Equipment Breakdown Insurance
On Point.
Equipment Breakdown Insurance protects the equipment your business depends on from sudden and accidental, physical damage to the equipment that requires its repair or replacement.
Equipment Breakdown Insurance
The Blindspot
Consider the impact on your business of equipment failure, your operations are immediately affected. Many business owners think their property policy provides equipment breakdown insurance, but that is not correct. Equipment failure may interrupt your work or in the case of extensive loss, shut your business down.
Equipment Breakdown Insurance
The Solution
Equipment breakdown insurance can help protect your business. When equipment breaks down, this coverage, also known as boiler and machinery coverage, steps in to cover the repair or replacement of equipment in the following categories:
- Electrical
- Mechanical
- Boiler and pressure vessels
- Air conditioning and refrigeration
- Computer and communications
Your equipment is undoubtedly expensive, and would take a great deal to replace if you had to. Since electrical equipment often represents at least 15% of your building’s value, failures in this equipment can quickly add up.
Discuss with your Excalibur commercial insurance expert if you have any concerns or questions about the coverage being offered. We can help tailor a Crime Insurance & Employee Dishonesty Coverage policy for your business’ needs.
Equipment Breakdown Insurance provides protection to:
- Air conditioning and refrigeration
- Electrical equipment
- Computers and telecommunications
- Business equipment
- Production machinery
- Computer-controlled machines
- Security systems
- Retail “point of-sale” systems
- Ventilation systems
- Generators
- Elevators and escalators
- Boilers
- Hot water heaters
- Motors and pumps
- Engines
It’s important to know that the protection offered extends to business interruption, spoilage, property damage and impact of the breakdown, not exclusively the damage or repair itself. The wealth and success of your business is worth protecting.
Frequently Asked Equipment Breakdown Insurance Questions
Your business offers unique services and as such your tools and coverage needs can vary. These frequently asked questions might help you understand more about Equipment Breakdown Insurance. When we advise business owners on breakdown insurance, we consider the specific industries in which they operate and the items that can malfunction. A few examples of business sectors impacted by equipment failure include:
- Restaurants
- Medical Practices
- Automotive Repair
- Manufacturers
- Farms / Agricultural
Excalibur Insurance can help you secure Equipment Breakdown Insurance solutions to best meet your needs. Schedule a consultation with us today.
Even if you already have a warranty policy for your equipment – which you likely do on many pieces of equipment and machinery – there are special situations that will not be covered. Some warranties come with equipment without needing special purchase, so read those carefully. They also generally do not cover operator error, so if an employee damaged your equipment unintentionally it would not be covered. Even if you have warranty, it is important to still have Equipment Breakdown to cover the gaps!
Our tools and our equipment are critical to the work that we do. Expecting us to work without them is like expecting them to work without us! Discuss with an insurance broker today to talk about Equipment Breakdown Insurance and how it can help you and your business’ peace of mind.
