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Oklahoma business insuranceYou may think that commercial property insurance is all you need to protect your business property; however, commercial property insurance does not cover certain incidents such as equipment breakdown, which could create a benefits gap that your company can ill afford.

How Breakdowns are Different

Not every insurable incident that can hurt your business’s equipment is sweeping enough to be covered by a commercial property insurance policy. For example, what if your computers, photocopier, or other machines had an accidental breakdown that was not due to wear and tear? Your business would suffer and your income would be hurt, but the incident would not be covered by your commercial property policy since it wasn’t caused by theft, fire or any other catastrophe.

Another instance that could create the need for equipment breakdown insurance is when the building you own, whether you are using the space or leasing it, has certain electricity, boiler or air conditioning problems. If these issues aren’t caused by a covered peril in your commercial insurance policy, you’d be out of luck in getting reimbursed for the expenses unless you had equipment breakdown insurance.

Every Business Needs Equipment Breakdown Coverage

When business owners hear the term, equipment breakdown, they often think of a factory and its many machines; but an industrial company is not the only business that benefits from equipment breakdown insurance. Any business running any kind of equipment from telephones to refrigerators, medical equipment to computers, copy machines to air conditioners can use this coverage. And since breakdowns happen much more frequently than the perils covered by commercial property insurance, this coverage is extremely practical and useful

Equipment breakdown insurance can cover many of the issues created by the ripple effect that follows one machine breaking down. It can replace some lost revenue and reimburse for repairs or lost rent and it may even provide payment for replacement services that must be provided to customers. As with any type of Oklahoma business insurance policy, you can structure your equipment breakdown insurance with specific limits and deductibles and restrict coverage to equipment that is integral to the everyday running of your business. To discover the many ways equipment breakdown insurance can help your company, give us a call at Magill Insurance Agency today!
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