• Home
  • Get A Quote
  • Customer Service
  • Refer a Friend
  • About Us
  • Location Map
  • Employee Directory
  • Privacy Policy
  • Contact Us
Call Us Call Us Today | 864.964.0622
Select Insurance, LLC
Get A Quote Now
  • Home
  • Get A Quote
  • What We Offer
    • Automobile
    • Bonds
    • Business & Commercial
    • Collision
    • Dental
    • Farm
    • Flood
    • Health
    • Homeowners
    • Life
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • SR-22
    • Trucking
    • Vision
    • Watercraft & Boat
    • Windstorm
  • Customer Service
  • File a Claim
  • Make a Payment
  • Blog
  • Resources
    • Important Links
    • Important Files
    • Partners
    • Refer a Friend
  • About Us
    • About Select Insurance, LLC
    • Customer Testimonials
    • Employee Directory
    • Our Locations
    • Privacy Policy
  • Where We Serve
    • Abbeville
    • Anderson
    • Greenville
    • Spartanburg
    • Honea Path
  • Contact
Auto Insurance AUTO

Auto insurance protects you against financial loss if you have an accident.

Read More
Home & Renters Insurance HOMEOWNERS

A standard policy insures the home itself and the things you keep in it.

Read More
Business Insurance BUSINESS

Discover the perfect insurance options to meet your specific and unique needs.

Read More
Life Insurance LIFE

Browse a variety of insurance options in order to find the right one for you.

Read More
Motorcycle Insurance MOTORCYCLE

Learn about different coverage options that fit your specific needs.

Read More
Boat Insurance BOAT

Finding insurance doesn't have to be difficult. We do the work for you.

Read More
Home > Blog > Do Contractors Need Equipment Breakdown Coverage?
MONDAY, DECEMBER 27, 2021

Do Contractors Need Equipment Breakdown Coverage?

Whether you are a general or specialized contractor, you probably know that it’s important to keep all of your projects on schedule and within budget. Any setback might put a dent in those plans, but you likely know that you can’t avoid every risk of something potentially going wrong.  


For instance, an unexpected problem with your tools or equipment alone could lead to thousands of dollars’ worth of additional setbacks. As a result, you want to do all you can to protect the project and its financing, even when the work grinds to a halt.  


One of the ways to do so is to is to ensure you have equipment breakdown insurance as part of your business insurance portfolio. This is a very specific type of coverage designed to protect you when unexpected mechanical failures threaten your work. 


Contractor Equipment Insurance—What It Won’t Cover house under construction


Most contractors have both property & builder’s risk insurance policies that will cover their machinery and equipment in case of unanticipated losses or damage. However, this coverage will not insure all types of damage that machinery might sustain. 


Suppose that while you are in the process of constructing a new home, a severe storm hits the area. During the high winds, a portion of the structure collapses, crushing several essential pieces of equipment beneath it. Under the circumstances, your commercial property insurance will help you cover the costs of repairing or replacing the damaged equipment. 


However, equipment might fail even when it’s sunny out. Suppose that one day, an electrical surge causes your generator to short-circuit, essentially forcing operations to halt. Standard equipment insurance usually excludes such electrical damage, so it might not pay for your saw’s damage. This might be a case for equipment breakdown insurance to help out.  


Expand Protection With Equipment Breakdown Insurance 


An unexpected or unavoidable failure might occur in one of your essential machines at any time. As long as you could not have reasonably foreseen or prevented this problem from occurring, then your equipment breakdown coverage will most likely be able to help you out.  


The case of a power surge suddenly frying a generator is a good example of when your equipment breakdown coverage might be able to step in. It might help your business pay for: 

  • The costs to repair damaged machinery. 

  • Replacement costs of completely-destroyed items. 

  • Income lost during the operational shutdown. 

  • Certain other essential costs you incur during the shutdown. 


What’s important to remember is that you must speak to your insurer about the precise value of certain equipment, and how you plan to use it. To help you tailor your equipment breakdown coverage, they will want to get a better idea of exactly what type of risk they are taking by investing in you. 
Posted 3:35 PM

Tags: contractors insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2011
  • 2010
  • 2009
  • 2008

  • select insurance(42)
  • business insurance(13)
  • auto insurance(12)
  • car insurance(10)
  • contractors insurance(7)
  • home insurance(7)
  • boat insurance(6)
  • commercial auto insurance(5)
  • motorcycle insurance(4)
  • commercial insurance(4)
  • life insurance(2)
  • general liability insurance(2)
  • workers compensation insurance(2)
  • covid-19(2)
  • classic car insurance(2)
  • moving(1)
  • construction insurance(1)
  • renters insurance(1)
  • flood insurance(1)
  • umbrella coverage(1)
  • liability insurance(1)
  • watercraft insurance(1)
  • insurance(1)
  • foremost insurance(1)
  • roadside assistance(1)
  • general liability(1)
  • upstate south carolina(1)
  • hurricane(1)
  • pet insurance(1)
  • homeowners insurance(1)
  • preparedness(1)
  • hurricane insurance(1)
  • umbrella policy(1)
  • personal umbrella insurance(1)
  • home(1)

View Mobile Version
Facebook
Twitter
LinkedIn
Allstate
Progressive
Safeco
Travelers
Foremost
National General
Great American
Twitter

Resources

About Us Get a Quote Join Our Mailing List Contact Us

Contact Us

Map
  • Primary Location
  • 1026 S Main Street
  • Anderson, SC 29264
  • –
  • O: 864.964.0622
  • F: 864.964.1636
  • Click for other office locations
© Copyright 2021. All rights reserved.
Powered by Insurance Website Builder