effective than multiple single-brand plans.
What should I look for in a laptop insurance claims process? A claim success ratio above 95%, clear and simple claim steps, a committed repair turnaround time, and confirmation of whether a loan device is provided during repairs.
