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Because you work hard to ensure the success of your business, it makes sense to prepare for unexpected equipment breakdowns. Selecting an equipment breakdown coverage option with your business property insurance policy protects you against financial loss from the sudden and accidental breakdown of machinery and equipment.
You can include coverage for office equipment, heating, and air conditioning systems, motors and electrical panels. By conveniently adding this coverage to your property policy, you eliminate the need for a separate policy to protect against these exposures.
AVAILABLE WITH YOUR PROPERTY INSURANCE
Your independent agent can assist you in selecting the appropriate equipment breakdown coverage for your property policy.
Your policy endorsement could either include or exclude production machinery. The endorsement you select will provide broad, comprehensive coverage protecting your business from a wide range of equipment failures.
Equipment breakdown coverage adds mechanical breakdown as a covered cause of loss, protecting your business from business-interruption losses as well as direct damage losses caused by an accidental failure to a vital piece of equipment.
COULD THIS HAPPEN TO YOU?
Consider these examples:
As a building tenant, you suffer a covered loss to your compressor used for pneumatic air supply. Equipment breakdown coverage pays – up to the limits specified in your policy – the necessary extra expense incurred to expedite the repair of the compressor in addition to paying for the repair itself.
A large air-conditioning motor short circuits because of an electrical power surge, causing you to shut down your medical practice and cancel appointments until repairs are completed. In addition to paying the cost to repair the damaged motor, equipment breakdown insurance covers loss of business income on appointments that could not be rescheduled.
A high-pressure steam boiler explodes, causing extensive damage to your manufacturing line and building. Equipment breakdown coverage covers the damage to your equipment and your building.
A gear in a production machine suddenly breaks, shutting down your production line. If you’ve purchased equipment breakdown coverage for your production equipment, your policy pays up to the policy limit for your cost to repair or replace the damaged gear and your lost income or extra expense caused by the accident.
IS YOUR BUSINESS PROTECTED?
By insuring your equipment against failure or breakdown, you can greatly reduce the worry such failures cause when they occur. Contact your local, independent agent to add this coverage to your property policy.
These examples are provided for educational purposes only, and are not intended to illustrate the value of any claim or any particular type of claim. Every claim is adjusted according to its own specific set of facts. Coverages described here are in the most general terms and are subject to actual policy conditions and exclusions. For actual coverage wording, conditions and exclusions, refer to the policy or contact your independent agent.
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