Equipment Breakdown Insurance

Tri-State Insurance Agency: Equipment Breakdown Insurance

In addition to properly protecting your property and assets, be sure you have the coverage you need in the event of equipment breakdown, which is one of the top causes of business interruption. And, unfortunately, this exposure is often not covered in a standard commercial property insurance policy.

Tri-State Insurance Agency can help you bridge that gap with equipment breakdown coverage, which can be purchased as a standalone policy or included in a Business Owners Policy (BOP) or as part of the Commercial Package Policy (CPP). Equipment breakdown insurance can be crafted to cover repairs and replacement costs, income your business loses as a result of the breakdown, temporary replacement equipment to get your operations back up and running, spoilage of products caused by the breakdown, and other business restoration expenses.

Furthermore, equipment breakdown covers a broad range of equipment, including items that generate electrical power, electrical systems, electronic hardware, production machinery and pressurized mechanisms. It can insure sudden or accidental breakdown of furnaces, compressors, commercial appliances and other equipment essential to your operations.

If your company has a boiler, you must have equipment breakdown insurance in the event of a loss, as property insurance typically excludes damage caused by boiler explosions.

Why buy equipment breakdown coverage?

Just like most companies, your business depends on equipment to operate. In the event a key piece of equipment should fail, you could be faced with substantial costs to repair or replace it and end up losing income while repairs are being made. If its failure causes damage to other machines or your structure, your expenses could escalate out of control. Many policies come with maintenance contracts and inspections that will help you reduce the chances of a failure, but there are many events, such as power surges, short circuits, and operator error that are almost impossible to prevent completely. In these cases, insurance is your back-up protection.

We’ll help you mitigate risk and stem losses.

Tri-State Insurance provides a comprehensive business insurance portfolio for companies throughout Pennsylvania, northern New Jersey and New York. Give our professionals a call toll-free at 888.990.0526, email us or fill out and send the form on this page for a free consultation and quote.