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Equipment Breakdown Insurance

Equipment breakdowns can result in more than the immediate cost of repairs. They can also lead to significant project delays, lost revenue due to downtime, and even damage your reputation. What you need is coverage for mechanical or electrical breakdowns of your equipment, not just for boilers and machinery, protecting your business from substantial financial losses.

Equipment Breakdown Insurance, or Boiler and Machinery Insurance, provides protection for your valuable equipment. It covers the repairs or replacement in the event of a breakdown due to a covered cause, such as mechanical breakdown or electrical failure, power surges, or operator error, not just boiler or machinery risk.

At Contractors Insurance, we recognize that equipment, like air conditioning, electrical panels, pressure equipment, boilers, and computers, is essential to your business’s success. That’s why we offer comprehensive Equipment Breakdown Coverage solutions tailored specifically for Ontario contractors.

What is Equipment Breakdown Coverage?

Equipment Breakdown Insurance is specialized insurance designed to protect your business from unexpected equipment failures. It covers the costs of repairing or replacing equipment damaged by a mechanical or electrical breakdown, power surge, operator error, and other covered risks.

Unlike commercial property insurance, which typically focuses on external causes of damage like fire or theft, the Equipment Breakdown Insurance Ontario contractors get specifically to address these risks. It safeguards your valuable assets, ensuring you can quickly resume operations and minimize downtime in case of a sudden and accidental breakdown.

Minimize the impact of equipment failures with Machinery Breakdown Insurance. It covers repair or replacement costs, but also helps you get back to business faster by addressing lost income, expedited expenses, business interruption, and more.

Who Can Benefit From Equipment Breakdown Insurance?

Equipment Breakdown Insurance is essential for any contractor relying on machinery or mechanical equipment. However, it’s needed for Canadian contractors whose equipment is exposed to various risks on job sites and during transportation.

The following types of contractors can significantly benefit from Equipment Breakdown Coverage:

Why You Need Equipment Breakdown Insurance Ontario

Even with meticulous maintenance, an equipment breakdown can happen to anybody, leading to costly repairs, project delays, and lost revenue. Without Equipment Breakdown Insurance, contractors are left to bear the full financial burden of these setbacks, jeopardizing their cash flow and potentially impacting their ability to complete projects on time. 

This insurance covers the cost of repairs or replacements, and addresses the ripple effects of a breakdown, such as lost income due to downtime and ongoing expenses during the repair period.

Equipment Breakdown Coverage Claims Examples

Claims Example #1
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    A power surge during a thunderstorm fries the electrical components of a contractor’s essential power tools, rendering them useless.

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    Equipment Breakdown Coverage would cover the repair costs, ensuring a swift return to productivity.

Claims Example #2
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    A plumbing contractor’s specialized pipe inspection camera suffers a mechanical failure, requiring costly repairs.

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    Equipment Breakdown Insurance would cover the cost of repairing or replacing the damaged tools, allowing the contractor to continue working without significant delays.

Claims Example #3
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    A concrete mixer’s motor burns out unexpectedly, halting a major construction project and causing delays in pouring the foundation.

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    Equipment Breakdown Insurance would cover the cost of repairing or replacing the mixer’s motor, as well as potentially offsetting some financial losses from project delays.

Leading Provider of Contractors Equipment Breakdown Insurance in Ontario

At Contractors Insurance, our award-winning status as a commercial insurance provider stems from our unwavering commitment to prioritizing our customers. We specialize in providing tailored Equipment Breakdown Insurance Canada policies, offering a range of benefits designed to protect your business:

Personalized Insurance Plans

Our policies are fully customizable, allowing you to select the equipment breakdown coverage that precisely matches your equipment, operations, and budget. You’ll never pay for unnecessary add-ons, only the protection your business needs.

Utmost Transparency on Coverage and Limitations

We believe in empowering our clients with knowledge. Our team of experts will walk you through every aspect of your machinery breakdown insurance policy, ensuring you have a clear understanding of what’s covered, what’s not, and any potential limitations or exclusions.

Thorough and Straightforward Insurance Education

We view our clients as partners, not just customers. We’re committed to being your trusted insurance resource, providing clear and comprehensive information to help you make informed decisions about your Equipment Breakdown Insurance coverage. 

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Frequently Asked Questions About Equipment Breakdown Insurance

No, Equipment Breakdown Insurance doesn’t cover damage caused by normal wear and tear or gradual deterioration of equipment. It’s designed to protect against sudden and accidental breakdowns.

The cost of Equipment Breakdown Coverage varies depending on factors, such as the type and value of your equipment, your industry, and the level of coverage you choose. However, it’s more affordable than the potential financial losses from an equipment breakdown.

Property insurance typically covers damage to your equipment caused by external events, such as fire, theft, or vandalism. Equipment Breakdown Insurance, on the other hand, covers damage caused by internal mechanical or electrical failures.

Get the Appropriate Coverage

Don’t let an equipment breakdown derail your contracting projects and impact your bottom line. Contractors Insurance, an award-winning insurance brokerage, is committed to providing you with the comprehensive Breakdown Insurance coverage you need to protect your valuable assets and ensure business continuity.

Our experienced team will work closely with you to understand your unique needs and tailor an Equipment Breakdown Insurance policy that fits your budget and provides the peace of mind you deserve.

Contact us today for a quote, and let us help you safeguard your contracting business.

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Get Peace of Mind.
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