Equipment Breakdown Insurance Can Cover:
Electrical Systems
Air conditioning and refrigeration
Mechanical Equipment
Modern Office equipment like Photocopiers and Computers
To More Advanced Mechanical Equipment Caused By Sudden And Accidental Breakdown Like:
In addition to direct damage exposures, equipment failures can result in substantial business interruption, extra expense or spoilage losses. Coverage for such losses can be added to a policy.
Warranties and service contracts are important but they don’t cover many of the common causes of equipment breakdowns. Maintenance contracts cover routine service such as cleaning or adjustment. But they don’t pay for damage due to operator error, the cause of over 35% of equipment breakdowns. Equipment breakdown insurance does. Warranties and maintenance contracts also don’t pay for business interruption or income loss resulting from breakdown. Nor do they pay for spoilage, damage to surrounding property or extra expenses to restore operations. Equipment breakdown insurance can cover all these risks.
Property insurance covers many standard perils, such as fire. But even “all risk” property coverage wasn’t designed to pay for equipment accidents from the unique causes of equipment failure such as short circuits, centrifugal force or mechanical breakdown. Equipment breakdown coverage is specially designed to pay for damage caused by these risks. Because standard property policies don’t cover equipment breakdown you need to ask to make sure it is included.
If your business owns, operates or depends upon some type of equipment to generate revenue, Equipment Breakdown Insurance is something you should strongly consider.
Still have questions about Equipment Breakdown Insurance? Talk to a Builders’ Choice agent today!
