Equipment breakdowns can be expensive. Repair or replacement costs can be high, and these interruptions can affect business. Having adequate equipment breakdown insurance can provide coverage for these events.
The knowledgeable team at Sebrite Agency Inc. can help you secure the insurance you need. Contact us today for more information.
What Does Equipment Breakdown Insurance Cover?
Equipment breakdown insurance may help pay for repair or replacement costs if your business’s equipment stops functioning due to an event covered by your policy. These perils are typically unpredictable and may include events such as the following:
· Motor burnouts
· Power surges
· Short circuits
· Loss of air pressure
· Other mechanical breakdowns
Policies may provide coverage for a wide range of equipment, such as:
· Electrical equipment (e.g., cables, transformers).
· Air conditioning, refrigeration, and heating systems.
· Boilers and high-pressure equipment.
· Computers, copiers and communication equipment (e.g., phones and alarm systems).
· Mechanical equipment (e.g., water pumps, ventilation fans, generators and other manufacturing equipment).
Equipment breakdown insurance may supplement your commercial property insurance, which usually limits coverage to external forces (e.g., fire or severe weather). Additionally, equipment breakdown coverage may provide payments for lost business income that resulted from your equipment being inoperative. It may also cover the loss of perishable inventory and other property damage after a covered event.
The above examples are not all-inclusive and additional coverages may be available. Consult with a professional at Sebrite Agency to discuss options, limits and exclusions.
Why Should I Consider Equipment Breakdown Insurance?
The cannabis industry faces many unique risks. It is a highly regulated industry that has numerous exposures. Like other businesses, equipment breakdowns could present financial hardships to your operations. Having equipment breakdown insurance may provide essential coverages and reduce your out-of-pocket costs.
What Does Equipment Breakdown Insurance Cost?
The cost of equipment breakdown insurance depends on various factors. Variables, including the value and age of the insured equipment and your selected coverages, may impact premiums. Equipment breakdown insurance may also be available as an endorsement to your existing business insurance or as a standalone policy.
The experienced professionals at Sebrite Agency are committed to providing quality insurance products. We are committed to helping you find the coverage you need at the best value. Reach out to us today for more information on equipment breakdown insurance or for a quote.