Ensure your equipment breakdown risks are matched with your insurance needs
Today more than ever there is an utmost reliance on equipment to run your business.
Traditionally we have thought of equipment in a manufacturing sense, but as technology develops and equipment becomes more sophisticated – the financial exposures to business are even greater if your equipment is not operational. Consider the phone system, or the availability of the internet as two key risks for business, which most businesses would not be able to function without, thus reliability on these this equipment is vital for every business.
When designing insurance risk protection, the loss of equipment and the resulting financial exposure is sometimes overlooked, and when considering all of the equipment a business now has to rely on 24/7 365 days a year, the loss of this equipment can have a considerable financial impact to a business. Most property insurance covers exclude breakdown, so a separate insurance cover should be considered to ensure a business is adequately protected.
To help businesses better manage their insurance risks, we have developed our top five considerations for ensuring your equipment breakdown risks are matched with your insurance needs:
broad definition of ‘equipment’ that incorporates all equipment and assets of the business, as well as today’s technologies.
Financial protection for interruption, including failure of utility, landlord or other 3rd party equipment used to supply services such as gas, water, electricity or internet.
Cover includes loss associated with Customers and Suppliers, Fines and Penalties, and Public Relations Fees.
Green upgrade costs included
Restoration of data (including software and licenses), including whilst in 3rd party data centres anywhere in Australia.