As a small business owner, you likely have a good idea of how vital equipment and machinery are for keeping everything running smoothly. When a piece of equipment suddenly breaks or stops working, you may wonder what to do next. After all, the downtime you spend waiting and the revenue you lose are both valuable.
This is where equipment breakdown coverage comes into play. In this blog, you will learn about the benefits of getting this coverage when you own a small business and why it can give you peace of mind.
Equipment Breakdown Coverage Protects Your Investments
When you have a small business, you may invest in valuable machinery and equipment that can help improve productivity and craft high-quality products. However, no matter what kind of equipment it is, it can still stop working because of regular wear and tear, an equipment breakdown, or a mechanical failure. With equipment breakdown coverage, your valuable investments stay protected so you can get the equipment repaired or replaced.
While you may have another kind of insurance, such as general property insurance, it may not cover this kind of breakdown. By getting additional coverage, you do not have to worry about the financial burden a breakdown may cause.
Equipment Breakdown Coverage Minimizes Downtime and Loss of Income
During this time when you are without your equipment, your business may slow down or come to a total standstill. This forced downtime can leave you with missed deadlines, less income, and delays in production. Every day that the equipment is gone, you may lose a serious amount of income.
Forbes notes that unplanned or forced downtime costs people in the manufacturing sector up to $50 billion per year. With equipment breakdown coverage, you can minimize this problem and the loss of your income. This policy also covers business interruption and can help you keep paying for operations and expenses.
Comprehensive Coverage Options
When thinking about an equipment breakdown policy, you may wonder what the coverage offers you. This type of policy actually covers a wide range of risks that affect your business’s equipment. These include problems with power surges, electrical failures, operator errors, mechanical breakdowns, and even boiler explosions.
You may apply this policy to anything from HVAC systems to refrigeration units and computers. When you get equipment breakdown coverage, you can prepare yourself for these risks and make sure that your small business can withstand any unforeseen events that leave you without a way to operate normally and make money.
Equipment Breakdown Coverage Is Essential
As an asset for small businesses, equipment breakdown coverage is invaluable. If you want to protect your investments, secure comprehensive coverage for risks, and minimize any financial loss, getting this policy can help you feel peace of mind.
Because you care so much about your small business, securing this breakdown coverage is a proactive way to help your resilience and prosperity when you deal with unexpected scenarios. Take steps to consult with an insurance professional today to learn more about the right equipment breakdown coverage options for your small business.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
