As a business owner, you must have a preparation plan for when your equipment breaks down to not fall behind. You rely on equipment to get essential tasks done every day. Whether that equipment is a computer, a bulldozer, or a harvester, chaos can ensue if it is suddenly out of commission. Unfortunately, though, technology and machinery are both prone to failure. To overcome this obstacle, you must know how to perform essential equipment breakdown maintenance.
What to Do When Your Equipment Breaks Down
The correct business insurance can help propel your business and give protection against the losses that broken equipment can cause.
Get the Right Business Insurance
Nobody enjoys the inconvenience that occurs when a piece of equipment breaks down. The more pressing issue is the loss of profits that it can cause if you don’t resolve the problem promptly. Your insurance agent probably can’t come to fix the equipment in question. Still, they can equip you with a business insurance policy that shields you from loss with business interruption benefits. Look for a policy that offers comprehensive coverage for the various costs that broken equipment can incur.
Follow Basic Troubleshooting Guidance
Even if you have insurance against losses from equipment failure, it’s best to avoid these costs by restoring your equipment’s functionality as soon as possible. To do so, you’ll need to find some basic guidelines for troubleshooting. In many cases, you’ll find that other people have also dealt with your problem, and you can likely find their advice online. You can also consult the user manual or manufacturer’s website to see if there is any guidance.
Identify the Cause of the Problem
To troubleshoot the problem effectively, you will need to identify what happened. If a computer in your office powers down unexpectedly, you should check the cord and outlet to confirm whether they may be to blame. Similarly, if your tractor’s engine will not start, you should assess whether low-quality gasoline is the root of the issue. Identifying the source of the equipment breakdown will help you prevent it from happening again in the future. It will help your business avoid any potential losses.
Talk to Your Business Insurance Agent
Despite your best efforts to prevent equipment breakdowns, they are common in almost every industry. If you face equipment failure, you need a backup plan to minimize its impact on your company’s revenue. In addition to a standard business insurance policy, you should invest in property insurance and business interruption insurance to mitigate the liabilities you face. This coverage can provide your business with the protection you need. Talk to your insurance agent about investing in a policy that covers the costs resulting from equipment breakdown.
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.
