Why do you need equipment breakdown insurance? Most commercial property policies cover your mechanical and electrical equipment against risks like fire and theft.
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What they don’t typically cover, however, is the sudden and accidental breakdown of equipment. If expensive computers or telephone systems crash, valuable data can be permanently lost and business operations stalled.
Equipment breakdown insurance will save you from being hit with the full cost of repairs, replacement and lost income. The benefits of equipment breakdown insurance can only be seen after major accidents happen, but it can only be purchased ahead of time!
Equipment breakdown coverage typically extends to the following categories.
Let’s say an office air conditioning system is damaged after a part breaks. Repairs and a mobile chilling device to keep your employees cool during the work stage are estimated at $55,000. Luckily the owner’s equipment breakdown coverage pays for repairs and also gives $30,000 to compensate for the income the owner lost during the breakdown.
Or how about an auto repair shop where a short circuit causes a total loss of power and they have six cars that need to be out the door by tomorrow morning? In this case, the owner’s equipment breakdown coverage would pay for the rental of a generator, as well as $5,000 in cash for having to reimburse certain customers.
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