Commercial property insurance protects your business against equipment and machinery being damaged by fire, flood and other external risks. But, it doesn’t cover risks such as mechanical failure, breakdown, wiring problems or short circuits.
Such breakdowns can bring your business to a grinding halt as you deal with both the cost and time spent repairing or replacing. Equipment breakdown insurance intends to cover the repair and replacement costs, and you’ll often have the option to pay an additional premium to protect against loss of business during the downtime.
An equipment breakdown insurance policy can cover all sorts of equipment used in your business–such as elevators or heating–rather than just the machinery your business uses while manufacturing. Policies usually cover computer equipment, but will only pay out for physical hardware damage rather than software failure or malware.
Think equipment breakdown insurance is right for your business? We can help you find a policy that works best.