If your business manufactures products, you know how important your equipment is. Without it, your company just doesn’t run, which can cost you a fortune. That’s why not a portfolio of insurance for manufacturers is complete without equipment breakdown insurance.
Unfortunately, many business owners believe that their primary property insurance can take care of them if their machines stop working. While that may be true if a flood, fire, or other disaster causes the breakdown, property insurance won’t cover all gear problems.
If the equipment stopped working due to an employee mistake or just wearing down over time, your property insurance may not cover the expenses. However, if you have equipment breakdown insurance, your company can be just fine.
If any computers or software are vital to your company, you may need equipment breakdown coverage too. Not only are these machines fragile and bound to fail, but your property insurance also may not cover hacks and viruses that your devices could fall victim to.
Think about what would happen if any part of your equipment suddenly stopped working. Could you afford to replace it the next day? Would your profits suffer while you scrape up the money?
If the idea of a collapse worries you, it’s time to get equipment breakdown insurance. This coverage is a vital part of insurance for manufacturers.