It’s hard to overstate the damage an equipment breakdown can do to your business operations and profitability. From the small computer chips to the largest pieces of machinery and equipment, a failure can impact revenue and client goodwill.
Dependence on machines
Machines are so ingrained in our day-to-day lives that we often take them for granted and it’s easy to forget how dependent your business is on them. However, when there’s a key equipment breakdown, it can cease operations, leaving your business financially vulnerable on a number of levels and risk your reputation and relationship with your clients.
Unfortunately, your commercial property policy may not cover you for another problem: the sudden, accidental breakdown of your company’s vital equipment.
Equipment Breakdown Expenses
Equipment breakdown expenses can mount quickly
Our risk management team develop appropriate coverage plans for our clients to address equipment breakdown risk. This coverage can respond to lost income stemming from interrupted business operations, high repair bills, product losses, and other expenses.
What’s covered?
Equipment breakdown insurance can cover equipment losses due to:
- Power surges
- Short circuits
- Electric arcing
- Loss of lubrication
- Mechanical stress
- And other causes of loss
Equipment Breakdown coverage
Equipment breakdown insurance can cover many types of equipment, including:
- Computers and phones
- Printers, scanners, and photocopiers
- Cash registers and inventory control
- Electrical systems and wiring
- Air conditioning and ventilation systems
- Dryers, clippers, fans, motors, and pumps
- Tractors, plows, irrigation systems and other agricultural equipment
- Boilers
There are proven ways to successfully mitigate and insure the risk of breakdown. Call Reliance for your complimentary risk and insurance strategy assessment.
You may need:
Business Interruption Insurance
Prevent loss of income if your premises are damaged.
Media Crisis Training
Be prepared for the potential media attention in a business crisis.
Product Recall & Contamination
Contamination coverage that protects your company throughout the entire food commerce chain.
Product Liability
Protect against liability for bodily injury or property damage claims arising out of your products.
Sun Rich has been a Reliance client for over a decade. The team surpassed all expectations by being proactive, supportive and creatively thoughtful in addressing risks. During those unfortunate times where we experienced a loss, they were steadfast in guiding us to successful conclusions and provided us with appropriate resources.
— Vice President, Finance, Sun Rich Fresh Foods Inc.
Cyber security experts comment on worldwide ransomware attack
On September 23, 2019, the United Nations and twenty-seven countries have signed a joint agreement on what constitutes fair and foul play in cyberspace. But the […]
The Hockey Shop: A $1 million insurance payment six days after a fire rocks the industry
September 23, 2017 was a devastating day for the owners of The Hockey Shop after a fire caused by arson destroyed the building and inventory […]
Manufacturers Insurance in Canada
Manufacturers Insurance in Canada If your livelihood depends on manufacturing something – no matter how simple or complex, large or small – you will need […]
© Copyright 2023 Reliance Insurance Agencies Ltd. All Rights Reserved.