Tennessee Equipment Breakdown Insurance

Your Guide to Tennessee Equipment Breakdown Insurance

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Tennessee Equipment Breakdown Insurance

In 2020, Tennessee had 1,153,112,000 property insurance claims paid alone. If you're looking to be adequately insured, there are some things you need to know. Equipment breakdown insurance can provide protection for your assets. 

An independent insurance agent will show you the best coverage for a low price. They have access to several carriers so that you get the best rates in town. Connect with a local expert for tailored quotes today.

What Is Equipment Breakdown Insurance?

Equipment breakdown insurance will cover a variety of losses. This can be used personally and professionally, depending on your assets. In order to have proper protection for your home or your business, equipment breakdown coverage is necessary.

What Does Equipment Breakdown Insurance Cover?

Your insurance coverage will vary depending on several factors. The majority of Tennessee businesses and homeowners will have property exposures. Your assets will need both property and equipment breakdown protection in most cases. Equipment breakdown will provide insurance for the following types of property 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

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Equipment Breakdown Coverage under Home Insurance

Your Tennessee home insurance policy will have protection for your personal property. If you want to be fully insured, you'll need to have equipment breakdown coverage as well. Most homeowners policies will have a limit for a breakdown.  

Some carriers will include this automatically at a preset limit. Others will make you add equipment breakdown for an additional premium. The cost will depend on the value of the equipment and the blanket amount you select.

Equipment Breakdown Coverage under Commercial Insurance

In 2019, Tennessee had $6,317,565,000 in commercial insurance claims paid alone. There are several coverages your commercial insurance policies will include. Equipment breakdown is one of them.

This coverage is separate from your business property insurance. Both are usually necessary to have adequate protection. 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

Your Tennessee business property insurance will cover many exposures. It will not, however, insure the same risks as business equipment breakdown. Business property insurance covers the following items.

Business property insurance will come with exclusions that should be considered. It will not cover power surges, electrical shorts, mechanical breakdowns, motor burnout, and operator error. Equipment breakdown can fill the gap and pick up some of those exposures. 

How to Connect with a Tennessee Independent Agent

Your Tennessee insurance can be confusing if you're not a licensed professional. From personal to business coverage, there is a lot you need to understand. Equipment breakdown insurance can protect your assets from a loss. 

An independent insurance agent can quote your coverage at an affordable rate. They do the shopping for you with their network of carriers so that you get the best policy. Connect with a local expert on TrustedChoice.com to get started today.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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