Much like your employees, your business equipment is essential to keeping your business operational. If there is an interruption, how will you produce the product that keeps the wheels of your business moving?
At any moment, a natural disaster or breakdown could damage your machinery. This could leave your business disabled. Can you afford a business interruption? Most businesses can't survive prolonged business interruptions. Your best option to protect your business from such misfortunes is business breakdown insurance.
What Is Business Breakdown Insurance?
Business breakdown insurance works much like your commercial auto insurance. When you have a problem with your machinery, your insurance will likely help you make the repairs. That way, your business can continue operations.
Unfortunately, many businesses don't see the need for business breakdown insurance. However, this type of business insurance can save your business in a pinch.
What’s Covered by Business Breakdown Insurance?
The coverage you get by purchasing business breakdown insurance is essential. This coverage ensures your business doesn’t lose money due to interruptions. The following are some ways business breakdown insurance might help you protect your business:
1. It helps you cover machine repairs.
2. The coverage helps you replace inoperable machines.
3. It can pay you the revenue you lost while your equipment didn’t work.
4. It replaces lost inventory.
With the right business breakdown insurance, you can get coverage that protects your business. Many businesses don’t have the assets to recover from massive mechanical or electrical failures. No business can afford to be without business insurance.
Does Your Property Insurance Cover Your Equipment?
Many business owners believe their commercial property insurance will help them pay for damaged equipment. Unfortunately, this false assumption can threaten business continuity. Commercial property insurance usually covers your business facilities, not your equipment.
Even equipment warranties can fail at providing you the coverage you need when you need it. Warranties usually expire after certain periods of time. Business breakdown insurance can cover your equipment year after year.
We can recommend a policy that will give you the coverage you need to continue operations. We will make sure that we understand your needs.
If you don’t have equipment insurance, we are here to help. Give us a call today to schedule an appointment so that we can assess your needs.