Like most companies, your business is probably dependent on technology. From computers, to business machines, to industrial equipment, many different industries would be at a loss if they were to suffer an electrical arc, or if a piece of equipment vital to their operations were to cease functioning. This can be among your most costly expenses.
In some cases, the problem can hopefully be resolved with little or no work being lost. But for many, whose customers depend on them to deliver on time (for example products for consumers), an equipment failure can cause costly delays, result in loss of revenue, and seriously impact the reputation of those owners. Because so many operations require complex and vital machinery to produce goods, a simple power surge could cause extensive damage to equipment. If this sounds familiar then you need the type of coverage that is available through Get Preferred Insurance.
Equipment breakdown policy
An equipment breakdown insurance policy helps to pay the costs associated with equipment failures related to electrical outages and other common issues. Many owners invest in property/casualty coverage but this will not cover the costs related to equipment going offline. You need a policy that specifically addresses damage caused by internal causes (i.e. mechanical failure or electrical short circuiting) and will aid you in the event that you experience any type of mechanical failure.
Understanding the different types of coverage available
Years ago, most of the larger manufacturers realized the importance of having boiler and machinery insurance (now commonly referred to as equipment breakdown coverage). It has become an increasingly important part of any sound small and mid-sized business insurance package, due in large part to all of the new technology now in place.
Having the right coverage can truly make or break an organization. Vital business information exists over the Internet, which often cannot be accessed during periods of equipment breakdown. It seems logical that with all the ways that a business can be impacted, not protecting against equipment failures seems somewhat shortsighted.
Don’t allow a sudden power outage to bring your production to a grinding halt with no coverage to address this issue. Let Get Preferred Insurance specialists help you to avoid a financial catastrophe. Speak to an agent today and get the facts about the specific business insurance coverage you’ll benefit from the most.