Here’s why equipment breakdown insurance is essential for your business.
As a contractor, your ability to complete your work relies heavily on the functionality of your equipment. For instance, imagine what would happen if a key piece of equipment were to malfunction right before work on a major project was scheduled to start. Not only would your work be delayed until you could get your equipment repaired or replaced but you might also have to cut into your company’s profits to do so. Want to avoid this grim reality? Then it’s time to secure equipment breakdown coverage. Here are some of the reasons why equipment breakdown insurance is essential for your business.
1) Your commercial property insurance doesn’t cover as much as you might think.
While some business owners might assume that their company’s equipment is covered under their commercial property insurance, this isn’t always the case. Your commercial property insurance will offer coverage if your company’s equipment is damaged by a fire, break-in, extreme weather event, or so on. However, this policy will not provide coverage for the damages caused by electrical arcing, mechanical breakdown, explosion of boiler and pressure valves, and other internal issues with your equipment.
2) Equipment breakdown insurance will fill this coverage gap.
The only way to secure insurance to address the coverage gap left by your commercial property insurance is with an equipment breakdown policy. This type of insurance offers coverage for sudden and accidental damages or breakdown of your equipment that requires immediate repairs or replacement. Equipment breakdown insurance will provide coverage for equipment in all of the following categories:
- air conditioning and refrigeration
- boiler and pressure vessel
- computer and communications
- green (renewable) energy
- production systems
By securing the right equipment breakdown coverage for your company, you can make sure that your damaged equipment is repaired or replaced without affecting your business’s timelines or bottom line.
These are the major reasons why equipment breakdown insurance is essential for your business. Ready to secure the right coverages to meet all your company’s needs? Then don’t hesitate to contact us at Artisan Insurance Solutions. We are ready to get you the coverage that you need today.