Some business owners are under the assumption that commercial property insurance will cover all property belonging to their business – unfortunately, this isn’t always the case. Commercial property insurance will not cover things like equipment breakdown and that will create a benefits gap as well as a loss of business most companies can’t afford.

How Breakdowns are Different - If your computers, copy machine, or any other daily-use equipment has an accidental breakdown not caused by a catastrophe or fire, your business would be on the hook for these repairs.

Equipment breakdown insurance also comes in handy should the building you own have certain electricity, boiler or air conditioning problems. If these issues aren’t caused by a covered peril you’d be unsuccessful asking to be reimbursed for the repair or replacement cost unless you had equipment breakdown insurance.

Every Business Needs Equipment Breakdown Coverage - Breakdowns happen much more frequently than the perils covered by commercial property insurance making equipment breakdown coverage invaluable to most businesses.  Any business running any kind of equipment from telephones to refrigerators, medical equipment to computers, copy machines to air conditioners needs equipment breakdown coverage. When business owners hear the term, equipment breakdown, they generally think of a factory or large farm; but industrial businesses are not the only ones who can benefit from equipment breakdown insurance.

Equipment breakdown insurance can cover many of the issues created by the ripple effect that follows one machine breaking down. It can replace some lost revenue and reimburse for repairs or lost rent and it may even provide payment for replacement services that must be provided to customers. As with any type of policy, you can structure your equipment breakdown insurance with specific limits and deductibles. You can also restrict coverage to equipment that is integral to the everyday running of your business. To discover the many ways Maryland Business insurance can help your company, give us a call.