One of the most devastating costs a business can face is the breakdown of equipment, resulting in hundreds of thousands of dollars in lost revenues and repair bills.
Consider this scenario: A restaurant experiences a power outage and cannot take orders or prepare food. And if the outage lasts long enough, the restaurant also could lose its food inventory to spoilage.
Equipment breakdown insurance, also known as boiler and machinery insurance, or mechanical breakdown insurance, protects companies from the financial losses associated with the breakage of machinery, including paying for repair or replacements costs and lost income. Insured events include a power surge, an electrical or mechanical breakdown, motor burnout, or operator error.
Investopedia recently evaluated insurance carriers that offer standalone equipment breakdown policies or coverage as an add-on to discover the best providers this year. Click the question marks in the infographic below to reveal the top equipment breakdown insurers in seven categories for 2020.
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