Business insurance to compensate not working due to the broken laptop

[Goggy]

Hi

I had my business laptop broken and couldn't work for 2 days . The repairs didn't cost much, but I won't be paid by the client the days off work, that is impactful.
What kind of insurance can I buy/use to cover up my business in such cases? E.g if I have xxx daily rate and couldn't work for N days, then would have this compensated.
(There was nothing very urgent so client was ok for me being off, therefore the client won't raise any claims against my business and it's purely my business loss)
What documents would normally be required for a claim? I have a receipt for the laptop repairs would that be enough?

Thank you

[malvolio]

Claim against who, exactly? Repair costs are fair enough but loss of income is a whole other beast: especially when you consider you didn't do any work for the client, so where does the actual loss arise? Especially as both sides seem to have agreed that no work could (or needed to) be done.

IPSE+ membership includes business interruption cover but I think even that would be stretching it - and no use if you're not a member of course!

[Goggy]

IPSE+ membership includes business interruption cover but I think even that would be stretching it - and no use if you're not a member of course!

I'm IPSE+ member and business interruption sounds relevant.
I agree that it would be a stretch as it's not a flood or fire even though the result is the same, e.g business can't function due to the unplanned circumstances.

Thank you!

[northernladuk]

If IPSE covers people's day rates because of broken laptops I'll cancel my membership tomorrow.

[l35kee]

Wouldn't the right answer be to pay for insurance that gives you immediate access to a replacement until yours is fixed? Should be a lot cheaper than 2 x your day rate...

[MrButton]

If IPSE covers people's day rates because of broken laptops I'll cancel my membership tomorrow.

+1

[TheCyclingProgrammer]

I think I have business interruption for this kind of thing with my hiscox policy.

[Snarf]

Wouldn't the right answer be to pay for insurance that gives you immediate access to a replacement until yours is fixed? Should be a lot cheaper than 2 x your day rate...

Or just buy a cheapo laptop as a spare.

[garethevans1986]

Or don't break the laptop in the first place ;-)

[WTFH]

You could take out insurance to cover the repair of a laptop, but your "insurance for loss of income due to something you did" is what we call a war chest.

So, each billable day leave at least 10% of your rate in your company (as well as enough to cover CT, VAT, etc), then on days when you're not working you can just draw on that. Once you've built up a war chest of around about 6 months income, then you can start putting the money into a pension or similar.
That is more cost effective than any insurance policy and it is you taking responsibility, not looking for compensation when you do something.