Stop for a moment and imagine what would happen if an essential piece of business equipment experienced some kind of breakdown. You would miss deadlines, halt production, and more. It’s easy to see why it is important to be insuring your business’s equipment. This is where equipment breakdown coverage comes in.
What does equipment breakdown insurance cover?
As the name suggests, equipment breakdown insurance offers coverage for the equipment your business utilizes. It offers coverage for events such as mechanical breakdown, electrical arcing, boiler explosion, and so on. Should your equipment experience these types of issues, your policy would offer compensation for repairs or replacement.
Equipment breakdown insurance extends coverage to the following types of equipment:
- Air Conditioning
- Boiler and Pressure Vessel
- Computer and Communications
- Renewable and Alternative Energy
- Production Systems
Do I really need this insurance?
Commercial property insurance offers coverage for equipment that is damaged or lost as a result of vandalism, theft, fire, and so on however it will not extend coverage to equipment damaged due to internal breakdown or malfunction. Only equipment breakdown coverage will ensure that you receive the immediate equipment repairs or replacement that your business needs.
Do you have additional questions regarding your business’s insurance? Please do not hesitate to contact the experts at Contractors Insurance Agency. We are ready to assist you with all your commercial coverage needs today.