Commercial Equipment Insurance is a separate policy which meets your cost of replacing or repairing your commercial business equipment in case of total destruction or severe damage. If your business premises have machines that are essential to your specific trade, vehicles, tools, trailers or other equipment, you will most definitely need to recover the cost in case of damage or total loss. If the equipment you use belongs to you but you happen to be a tenant on a commercial premise, you will need to insure your equipment so you can continue operating with the least amount of lost productivity time. Do keep in mind that your policy will NOT be used to protect any leased equipment. You will generally have to take out a separate policy with the insurer of the company whose equipment is being leased to you.
Pressure vessels, heating boilers, electrical, mechanical, air conditioning and general production equipment are some of the equipment you need to protect when running a commercial business. Of course, coverage may differ depending on the type of business and equipment you have. Most property and fire commercial insurance policies do not cover equipment break-down. As a matter of fact, most policies specifically exclude equipment break-downs. This includes damage due to power surges and centrifugal force type explosions. It’s highly probable such accidents will happen and basic commercial insurance policies will not cover burning, cracking and explosions of steam boilers and their pipes. Gaps such as these in your policy will mean that total financial disaster will be inevitable! Commercial Equipment Insurance takes the worry away and typically will cost you less than you might think.
The following is a list of what is covered through equipment insurance:
- Expenses are covered due to interrupted business
- Property loss due to hazardous substances released from an accident
- Damage to other people’s property on your site
- Repair costs
- Covers repairs on equipment such as return tanks, expansion tanks, cookers, kettles, compression air tanks, water heaters and cast iron boilers.
- Boiler overheating and pipe explosions
- Piping coils, vessel systems and air conditioning cracking or collapse
- Breakdown of pumps, compressors, fans and blowers
- Electrical machinery burnouts
- Inspectors will be supplied to help you with expedite repairs as well as claim specialists will be provided to help you find substitute equipment thereby avoiding a complete interruption of business.
Speak with our agents to create a policy suitable to your needs. Call us at (813) 962-3082.