Equipment Breakdown Coverage from Massachusetts Specialists

Proudly Providing Equipment Breakdown Coverage to Businesses in Massachusetts & Many Other States Across the Nation

What is Equipment Breakdown Coverage?

Many Massachusetts businesses rely on essential equipment that they cannot function without. If this equipment breaks down, it has to be repaired as fast as possible in order to minimize operational interruptions. Equipment breakdown coverage helps businesses prepare and survive possible breakdowns of essential equipment.

Equipment breakdown coverage is a specialized type of insurance. Rather than protecting against perils that might cause damage, as most property policies do, or from potential liability lawsuits, like most liability policies do, equipment breakdown insurance helps shield a business from equipment malfunctions. Should covered equipment break down, this coverage may pay for:

  • Repairs that are needed to get the equipment working properly again
  • Emergency repair fees for repairs that are made during the evenings or weekends
  • Labor costs if the repair is done by employees
  • Goods that are damaged by the malfunction (e.g. food that spoils after a refrigerator breaks down)
  • Revenue that’s lost due to operational interruptions

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Equipment Breakdown Coverage Massachusetts

What Types of Malfunctions Does Equipment Breakdown Insurance Cover?

As is true with most insurance policies, the precise incidents that equipment breakdown policies cover can vary. Each policy has its own terms, conditions and exclusions.

Some common causes of malfunction that many policies cover are:

  • Operational errors
  • Mechanical failures
  • Explosions
  • Power surges

What Kind of Equipment Does Equipment Breakdown Insurance Cover?

Equipment breakdown policies can be used to insure a wide variety of equipment. In most cases, businesses can find a policy that will protect equipment they rely on every day.

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What Massachusetts Businesses Need Equipment Breakdown Insurance?

Any Massachusetts business that has equipment it cannot function without may benefit from having equipment breakdown insurance. This includes both businesses that have highly complex machines and those that have only basic equipment, as long as the machines or equipment are essential to operations.

Here are a few examples of businesses that rely on essential equipment every day:

  • Retailers use POS systems to cash out customers
  • Offices use computers, printers, copiers and scanners to perform clerical duties
  • Restaurants use refrigerators and freezer to keep food cold, as well as ovens and stoves to prepare food
  • Hospitals use many different types of medical equipment to perform procedures and monitor patients
  • Hotels use hot water heaters, heaters and air conditioners to keep rooms comfortable

Equipment Breakdown Coverage Massachusetts

Are Boiler and Machinery Policies the Same as Equipment Breakdown Policies?

Boiler and machinery policies are similar to equipment breakdown policies, but the two types of insurance aren’t exactly the same. Boiler and machinery policies have traditionally been used to insure boilers and machines, which were the most important types of equipment businesses had for many years. Equipment breakdown policies frequently also insure boilers and machines, but their coverages also often extend beyond these particular items to other types of equipment.

As the equipment used by businesses continues to become more diverse and complex, equipment breakdown policies are starting to replace boiler and machinery policies. In fact, some insurance companies have already replaced their boiler and machinery policies with equipment breakdown ones.

How Are Premiums for Equipment Breakdown Policies Calculated?

Insurers take into account many different factors when calculating premiums for equipment breakdown policies. Some factors that might influence how much a business pays for this coverage include:

  • How many pieces of equipment a business is insuring
  • What type of equipment a business is insuring
  • How a business uses the insured equipment
  • What coverages a business chooses

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How Can Businesses in Massachusetts Get Quotes for Equipment Breakdown Coverage?

For help obtaining equipment breakdown coverage quotes, Massachusetts businesses should get in touch with a Charles River Insurance agent. Our independent agents will be able to help request quotes from several insurers, so businesses have a number of options to choose from when they select an equipment breakdown policy.

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