BIND POLICY
1. Step 1
Fill out details about your business
2. Step 2
Determine your Eligibility & Get Quotes
3. Step 3
Bind Your Policy
WHAT IS EQUIPMENT BREAKDOWN COVERAGE?
Equipment Breakdown Coverage is a vital coverage for Canadian small businesses that make use of expensive machinery for their work – including contractors, retailers, and manufacturers.
Equipment breakdown insurance protects your business in the event where an important machine was to breakdown internally. It is different from Commercial Property Insurance because commercial property coverage only protects your equipment in case of damage from external sources such as flood, fire, or other natural disasters. For damages due to other reasons, such as bad electrical wiring, you will need Equipment breakdown coverage.
What does Equipment Breakdown Insurance Cover?
Equipment breakdown insurance covers your equipment and boilers in event of mechanical and electrical breakdowns caused due to internal causes, such as:
- Explosion damage from boilers and piping steam or pressurized water
- Mechanical or electrical breakdown
- Explosion damage from other pressure vessels
Who needs Equipment Breakdown Insurance?
All small businesses that own expensive electrical or mechanical equipment should consider protecting their property with this policy. Examples of businesses that own equipment that may require protection:
- Restaurants, bakeries, and baristas with fridges, coffee and kitchen equipment
- Contractors and skilled tradespersons
- Warehouses and manufacturers
- Breweries
How much does Equipment Breakdown Insurance cost?
The cost of your equipment breakdown insurance policy will depend on a number of factors including but not limited to- claims history, industry, the value of the equipment, etc.
For any questions regarding equipment breakdown insurance, get in touch with us at info@armour-insurance.com
At Armour Insurance Brokers Ltd., our strength rests in our diversified, knowledgeable, and courteous staff. Our top priority is to be your advocate while protecting your assets with a high degree of professionalism, empathy, and respect.