Any business that relies on common or specialized forms of equipment understands that you can’t work successfully without it and equipment insurance is necessary to remain profitable and successful. Consider whether or not your business could afford to replace stolen, or damaged equipment. Without insurance, even something simple like a power surge, employee error, or water damage from a broken pipe could quickly become detrimental to your business.
Equipment insurance covers you when equipment breaks down. The insurance can cover the cost to repair or replace the equipment, as well as other costs involved in getting your business operational again. Your computers and electronics, for instance, are considered equipment and can be covered in the same policy.
To protect your business more, you may also consider Loss of Income Insurance. Loss of business income should be part of a proper policy in case loss occurs due to equipment failure. Insurance can cover the cost to replace spoiled stock or raw material that was ruined by an equipment malfunction. Equipment insurance or business interruption insurance can cover the loss of income due to something as indirect as a website going down for an extended period if you depend on the site for customer orders.
Contact a Lions & Coventry Insurance Services agent today to learn more about equipment insurance. We can show you how to keep your business running in the event of an equipment failure.