Retailers that ring up customers via point of sale systems
Manufacturing facilities that have robotic machines
Emergency repair fees charged by service providers
Labor costs if employees make repairs
Many businesses have essential equipment that their daily operations are reliant upon. If this equipment malfunctions, the effect on operations and revenue can be devastating (not to mention the potential repair costs). Equipment breakdown coverage helps businesses in Massachusetts prepare for essential equipment malfunctions.
Equipment breakdown coverage is a highly specialized form of commercial insurance. Instead of protecting equipment from physical perils that may cause damage (as many commercial property policies do) or potential liability suits (as various liability policies normally do), equipment breakdown policies normally offer protection for machinery breakdowns. Few other kinds of insurance offer such protection.
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Any business that relies on equipment which is essential to daily operations may be interested in an equipment breakdown policy. The type of equipment can range from basic machines to highly specialized ones. As long as the equipment necessary for vital operations, an equipment breakdown policy might be appropriate.
Some examples of Massachusetts businesses that might benefit from a policy include:
If a business suffers a covered equipment malfunction, an equipment breakdown insurance policy might cover the following costs:
Equipment breakdown insurance policies cover a range of malfunctions, which may include:
(A particular policy’s coverages will be determined by the policy’s paperwork, and all policies can vary in their coverage.)
Equipment breakdown policies are similar to boiler and machinery policies, but there often are differences between the two forms of insurance.
Boiler and machinery policies are so-called because they’ve traditionally insured boilers and machinery. For years, these were the most important (and sometimes only) pieces of equipment that a business had.
In comparison, equipment breakdown policies tend to offer coverage for boilers, machinery and many other types of equipment. Their name reflects their generally broader range of coverages.
As the equipment that businesses are reliant on becomes more varied, equipment policies are slowly replacing many boiler and machinery policies.
Like all insurance policies, equipment breakdown policies’ premiums are based on lots of different factors. Some of the items insurers might consider when setting premiums include:
As a specialized form of insurance, equipment breakdown policies have unique terms, conditions, definitions and exclusions that aren’t found in many other insurance policies. For help finding a policy and understanding all the language that governs its protections, Massachusetts businesses should contact an independent insurance agent who is familiar with equipment breakdown coverage. Such an agent will be able to help with assessing a business’ coverage needs, obtaining quotes for policies and comparing policies’ protections.