Protect your business with machinery and equipment insurance

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Practically every business relies on equipment. Regardless of how simple or complex, your equipment is critical to your business’ successful operation. For example, while an electrical panel is a very basic piece of equipment, imagine trying to operate your business without electricity.

Machinery and equipment insurance gives you financial resources to help you restore your business to full operation after an unforeseen equipment failure.

SIMPLE COVERAGE

If your business uses mechanical, electrical, or pressurized equipment, you need more than a property insurance policy. Standard property policies exclude losses caused by:

  • mechanical breakdown
  • electric arcing or power surges
  • the explosion of steam boilers, piping, engines, and turbines
  • loss or damage to steam boilers
  • loss or damage to hot-water boilers
  • indirect or consequential losses associated with the above causes

M&E coverage – also called equipment breakdown coverage – protects equipment such as transformers, electric panels, motors, air conditioning units, refrigeration units, production machinery, and boilers.

HOW DOES IT WORK?

M&E coverage reimburses you for expenses related to repairing or replacing covered equipment damaged by an accident. An accident is a sudden and accidental breakdown of the equipment (or a part of the equipment), manifested at the time of the breakdown by physical damage requiring a repair or replacement. Normal in-service deterioration and losses caused by corrosion or erosion are not considered to be accidents.

Mechanical breakdown loss does not stop with the repair bill. Consider the possibility of significant business interruption and consequential losses as well as extra expenses you may incur to keep your business running after a covered loss.

Your Ayres Group agent can review your company’s equipment breakdown needs and help determine how best to adequately protect your business from equipment breakdown losses.

Talk with your Ayres Group insurance agent to find out more about machinery and equipment insurance.