What Equipment Is Covered Under Boiler And Machinery Insurance?
For industrial businesses, the equipment they invest so heavily in is the backbone of their production and success. Top of the line equipment could easily cost millions, and the breakdown or loss of that equipment could bring business operations to a standstill. For these reasons, insurance coverage on such expensive and complex equipment is critical.
Heating and cooling systems, boilers, and other operation-focused equipment are typically running 24/7 at your place of work, the breakdown of this type of equipment could be detrimental to your bottom line due to their repair costs and lost productivity.
What is Boiler and Machinery Insurance?
Boiler and Machinery insurance was initially created to cover heavy-duty industrial machinery. Boiler and Machinery Insurance, sometimes abbreviated as B&M Insurance, covers a business for physical damage and costs of broken-down equipment. As such, B&M insurance is also sometimes referred to as just equipment breakdown insurance. If anything happens that takes critical equipment out of service, B&M insurance will pay out to fix the equipment, keeping the business afloat while repairs are taking place.
What type of equipment does Boiler and Machinery Insurance Cover?
B&M insurance isn’t necessary for all businesses, particularly those who don’t own and operate their own building and machinery. But for any business that has invested money in costly equipment, B&M insurance can be critical. Typical types of equipment that insurance companies can include in a B&M policy include:
- Telecommunication equipment
- Copiers and printers
- Generators or other electrical equipment
Given how much is at stake if something unexpected arises and your operations come to a halt, you might not be able to afford to skip Boiler and Machinery insurance.
To find out more information about insurance policies for employers, contact Schechner Lifson! Discover how we can make sense of the world of insurance, providing you with the best and most affordable coverage possible.