Equipment breakdowns aren’t just annoying – they can make a big dent in your profits. That’s why you need equipment breakdown insurance from Burton & Company. Our policies can cover expenses related to these frustrating breakdowns, whether they’re caused by motor burnout, a power surge or operator error.
What Is Equipment Breakdown Insurance?
Equipment breakdown coverage is a type of insurance that can protect the systems that your company uses to function, whether it’s production machinery, computers or other types of systems. It can cover losses such as power surges and short circuits that are typically excluded in commercial property insurance. It will pay for damaged machinery or equipment to be repaired or replaced after suffering from an electrical or mechanical failure.
Here is a look at some of the types of equipment that are typically covered by equipment breakdown insurance.
- Retail point-of-sale devices
- Refrigeration devices
- Heating and ventilation systems
- Computers and telephone equipment
- Manufacturing equipment
- Elevators and escalators
- Security systems
- Mechanical system components
Equipment Breakdown Insurance Coverage
Here’s a look at some of the breakdown-related expenses that our policies can cover:
- The cost of repairing or replacing damaged equipment
- Expenses incurred for time and labor for repairing or replacing damaged equipment
- Expenses incurred to limit loss or facilitate restoration
- Business income losses when a covered breakdown leads to a partial or total business interruption
- The cost of replacing stock or materials that have been spoiled because of a breakdown
Coverage may also provide protection against the extra costs associated with speeding up repairs, keeping the time your business has to shut down due to a breakdown to a minimum.
Who Needs Equipment Breakdown Insurance?
Any business that depends on any type of equipment to operate can benefit from equipment breakdown insurance. Keep in mind that most standard property insurance policies will not cover business equipment in the event of a breakdown. Although some of your newer systems and machinery may have warranties, these are often limited and will not cover any lost business income stemming from a breakdown.
What Isn’t Covered By This Type Of Insurance?
Equipment breakdown insurance does not typically cover ordinary wear and tear. If your equipment stops functioning because it has been poorly maintained or is past its useful lifespan and needs to be replaced, it may not be covered.
Contact Us For Your Equipment Breakdown Insurance Needs
Don’t let sudden damage to your equipment stop your business in its tracks. Reach out to Burton & Company today and our agents will design comprehensive coverage focused on the equipment that keeps things running to protect your business against financial disaster. To get started, give us a call at (888) 652-1325 or request a quote online to speak with one of our Martinsville, VA insurance agents today.