Equipment Breakdown Insurance

Equipment Breakdown Insurance

Equipment Breakdown Coverage, also known as boiler and machinery insurance is an extremely important coverage for Canadian small businesses that use and operate expensive equipment to get their job done – contractors, skilled tradespersons, retail stores, and professional service providers.

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What is Equipment Breakdown Insurance?

Equipment breakdown insurance protects your business in the event important equipment suffers internal damage. It is different from Commercial Property Insurance because commercial property coverage only protects your equipment in the case damage from external sources such as fire, flood or weather-related events. For damages due to other reasons, you will need Equipment breakdown coverage.
Equipment Breakdown Insurance Coverage

What does Equipment Breakdown Insurance Cover?

Equipment breakdown insurance covers your equipment, boiler and machinery in the event of mechanical and electrical breakdowns caused due to internal causes, such as:
  • Explosion damage from boilers and piping steam or pressurized water
  • Explosion damage from other pressure vessels
  • Mechanical or electrical breakdown
Equipment Breakdown Insurance Requirements

Who needs Equipment Breakdown Insurance?

All small businesses that own expensive electrical or mechanical equipment should consider protecting their property with equipment breakdown policy.
Examples of businesses that own equipment that may require protection:
  • Contractors and skilled tradespersons
  • Restaurants and bakeries with fridges and kitchen equipment
  • Property owners with alarm and security systems
  • Warehouses and manufacturers
Equipment Breakdown Insurance Costs

How much does Machinery Breakdown Insurance cost?

The cost of your boiler and machinery insurance policy will depend on a number of factors, such as the industry you work in, your history of claims, total value of the equipment, boiler and machinery you own, amongst many other factors.

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Which Small Businesses Require Equipment Breakdown Insurance?

Having insurance is critical for almost any business that owns expensive equipment, including:

Frequently Asked Questions about Equipment Breakdown Insurance

What sort of equipment requires equipment breakdown insurance?
Equipment breakdown insurance may be applicable to a whole range of machinery and equipment that is crucial to business operations and may suffer from electrical or mechanical damage. A few examples include:
  1. Electrical
  2. Air Conditioning and Refrigeration
  3. Boiler and Pressure Vessel
  4. Computer and Communications
  5. Mechanical
  6. Renewable and Alternative Energy
  7. Production Systems
Is there a difference between equipment breakdown coverage and contents coverage?
Yes. Contents coverage will protect your property, including premises, equipment, machinery, computers, etc, in cases of damage due to external factors such as fire, flood, water damage or weather-related events. Unfortunately, any spontaneous electrical or mechanical breakdowns or those caused by operator error will not be covered by your contents coverage policy. An equipment breakdown policy, however, may protect you in such cases.
Do I need equipment breakdown coverage if I already have warranty on my equipment?
Look carefully into your warranty policy. Whether your equipment came with warranty or you had to purchase it additionally, there are specific cases that warranty will or will not cover. Warranties often do not cover operator error, so if any damage to your equipment was caused due to the mistakes of an inexperienced employee, it would probably not be covered by your warranty.

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