Equipment Breakdown Insurance
What is Equipment Breakdown Insurance?
Also known as Boiler and Machinery Insurance, Equipment Breakdown Insurance is coverage for losses triggered by sudden and accidental mechanical or electrical breakdown. Under these policies, the following are covered:
Boilers and Furnaces
Computer and Communication Systems
Phone and Communications Systems
Heating and Air Conditioning Units
Refrigeration Systems
Electrical Systems including transformers, electrical panels, and cables
If your business relies on properly functioning equipment owned and operated by a supplier, such as a local power company, then Equipment Breakdown Insurance is a good idea to help cover the financial burden if something were to unexpectedly occur.
How does Equipment Breakdown Coverage Protect Your Business?
Equipment Breakdown Insurance kicks in when an “accident” occurs and covers the cost to repair the item and sometimes covers the cost to replace perished goods, loss of unexpected business income, cost of data restoration, or cost of temporary or permanent repairs.
If you’re asking, “Doesn’t my commercial property insurance policy cover my equipment?”, the answer would be sometimes. Your commercial property insurance covers any damages caused by perils, like a fire or water damage, but excludes others like an electrical arc/short, artificial power surge, or sudden mechanical failure.
We are your Trusted Advisors who know the ins and outs of equipment breakdown coverage. Speak with us today and let us help your business determine if Equipment Breakdown insurance is a good idea for you.