Equipment Breakdown Insurance for Your Business
Here’s why you should consider getting equipment breakdown coverage for your business.
While you might already have the standard insurance coverages for your business, there are other specialty insurance policies that you might consider. For instance, if your business relies on the use of specialty equipment, you may want to consider investing in equipment breakdown coverage. Here’s what this type of policy can do for your business.
Your Commercial Property Insurance Doesn’t Provide Adequate Coverage
While you might think that your business’s equipment is covered under your commercial property policy, it’s important to understand that commercial property only covers equipment under certain conditions. For instance, commercial property only covers your equipment against losses or damages resulting from issues such as vandalism or theft. If your equipment sustains damage from other issues, such as mechanical breakdown, then your commercial property coverage won’t do anything to help.
What Does Equipment Breakdown Insurance Cover?
The best way to protect your equipment from mechanical breakdown, electrical arcing, explosion of boilers, and so on is with equipment breakdown coverage. This type of insurance provides coverage for equipment that requires immediate repair or replacement. This type of policy applies to the following categories of equipment:
- Air Conditioning
- Boiler and Pressure Vessel
- Computer and Communications
- Renewable and Alternative Energy
- Production Systems
Why It’s Worth It
While equipment breakdown coverage is not a mandatory type of coverage, this insurance is the best way to safeguard your business against the potentially catastrophic effects of equipment breakdown. Stop and think about that would happen if a key piece of equipment needed repairs that you could not afford. You would likely miss deadlines, strain relations with your clients, and lose revenue. When you recognize everything that’s at stake, you can see why equipment breakdown insurance is a smart investment for your business.
This is what you need to know about equipment breakdown insurance for your business. Do you need help getting your business the commercial coverages that it needs? Don’t hesitate to contact us at Club Agency Insurance Brokerage in Garden City, New York. Our dedicated team is ready to assist you with all your coverage needs.