That is a very good question, and it depends upon whether or not you have the correct coverage. No, standard insurance policies do not cover damage from breakage while the equipment is being utilized in the course of a business.
Basically to be covered, it has to be one of the named perils contained within the policy and if it falls outside of that there is no coverage. We would like to introduce you to “equipment breakdown coverage” and there’s one policy in particular that we feel is perfect for small manufacturing firms. Not only does it provide additional machinery breakdown such as boilers pressure vessels elevators and heating and air condition units, but this one could also cover your manufacturing equipment itself and in the case of what is shown in the picture above, that claim amounted to $20,000 paid to the client.
In this case, the device had to be sent to Italy to get repaired and repair with the expedited costs during the coronavirus, brought the repair up to that amount. The client was never the less very happy with the outcome and was even happier to have chosen to secure this coverage.
Come to Curran Cooney Penny Agency and let us help you ensure your world!