Missouri has approximately 532,277 small businesses. If you run an operation here, you'll want the best protection for your assets. Business equipment breakdown insurance can help.
An independent insurance agent will help find a policy for an affordable price. They have access to several markets so that you have options. Connect with a local expert for custom quotes today.
What Is Equipment Breakdown Insurance?
In Missouri, your equipment breakdown coverage is added to your business policies or your homeowners policy. While some carriers may have preset limits included, your amount should be customized to your specifications. Business and personal property coverages will be separate from your equipment breakdown.
- Equipment breakdown coverage: This will pay for the repair or replacement cost of an electrical, mechanical, or pressure systems breakdown.
If a loss occurs without equipment breakdown insurance, you'll be financially responsible. Since your regular property coverage excludes breakdown claims, both will be necessary. Review your limits with a licensed professional for accuracy.
What Does Equipment Breakdown Insurance Cover?
Most insureds are not aware that their Missouri property insurance won't provide breakdown protection. In order to have adequate limits of insurance, it's essential to know what it will cover. Take a look at what equipment breakdown coverage will insure.
- Power surges
- Electrical shorts
- Mechanical breakdowns
- Motor burnout
- Operator error
Equipment can typically include the following items
- Air conditioners
- Heavy machinery
- Contractors equipment
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Does Business Property Insurance Cover Equipment Breakdown?
In Missouri, it's easy to get business property insurance confused with business equipment breakdown. Most consumers think that their property insurance will cover everything. Check out what business property insurance will actually protect against.
- Natural Disasters
In addition to business property, you'll need business equipment coverage. This will pay for items outside of your typical property losses. Things like power surges, electrical, mechanical, or pressure system claims are included under equipment breakdown insurance.
Equipment Breakdown Coverage under Home Insurance
The average annual cost of homeowners insurance in Missouri is $1,285. Part of that expense will include equipment breakdown coverage. Items like your refrigerator, air conditioner, water heater, and more can be insured under this limit.
The majority of policies will have a standard $10,000 coverage option. This can usually be adjusted according to the value of your equipment. While you'll have insurance for your personal property, equipment breakdown such as power surges will be excluded without this coverage.
Equipment Breakdown Coverage under Commercial Insurance
In 2019, Missouri had $7,615,718,000 in commercial insurance claims paid. It's not if a claim happens to your business, it's when. The best way to avoid financial devastation is to be proactive.
When a loss occurs and a piece of equipment needs repairing or replacement, it could cost you income. You'll be compensated for the claim with proper coverage. 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
How to Connect with a Missouri Independent Agent
Your business and personal property needs protection from all the what-ifs. It's usually not enough to have a property policy on its own. Equipment breakdown coverage is necessary for adequate insurance.
An independent insurance agent can help with quotes. They work on your behalf at no cost, so you get the best rates and coverage in town. Connect with a local expert on TrustedChoice.com to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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