As a business owner you work hard to ensure the success of your business, it makes sense to prepare for the unexpected. Selecting an equipment breakdown coverage option with your business property insurance policy protects you against financial loss from the sudden and accidental breakdown of machinery and equipment.
You can include coverage for office equipment, heating and air conditioning systems, motors and electrical panels. By adding coverage to your property policy, you eliminate the need for a separate policy to protect against these exposures.
Available With Your Property Insurance
Daigle & Travers Insurance can assist you in selecting the appropriate equipment breakdown coverage for your property policy.
Your policy endorsement could either include or exclude production machinery. The endorsement you select will provide broad, comprehensive coverage protecting your business from a wide range of scenarios.
Equipment breakdown coverage adds mechanical breakdown as a covered cause of loss. This will protect your company from business-interruption losses as well as direct damage losses caused by an accidental failure to a vital piece of equipment.
Could this happen to you?
Consider these examples:
As a building tenant, you suffer a covered loss to your compressor used for pneumatic air supply. Equipment breakdown coverage pays – up to the limits specified in your policy – the necessary extra expense incurred to expedite the repair of the compressor in addition to paying for the repair itself.
A large air-conditioning short circuits because of an electrical power surge. You have to shut down your medical practice and cancel appointments until repairs are completed. In addition to paying the cost to repair the damaged motor, coverage will include loss of income on appointments that couldn’t be rescheduled.
A high-pressure steam boiler explodes, causing extensive damage to your manufacturing line and building. Equipment breakdown coverage covers the damage to your equipment and your building.
A gear in a production machine suddenly breaks, shutting down your production line. If you’ve purchased coverage for your production equipment, your policy pays up to the policy limit for your cost to repair or replace the damaged gear. Additionally it will help cover your lost income or extra expense caused by the accident.
Is your business protected?
By insuring your equipment against failure or breakdown, you can greatly reduce the worry such failures cause when they occur. Contact your Daigle & Travers Insurance agent to add this coverage to your property policy.