In this technological age machine failure could cripple your productivity.
If you are a small business owner, you likely already know that business insurance is the only way to protect your company from unforeseen tragedies. You have a business property protection policy to cover the office space, a business liability to protect your business if ever sued for causing harm to a person and/or damage to property, and if you have employees, a worker’s comp policy to prevent losses due to accidents that happen on the job. These are all great, and you should be able to rest easy at night knowing you have the basics covered.
If your small business revolves around technology, specialized equipment or machinery which enable your team to complete their daily work, you may be surprised to know that most basic business policies will not cover the time lost should such equipment fail.
Would a week without your process control technology destroy your production team? How about a few days without your printing press, or digital printer? Customers will probably not be sympathetic when their deadlines are missed! Unfortunately, these things do happen in business EVERYAY!
If being without that key machine or piece of tech would drastically impact your business, you might be interested in learning more Business Equipment Insurance. That down time while equipment is repaired or replaced, is only part of the problem. You may also have to pay for the servicing, in addition to lost revenue as your business grinds to a halt. Business equipment insurance eliminates that risk by covering your equipment repair costs and reimbursing you for lost income.
Think your small business is safe from this type of loss because you invested in high-end equipment, or you employ expert operators? According to Trusted Choice, the Top 10 Reasons for Business Interruptions are not even related to faulty equipment at all. Instead, they are more likely a result of:
- Weather related events
- Broken water pipes
- Network loss due to severed fiber or communication lines
- Intermittent or total power failure
- Human error
- Intentional security breach caused by hacking or computer virus
- Lost or corrupted data caused by damage to physical devices, network failure or user error
- System failure that triggers failures in other parts of a system
While equipment breakdown insurance comes in a variety of types, some specific to industry, most will cover to fix or replace failed equipment, reimburses for labor and time costs to fix inoperative equipment, compensate for lost business income, account for loss of materials or goods, such as spoiled food, due to equipment shut down.
To learn more about business insurance and equipment breakdown coverage contact Rick Brownell Jr. for all the facts and options, as well as a FREE no obligation quote. RickJr@BrownellInsurance.com