Your business is running just fine. You're producing your products and meeting customer needs. Then, your equipment stops working. It's going to take some time and an expensive part to get it back up and running. In the midst of this, you can't produce as much income and your company's customers are suffering for it. What can you do? If you have the right type and amount of business insurance, your equipment losses could be covered. You may even get some additional benefits for having this type of policy in place.

The Risks of Equipment Failure are Numerous

Perhaps a local power surge burns through your company's computer system. Perhaps a short circuit happens in your company's electrical system, leaving your business unable to operate key equipment. Or, you may even have an employee that makes a mistake, damaging a machine. When this happens, equipment breakdown coverage can help you. It's a type of business insurance that any business relying on equipment should consider.

What Can it Cover for You?

Though policies vary, most can provide a wide range of benefits to you. Generally, equipment breakdown insurance can protect against breakdowns brought on by motor burnouts, operator error or power surges. This may include coverage for mechanical and electrical equipment, refrigeration systems, air conditioning systems, communications and computer equipment and much more. When these types of events occur, this type of insurance can pay for losses such as:

• The costs associated with repairing or replacing the equipment.
  
  
• The cost to replace product and materials that are ruined or spoiled due to the shutdown.
  
  
• The costs associated with the labor and time invested by professionals in repairing or replacing your equipment.
  
  
• Expenses related to limiting your loss or speeding up restoration.
  
  
• Your business income that you lose because of the breakdown, whether it was a total or partial business interruption.

Because of the benefits of this type of coverage, it is generally an excellent investment to make. If your company relies on any type of equipment, it pays to have coverage in place to help minimize the financial risks associated with your business’ operations.

Are your business’ assets protected? Call Harrell Insurance Agency at (843) 766-5533 for more information on business insurance Charleston.