Top 5 Equipment Breakdown 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: