Why Should You Get Your Machinery Insured?

Your professional equipment is precious. It allows you to work on a daily basis. But no one is immune to a disaster. By damaging your professional assets, this type of disaster can lead to an unforeseen financial burden, and a slowdown, or even an interruption, in your activity.

So, it’s evident to take necessary measures to protect them against misfortune. And having them insured do just that. The plant and equipment insurance is designed to help you protect your business in case anything happens to the machinery you depend on.

How Does These Insurance Works?

Unlike, the property insurance, equipment, and plant coverage are not limited to the location of the property. Instead, their coverage goes wherever your work demands. So, basically these insurance plans are for those who require to move their machinery at different locations. Mainly, this insurance offers protection against the lost, vandalized or stolen equipment. From drag-line excavators to wheel tractor scrapers, whatever machinery you need to take with you into the field, you get them all covered with plant and equipment insurance. Additional coverage includes:

Accidental Damage to Machines

The additional covers offer protection for accidental damage that could affect your machines in operation, at rest, or during dismantling. Also, it covers any damage while reassembly or movement within the confines of your establishment as part of maintenance and repair work.

Internal Causes Can be Insured :

Electrical Damage

Material or construction defect, manufacturing or assembly defect, calculation or design error.

Seizure, adjustment, vibration, loosening of parts, centrifugal force, over-speed, mechanical heating.

Failure of Regulation, Control or Safety Devices

It includes a water hammer, water, fire in hot water or other liquids, steam devices and hydraulic systems. Plus, the explosion of compressors, motors, inflatable objects or structures, as well as deformation without rupture of a container or a tank by an explosion originating inside of it.

External Causes

These damages include the introduction or collision of a foreign body, fall, shock wave accompanying the passage of an aerial device in supersonic flight. Not to mention- riots, popular movements, acts of sabotage.

The damage can also be due to human error (clumsiness, inexperience but also malice).

All and all, having your machinery insured have tons of benefits and clearly we can not see any demerits. Therefore, get your equipment and machinery insured as soon as possible.