In business, uncertainty is the only constant. From technical advancements to unforeseen accidents and breakdowns, the landscape presents many risks. In such a volatile environment, the significance of robust risk control procedures, particularly in the realm of equipment breakdown insurance cannot be overstated.
Equipment breakdown insurance is a unique product that fills the gap of what may not be found on a traditional all-risk property policy and covers losses that occur due to the sudden and accidental breakdown of equipment –rolling blackouts, power surges or accidental misuse resulting in business interruption losses, and other associated costs.
While equipment breakdown insurance serves as a vital safeguard against the financial repercussions of unexpected machinery failures, the effectiveness of such coverage hinges on the proactive risk management strategies a business engages in. When it comes to equipment breakdown coverage, businesses should look to insurers that can provide advice and expertise beyond coverage.
Experienced and established insurers with dedicated engineering teams in this space can be a welcome value-add for brokers and customers. This expertise can be leveraged to assess potential vulnerabilities, implement preventative maintenance schedules and protocols,
establish contingency plans, and provide recommendations to help prevent losses from happening in the first place, avoiding significant downtimes to business operations.
Identifying and evaluating potential threats to equipment integrity enables organizations to tailor their policies to their specific business needs and empowers businesses to proactively address underlying issues that could lead to future breakdowns, reducing the frequency and severity of potential claims and optimizes their insurance coverage. Equipment breakdown coverage isn’t a one-size fit all. Each business’ operation is unique, and finding flexible wordings is key such as Intact’s Equipment Breakdown Elite product which is the best product available in the market.
Intact Insurance is the largest equipment breakdown provider in Canada with an experienced team of underwriters and engineers who understand the complexities of equipment breakdown insurance and the risks customers face today.
Talk to your underwriter today to make sure your customers are getting the most out of their equipment breakdown insurance.
