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Most businesses depend on specific tools or equipment to keep it running. From computers at a marketing agency to the air compressors and saws a carpenter uses, almost every business has mission-critical equipment.
If you rely on tools, machinery or other equipment to power your business, you should consider equipment breakdown coverage. Equipment breakdown insurance helps keep your operation going, even if your equipment fails.
Every industry is different. Every business has unique needs. There’s no one-size-fits-all approach. That’s why when you partner with Higginbotham, you’ll work with a seasoned insurance professional who takes the time to learn your risks, your exposures and opportunities.
At Higginbotham, we help you prevent and minimize loss—not just cover it. That’s why we deliver more than customized equipment breakdown coverage; we deliver year-round value with our Day Two Services® that support your risk management efforts.
By making policies personal, we help you accomplish more. Because while insurance is our something, our customers are our everything.
You deserve an insurance partner that works as hard as you do.
Also known as “boiler and machinery” (BM) insurance, equipment breakdown coverage can help pay to repair or replace damaged equipment for covered losses.
Similar to commercial property insurance, this specialized coverage can help give you peace of mind.
Equipment breakdown insurance can help cover the cost of mechanical breakdown, power surges, overheating and other perils that can damage essential equipment. In some cases, equipment breakdown coverage can also reimburse you for lost revenue resulting from a covered breakdown.
We recommend talking to an insurance professional about designing your policy in this manner.
Equipment breakdown policies can help with the cost to repair equipment in the aftermath of a covered incident.
The cost of equipment breakdown coverage depends on the equipment being insured and the scope of your business operation.
Our industry specialists take the time to learn about your unique needs to help ensure we deliver the best coverage at a price that makes sense for your budget.
If you’re interested in learning more about what boiler and machinery coverage from Higginbotham can do for you, give us a call today.
At Higginbotham, we take a consultative approach to customer service and risk management.
Whether you have a single policy, a commercial package or many insurance policies covering multiple locations and risks, we take the time to understand your unique needs so we deliver the best coverage at the best price available.
But we don’t stop there.
Our work continues 365 days a year. We have a Day Two Services® team that works in tandem with our risk management specialists to deliver year-round value.
From help with compliance to safety audits and claims advocacy, our Day Two Services® team helps you mitigate risks, avoid costly claims and better position your operations so you can focus on what matters most: growing your business.
Yes. Equipment breakdown insurance evolved from what was historically known as boiler and machinery insurance. Modern equipment breakdown coverage can extend beyond boilers and machinery to various types of essential business equipment.
Equipment breakdown insurance may cover servers, elevators, computers, power tools, furnaces, boilers, refrigeration units, cash registers, HVAC systems and copiers. Eligibility depends on the equipment, the business operation and the policy terms.
Equipment breakdown insurance may help pay to repair or replace essential equipment damaged by covered events, such as mechanical breakdown, power surges, electrical breakdown or overheating. The specific protections and covered events will vary by policy.
Lost business revenue is often addressed through business interruption insurance, but in some cases, equipment breakdown coverage can reimburse a business for revenue lost because of a covered equipment failure. A business interested in this protection should work with an insurance professional to ensure their coverage is structured appropriately.
Equipment breakdown insurance generally does not cover failures caused by normal wear and tear, improper maintenance or equipment operating beyond its expected service life. Breakdowns resulting from a fire or flood may also be excluded.
A great plan starts with a conversation. Let’s talk about what you need.
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