Equipment Breakdown Coverage in Vermont

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

• Retailers, which use cash registers and POS systems to ring up customers
• Restaurants, which use refrigerators, freezers and cooking equipment
• Offices, which use copiers, scanners and computers

• Business Income Coverage
• Commercial Property coverage
• Business interruption coverage

What is Equipment Breakdown Coverage?

Many businesses in Vermont have essential equipment that they’re reliant upon. Should this equipment break down, it must be repaired as quickly as possible. Operations often come to a halt when such vital equipment malfunctions. Equipment breakdown coverage helps businesses prepare for and survive potential breakdowns of essential equipment.

Equipment breakdown coverage is a unique insurance coverage. Rather than offering liability protection for certain incidents or property coverage for perils like theft, this coverage insures equipment against covered breakdowns. If a business suffers a covered equipment malfunction, an equipment breakdown policy might help pay for:

Repairs needed to get the equipment working properly again
Emergency services charges for repairs made during non-business hours
Time and labor used to repair equipment if the repair is may in house
Goods that are damaged because of the breakdown (e.g. spoiled food if a freezer malfunctions)
Lost revenue that’s caused by a pause in operations

What Kinds of Breakdowns Are Covered By Equipment Breakdown Insurance?

As is the case with any type of insurance, the exact incidents that a particular equipment breakdown insurance policy covers depend on the policy’s terms and conditions. In general, many policies cover breakdowns caused by:

Operator errors
Mechanical failures
Power surges
Explosions

What Businesses in Vermont is Equipment Breakdown Insurance Right For?

Any business in Vermont that relies on one or more vital pieces of equipment may want equipment breakdown insurance. This includes businesses that have complex pieces of machinery as well as those that have only basic equipment. As long as a piece of equipment is essential to operations, equipment breakdown insurance may be appropriate.

A few examples of specific businesses that could benefit from an equipment breakdown policy include:

Retailers, which use cash registers and POS systems to ring up customers
Restaurants, which use refrigerators, freezers and cooking equipment
Offices, which use copiers, scanners and computers
Hospitals, which use many different types of medical equipment
Hotels, which use heaters, air conditioners and hot water heaters to keep guests comfortable

Mike Bancroft is simply an amazing agent. When my business got burglarized, I was so upset and didn't know what to do. I contacted Mike and he was very prompt in calling me back and he put my mind at ease. He made me feel so much better and handled all of the paperwork immediately. His customer service is top notch and I highly recommend him to be your insurance agent!

Becci Kepnes-Letourneau

Our business was with the same trusted agent for over 20 years. Mike Bancroft offered to evaluate our policies and see if he could save us some money on both Workmen's Comp and general liability. He did, and in the process even moved us to better coverage. Mike also offers a superb quality of service. Cannot recommend highly enough.

StoryWorkz Creative

Mike Bancroft has been great to work with. He has assisted with my Business Auto, Tool Coverage, Homeowners and all other types of insurance needs. I wouldn't be surprised if they change their name to Paige, Campbell & Bancroft soon!

Lance Garrett

Extremely prompt, personable, and professional service! Despite only needing a workers' comp policy for one employee, Paige & Campbell was very receptive and ensured to shop my policy around to ensure I received a great price that was almost half of what another broker quoted me.

Jennifer L.

What Sorts of Equipment Do Equipment Breakdown Policies Cover?

Equipment breakdown policies can cover many different kinds of equipment. In most cases, Vermont businesses can find an equipment breakdown policy that will cover just about any vital piece of equipment.

Are Equipment Breakdown Policies Different from Boiler and Machinery Policies?

Equipment breakdown policies are similar to boiler and machinery policies. In fact, the two kinds of policies are so similar that some insurance providers are fading out their boiler and machinery policies, and only offering equipment breakdown policies.

Equipment breakdown policies aren’t exactly the same as boiler and machinery policies, though. Generally speaking, equipment breakdown policies have slightly broader coverages that protect more kinds of equipment than boiler and machinery policies offer coverage for.

What Factors Impact Equipment Breakdown Policies’ Premiums?

As is the case with other insurance policies, many factors influence how much equipment breakdown policies cost. A few that may impact how much a particular business pays of a policy are:

The number of pieces of equipment being insured
What type of equipment is being insured
How the insured equipment is used
What coverages and limits a business selects

How Can Businesses Get Equipment Breakdown Coverage?

To find out exactly how much equipment breakdown coverage will cost your company and purchase a policy, contact an independent insurance agent. An independent agent in Vermont will be able to request quotes from several insurers in the state that offer equipment breakdown policies. Once the agent receives these quotes, they can help you compare the different policies available and select the one that works best for your business.