Business Insurance

Your Equipment Broke Down – Did Your Business Break Down Too?

By February 3, 2018 No Comments

Nobody wants their business to come to a grinding halt if their equipment should break down. It’s virtually unavoidable, and so business owners carry Equipment Breakdown Insurance. However, Equipment Breakdown insurance, also referred to as engineering or machinery breakdown cover, typically covers the cost the equipment breakdown (covering the repair or replacement of the equipment), but not the financial losses suffered once the breakdown has occurred.

Take for example, the losses which are sustained when a cabinet maker suffers a sudden breakdown of a CNC machine that does all the cutting for the business.

Or the loss of patronage from a fine dining restaurant that has prepped hours of labour into finely made ingredients to get ready for their busy Friday evening only to have their stove quit working.

Consider working in an office on a 40 degree day and the air-conditioner has broken down.

Most standard business packages offer an equipment breakdown section, but they do not address the resulting business interruption or financial losses. As you can see from the examples, this can be a significant amount and this amount only increases for every day that the business is left without functioning critical machinery and equipment.

We ensure that you are aware of every potential breakdown that can be catastrophic to the operation of your business, as well as the associated increased business costs in the event of a breakdown.

We carefully consider the level of risk you are able and willing to take on and ensure that your insurance cover minimises the resulting loss of business after equipment breakdown and gets your business up and running again as fast as possible.

More importantly, but we also help you anticipate potential problems that could be disastrous to your business – and help you implement safety protocols and other systems to prevent equipment breakdowns, or minimise their impact.

Don’t let your equipment dictate the health of your business! Let NSURE help you to be prepared in the event of a catastrophic equipment breakdown, minimise its impact, and get you back in business as quickly as possible.