Some business owners are under the impression that if any damage happens to their equipment that the general property insurance policy covers the loss, however, this might not be the case and the owner would have needed an equipment insurance policy. General property insurance covers damages that occur from “external” sources such as fire, wind and rain, so it may be surprising, if not disappointing when an electrical short causes extensive damage to a particular piece of electronics that is imperative to your business. Equipment insurance covers equipment failure from “internal causes” like mechanical failure, electricity outages, arcing from faulty wiring. All equipment is subject to these hazards so it is imperative that you speak to a Copeland Insurance Group agent today to ensure that you minimize any risks to equipment breakdown.
Equipment Breakdown Insurance
Equipment Breakdown insurance will cover the costs associated with a particular piece of equipment failure. Due to the importance of your equipment and its role for generating revenue or products into the marketplace, there may be direct revenue loss from this piece of equipment breaking down. The equipment breakdown insurance will cover these losses as well as replacing or repairing your defunct equipment.
Virtually everyone who owns a business should have an equipment insurance policy to cover their essential equipment needs. If you use electricity, hot water, air conditioning, a refrigerator to store food, equipment to sell items, computers to track sales, telecommunications equipment to service your customer base, you need equipment insurance. When your business experiences downtime due to a particular piece of equipment failure, the financial health of your operation could greatly be effected and cause a great strain on your income. Copeland wants to help you select a policy that will protect your future business income and we will help you select a policy that best suits your equipment coverage needs.
If your equipment is leased, Copeland Insurance Group knows that it is vital that your business has the appropriate insurance in place to ensure you are not at risk of being responsible for thousands of dollars to your leasing company.
An equipment breakdown insurance policy can cover the following items:
- The cost or repair to replace damaged or malfunctioning equipment
- Costs that are incurred with the time and labor aspect of repairing or replacing equipment
- Business income losses
- Additional expenses incurred to limit the loss or speed the restoration
- The costs to replace the spoiled stock or materials
Call Copeland Insurance Group today so we can help you evaluate the worst case scenario for you so you are more than adequately covered in an event of equipment breakdown.