Owning and running a business is multi-faceted, but protection for your business is essential if you want to stay in business. Having the right business insurance protection is vital because accidents and situations happen all too frequently, and you need to be prepared. Imagine running a restaurant when the motor of your refrigeration unit burns out. Now you are faced with the costs to repair or replace this refrigeration unit, loss of business income, and the costs to repair the food spoilage, amongst other expenses. Without equipment breakdown coverage, you could be faced with financial ruin. Find out what equipment breakdown coverage is for your business and determine how it can benefit you today.
Is Your Commercial Property Insurance Enough?
Many business owners may think their business property insurance is ample coverage, even for situations cited above, only to find out that it’s not covered. Yes, your commercial insurance will provide coverage for losses caused by fire or lightning, but what about when your equipment fails? Bottom line if you have equipment breakdown, productivity for your business is affected and you need to have the right protection in place for when it does.
What is Equipment and Breakdown Coverage?
This type of coverage (also referred to as Boiler and Machinery) is an additional coverage that can be purchased along with property insurance or may be included in a business income policy or business interruption insurance. It is designed to provide coverage for losses such as mechanical breakdown, explosion of steam boilers/pipes, or electrical surges that create an interruption of your business operations, that are excluded from most commercial property policies.
Imagine experiencing a power surge within your business that creates a breakdown of your computers and phone systems. Because most business operations rely heavily on computers and phones, it would negatively impact your day-to-day business operations. Without this type of coverage, you could be faced with significant financial challenges.
Covered Equipment includes the Following, Subject to the Coverage Form Terms:
- Telephone Systems
- Boilers and Furnaces
- Refrigeration
- Heating/Cooling Systems
- Electronics
- Electrical/Mechanical Systems
- Home Security Systems
This insurance typically covers the cost to repair/replace the above items, including time and labor accompanying. If there was food spoilage, that would be covered too. *Lost income is also covered under these policies.
While certain types of businesses are more prone to equipment breakdown losses, almost all business operations have some exposure and can benefit from this coverage. It is recommended you contact your local N.Y. independent insurance agent with any questions or concerns on how this type of coverage can benefit your business.
Call Us Today About Equipment Breakdown Coverage!
We, at Cameron Insurance Group, can help you evaluate your exposure and assist you with Equipment and Breakdown Coverage so you will be prepared for those losses you never thought would happen. We can assist with determining the amount of coverage you need at a price you can afford. Safeguarding the future of your company is our priority. Call us TODAY!
