Keeping Up When Equipment Breaks Down
Why is it that breakdowns always seem to occur at the most inopportune times... when a big order is due, or when you're in a rush to finish a project? That said, even a normal or typical equipment breakdown on a "light" work day could be a very costly event, and can cause significant hardship for business owners and for their employees.
The good news is that there is such a thing called "Equipment Breakdown Coverage" and it is available from your independent insurance agentcy such as The O'Neill Group in Wadsworth, Ohio.
Equipment Breakdown Coverage (sometimes also referred to as "machinery insurance") covers the costly damages that can result from an equipment breakdown, malfunction, or shut-off.
This coverage can help you through a tough mechanical or electrical failure and ensure that your business will remain on its feet while the system is being repaired or replaced. The equipment breakdown endorsement adds coverage for mechanical, electrical and pressure equipment breakdown which may otherwise be excluded from coverage in the standard commercial policy. I have even seen the coverage pay for an indirect loss such as lost business income while the machinery was being repaired!
If you believe your business could benefit from an equipment breakdown endorsement, or would like to find out more on how this endorsement could benefit your business, please feel free to contact me or one of the other Protection Specialists at The O'Neill Group for an analysis of your needs.
