Here’s why you should invest in equipment breakdown coverage for your business.
While you probably already have standard insurance coverage for your business, these standard policies might not be offering all the coverage that your business needs. For instance, if your business relies on the use of specialty equipment, you will need specialized coverage options to protect it. This is where equipment breakdown insurance comes into play. Here’s what you need to know about this type of commercial coverage.
You Commercial Property Policy Doesn’t Protect Your Equipment
While you might think that your business’s equipment is completely covered by your commercial property policy, this isn’t entirely true. Commercial property insurance only covers damages and losses that result from issues such as vandalism or theft. If your equipment sustains damages from other issues, such as mechanical breakdown, your commercial property coverage won’t do anything to help.
What Does Equipment Breakdown Insurance Cover?
The best way to protect your business’s 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. Take a moment to think about what might happen if a key piece of equipment needed repairs that you could not afford. You would likely miss deadlines, strain customer relations, and lose revenue. When you realize what’s at stake, you will recognize that equipment breakdown insurance is a worthwhile investment for your business.
Here’s why your business should have equipment breakdown coverage. Looking for the right commercial coverages to meet your business’s needs? Contact the experts at Stromsoe Insurance Agency in Murrieta, California. Our dedicated team is ready to get you the coverage that you need today.