Here’s why you should consider getting equipment breakdown coverage for your business.
While most business owners know that they need coverages such as workers compensation insurance and general liability insurance, there are other specialty coverages that your business might need as well. For instance, if your business relies on the use of specialty equipment, you should consider investing in equipment breakdown coverage. Here’s what you need to know about this type of insurance.
Why You Need It
While you might think that you are covered under your commercial property insurance, property insurance only covers damages and losses that result from things like vandalism and theft. If your equipment is damaged by other issues, such as electrical arcing, mechanical breakdown, explosion of boilers, etc., you will have to cover these issues on your own.
What Does Equipment Breakdown Insurance Cover?
The best way to protect against damages or broken equipment is by investing in equipment breakdown insurance. This type of insurance covers sudden and accidental damage to equipment that requires repairs or replacement. This type of policy applies to the following categories of equipment:
- Electrical
- Air Conditioning
- Refrigeration
- Boiler and Pressure Vessel
- Computer and Communications
- Mechanical
- Renewable and Alternative Energy
- Production Systems
Why It’s Worth It
While equipment breakdown insurance is not a mandated coverage, this insurance is incredibly important for protecting your business. Imagine that a key piece of equipment suddenly breaks down. If you could not afford to immediately repair or replace this equipment, your business operations would come to a screeching halt, causing you to miss deadlines, strain customer relations, and lose revenue. When you consider the negative impact that equipment breakdown would have on your business, you can recognize why this coverage is worth investing in.
Here’s why you should seriously consider investing in equipment breakdown coverage for your business. Interested in getting your business the commercial coverage that it needs? Then contact the experts at VGW Walker Insurance in Texas. Our dedicated team is ready to get you covered today.
