Kentucky Equipment Breakdown Insurance

How to connect with a local adviser

Kentucky Business Equipment Insurance

In Kentucky, there have been 549,229,000 property insurance claims paid in 2020 alone. This is a large number of losses, and any of them could occur at a moment's notice. To be adequately protected, consider using a local adviser.

An independent insurance agent can help with coverage and policy options. They have access to several markets, giving you the best premiums. Connect with a local expert to get started.

What Is Equipment Breakdown Insurance?

Equipment breakdown insurance is something that can be added to both personal and business insurance policies. It is different than property insurance because it will cover other losses that could arise. Power outages are among them.

  • Equipment breakdown coverage: This will pay for the repair or replacement cost of an electrical, mechanical, or pressure systems breakdown.

In Kentucky, the right amount of equipment breakdown coverage could mean the difference in thousands of dollars. If you forego this limit of protection, you may have a large out-of-pocket expense. To ensure you're equipped with enough coverage, review your limits. 

What Does Equipment Breakdown Insurance Cover?

Most homeowners or business insurance policies will include some form of equipment breakdown insurance. You may have to add it in some instances, depending on your carrier. It will provide insurance for the following types of equipment and damage.

  1. Power surges
  2. Electrical shorts
  3. Mechanical breakdowns
  4. Motor burnout
  5. Operator error

Equipment can typically include the following items

  • Boilers
  • Air conditioners
  • Freezers
  • Refrigerators
  • Heavy machinery
  • Contractors equipment

Equipment Breakdown Coverage under Home Insurance

In Kentucky, homeowners insurance is typically required if you have a mortgage. It is good to carry protection for your assets and property. What happens when lightning strikes and your electrical appliances go out? If you have equipment breakdown coverage, you'll be prepared.

Every homeowners policy is different and has a unique set of limits. Some carriers come standard with equipment breakdown. Usually, limits will start at $10,000 and go up from there. You will typically be able to adjust the amount of coverage if you want to increase limits due to higher valued items.


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Equipment Breakdown Coverage under Commercial Insurance

For Kentucky business owners, equipment breakdown coverage may look a bit different. It can come in the form of a separate policy or be added to existing property insurance. When you're trying to find adequate protection limits, it will depend on your equipment's value and other risk factors.

If a loss occurs, rendering your electronics useless, your business could be shut down until the issue is resolved. This is money out of your pocket and potentially lost profit. Kentucky had $4,661,744,000 in commercial insurance claims paid in 2019 alone. Equipment breakdown can help a business pay for the following.

  • The repair or replacement of damaged equipment
  • Lost income resulting from damaged equipment
  • Spoiled inventory like food or other products
  • Additional expenses accumulated as a result of damaged equipment

Does Business Property Insurance Cover Equipment Breakdown

Business property insurance is an entirely different entity. It will provide protection for your Kentucky business equipment but in another form. Business property insurance covers the following items.

  • Fire
  • Theft
  • Natural Disasters

This coverage will exclude power surges, electrical shorts, mechanical breakdowns, motor burnout, and operator error. That is where equipment breakdown coverage will come into play. Both insurance options are essential for any business owner with property.

How to Connect with a Kentucky Independent Agent

In Kentucky, business equipment insurance is necessary to protect your assets. When a loss occurs, you'll be responsible for the cost without the right coverage. Fortunately, an independent insurance agent can help. 

They have access to several carrier options, so you have a choice. When you're looking for the best deal in town, consider using a professional. An independent agent can be found on in minutes. 

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