Are you too caught up in what’s happening with your business right now to think about “What if?” Well, considering what perils tomorrow might hold could make the difference between your business sinking or thriving in the future.
When it comes to equipment coverage for your business, stop and ask yourself these three questions:
What types of insurance coverage can you get for your equipment?
- Property insurance – This will typically cover damage to or loss of the building and/or its contents, along with outdoor items such as signage and fencing. Sources of damage usually covered by property insurance include fire, severe weather, theft and vandalism.
Events which cause mass-destruction, such as earthquakes and floods, are not routinely covered by property insurance but can be added to a customized policy, especially in areas which are prone to these types of natural disasters.
- Equipment breakdown insurance – All types of equipment need to be routinely serviced and are susceptible to breakdowns. They may require repair and at some point, you may have to temporarily or permanently replace them.
When these things happen, your business has to deal with extra expenses and suffers loss of income. This isn’t covered by a regular property insurance policy – you will need equipment breakdown coverage for that.
It can cover equipment which is vital to the running of your business, such as machinery; security cameras; computers and other IT equipment; as well as air conditioning. The equipment may be on-site or at another location, and can in some cases, include the equipment used by your key suppliers.
How do you know which type of coverage is best for you?
Obtaining property insurance is more or less a given for any business – you won’t be able to legally operate otherwise. So, the real issue is deciding how much equipment breakdown coverage you need and which insurance company to purchase it from.
You can do the research and make these decisions on your own or you can rely on a professional brokerage firm to help you find an insurance company and insurance coverage that is right for you. A visit to www.EquifyLLC.com should give you an idea of what such companies offer.
What are the benefits of adequate equipment coverage?
Adequate business insurance will include both property insurance and equipment breakdown insurance. With it, you can set your mind at ease about unforeseen disruptions to the running of your business. The other benefits include coverage for:
✓ cost to temporarily or permanently replace equipment
✓ for the time and labor required to repair or replace damaged equipment
✓ income losses caused by partial or total business interruption
✓ you incur as you attempt to limit loss
✓ related to speeding up the restoration of your operations
✓ of materials including spoiled stock
Bottom Line:
One important thing for you to consider while building your business is getting sufficient insurance coverage for your equipment. With it, you’ll be better able to weather all the daunting “What if” moments, should they become a reality.
