Your business cannot survive without an array of equipment and machines that make your work easier. However, most business owners worry about what they will do if those devices break down, require expensive repairs, or must be replaced.
Instead of throwing money at the problem, you can insure a wide range of devices, tools, and machines with equipment breakdown coverage—you must do more than simply planning for zero breakdowns this year. Take steps now to save yourself money in the future because premiums are always cheaper than payouts.
1. Equipment Isn’t Covered Under Other Insurance Policies
Remember, the equipment you use every day is likely not covered under other insurance policies. This is an erroneous assumption that can get businesses into trouble. For example, you’ve paid quite a lot of money for commercial property insurance that safeguards the physical properties you own or occupy. Because your tools and equipment are housed there, it’s easy to assume that they are covered.
They might not be.
Even if your tools and equipment are covered, you can use equipment breakdown insurance to carefully calculate how much insurance is needed, assign values to each item, and protect your investment.
2. Insurance Protection for Rented Equipment
When you rent equipment that you cannot afford to purchase (or that does not require such a massive investment,) you need insurance that will cover those rented items. Yes, the rental company might offer you coverage, but those policies are often overpriced and don’t address your needs.
Your equipment breakdown insurance can be designed to cover rental equipment—especially equipment that you rent on a relatively frequent basis.
3. Equipment Breakdown Insurance Covers Electronics
Your business likely relies on an army of electronics to operate every day. From computers and mobile phones to printers, network servers, and much more, you need equipment breakdown insurance that will protect all these investments, helping you keep them running for many years. Without this type of coverage, you might spend far too much money replacing items that could have been saved or qualified for reimbursement.
At the same time, your business is hampered or shut down while awaiting expensive replacements.
4. Insurance for Appliance Breakdowns
Appliance breakdowns can be devastating for your business, considering how often they might be used. Restaurants and caterers rely heavily on appliances to serve customers, but any business that uses refrigerators, freezers, microwave ovens, etc. should carry equipment breakdown insurance that can cover these appliances.
5. Repair or Replacement After Equipment Breakdowns
Builders’ risk insurance is an important part of any large job. You have tools, materials, and supplies at the worksite that could be damaged, lost, stolen, or destroyed at any time prior to installation. A builders’ risk policy protects these items and offers you the opportunity to assess their value and insure everything for appropriately so that you can afford replacements when filing a claim.
6. Insurance Specific to Your Work
Remember, you’re purchasing equipment breakdown insurance so that you can repair or replace items that have broken down. Work with our team to learn how carriers determine whether to repair or replace these items, the documentation you should carry for each device, and how you can help expedite the claims process.
We advocate on your behalf so that you have the best claims experience, leveraging our industry expertise to help you achieve optimal results.
Contact Caparo Insurance for Assistance With Equipment Breakdown Insurance
Contact Caparo Insurance when you need help with equipment breakdown coverage for your business, facility, or employees. Our team is happy to cover everything you own or use, offering a range of protections that most other policies cannot provide. By employing our many specialty carriers and unique industry relationships, we save our clients money and provide quality support.