If you own your own business and the operation of that business is heavily reliant on machinery and equipment, it might be worth considering having a machinery breakdown insurance policy in place.
Machinery breakdown insurance is designed to help protect your business financially by covering the cost of repairs to broken-down machinery, as well as any consequential losses as a result of that breakdown.
What types of machinery are usually covered?
The types of machinery that such policies are usually designed to cover include, but are not limited to, the following:
- Pressure vessels
- Air conditioning units
- Printing equipment
- Industrial fridges, freezers and cool rooms
What types of scenarios are covered?
While the nature of each policy and its inclusions will vary between insurers, some of the most common coverage items (meaning they can typically be covered, and not that they are typically automatically included) are listed below.
- Equipment breakdown — this covers the cost to replace or repair items in the event they break down
- Interruption — this covers any loss of profits as a result of the broken-down machinery
- Temporary hire — this covers the cost of hiring equipment to keep your business running while repairs to your machinery are carried out
- Deterioration of stock — this covers the cost of spoilt or expired stock after a breakdown
- Expediting costs — this will cover any expenses associated with speeding up the process of repair or replacement
- Professional fees — this will cover the cost of hiring professionals to help quantify or prove a specific loss
At Coast and Country Insurance Consultants, we offer a range of services for all your business needs. Let us help you find the right cover for your individual circumstances.
By taking the time to assess your situation, we can ensure all of your business requirements are being met so you can rest assured that you are properly covered.
Whether you are a sole trade, a proprietary limited company or are just looking for advice, we have trained professionals who specialise in Machinery Breakdown and all other business insurance here to help you!
Call us today on 02 4334 3622 or complete our quick enquiry form below:
Coast and Country Insurance Consultants Pty Ltd is an Authorised representative of NAS Insurance Brokers AFS Lic: 233750 (General Insurance) / Coast and Country Insurance Consultants Pty Ltd is a corporate authorised representative of PGW Financial Services Pty Ltd AFS License No 384713 (Life Insurance)
General Advice Warning: The content of this article is general advice only and should not be acted upon without first consulting an industry specialist as it does not take into consideration your personal needs, objectives or financial circumstances.