Most businesses depend on their equipment to work correctly, all the time. Regardless of your size or sector; the chances are, your business operations would slow down or come to a sudden halt if some of your essential equipment was to breakdown.
If a dentist loses the ability to use their x-ray equipment, or a garage loses access to a working ramp, or even something as straightforward as the computers stop working in an office; an equipment breakdown can cause severe delays to a company’s ability to serve their customers, which can, in turn, have financial ramifications too.
Buying business equipment breakdown insurance can eliminate some of these risks by covering the repair costs for your equipment and helping with the reimbursement of any connected loss of income.
Almost every business has the potential to be affected by a breakdown of their essential equipment. With most companies depending on having instant access to technology, regardless of whether it is a single PC, an entire network of computers, the company server, or any other piece of equipment, you need to know that your customers, you productivity, and your business income will not be severely impacted should a breakdown occur.
The list of companies who can benefit from buying business equipment breakdown insurance is endless, but here are some of the most popular sectors who buy this type of coverage for their equipment.
There is a range of disruptions that are typically covered under a commercial equipment breakdown policy. Here are some of the most common:
Almost all insurance companies that sell equipment breakdown coverage will have slight variations in the equipment and events they will cover. However, you can usually always expect your equipment breakdown coverage to provide financial protection for a machine that fails due to a power failure, a power surge, operator error, burned out motors, and more.
Equipment breakdown coverage will typically provide coverage for the following issues and costs:
When you lease equipment for your business, you should already have coverage from the supplier for any breakdowns. However, even if this is the case, you should still buy equipment breakdown insurance.
Consider what would happen if it took your service provider two days to visit you, and when they did, they found that a particular part was needed, but it was out of stock for 3 weeks. The total amount of time your equipment will be out of action could easily spiral, and if there are delays, there could be even more of an impact on your business.
If you are losing income in the process, your service provider will not usually provide you with any reimbursement for these costs. When you buy business equipment breakdown coverage, you get so much more than just getting your equipment back in working order again, as you also get the lost income replacement coverage too.
If you want a quote for business equipment breakdown coverage, you will need to make sure you buy enough coverage for your equipment and any collateral damage the failure of that equipment may cause as well. If you would like assistance in working out how much equipment insurance coverage you need to buy for your business, talk with an expert commercial insurance agent today.
They will be able to give you the benefit of their experience, answer any questions you may have, and provide you with an accurate cost of buying equipment breakdown coverage for your company.