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Many businesses require a significant amount of equipment to run properly. If you are a retailer, you have computer systems, refrigeration, and compaction systems. If you operate a factory, your equipment is usually significantly more.

Every component costs money, particularly when it comes to repairs and maintenance. Your equipment breakdown coverage can help cover costs when they stop working. As such, this is an important type of business insurance to have. And, something that should be looked at on a routine basis.

What Does It Need to Cover?

To update your policy, take a closer look at your business location. Make a list of all valuable equipment you have on hand. Include everything from copiers to grilling systems. Then, determine how much it would cost to replace these items.

Also try and choose replacement coverage over actual value coverage. If you purchase actual value coverage, it will only pay enough to cover the current (depreciated) value of that item. That may make it hard for you to get a new system to replace it.

Determine What's New

Have you added any type of equipment in the last year? These may be brand new items that you have not had in your location previously. They may also include items you updated or replaced.

Take inventory of these new items, if you have any. Then, take a look at the existing equipment you have. Have any pieces become too hard to replace? Is anything out of date and no longer manufactured?

Gather these answers, and then review them. With this information, you can begin to see what updates you need to make with your existing plan.

Updating Your Commercial Property Insurance

Commercial property insurance usually covers the mechanical and electrical breakdown of equipment kept at your location (not including normal wear and tear). Generally, this coverage will pay for the repair of these items. If repair is not possible, it will pay for a replacement.

It's important to note that all policies have an upper limit. This is the most the policy will pay for any claim.

Read through your existing policy. What is the maximum it will pay out? Does your commercial property insurance provide enough coverage for all your equipment?

Also, be sure to verify that your policy does not exclude any specific types of equipment. If it does, you might need to augment your coverage with a specialty policy.

It is not uncommon for business owners to have little idea how much each piece of equipment costs to repair or replace. Yet, gathering this information can be eye-opening. If your policy offers limited coverage or does not include the newest equipment you own, it may not be worthwhile. This is why it's important to your coverage now. It can prevent suffering financial loss later.

Talk to your Southwest Commercial Insurance agent today for more information on equipment breakdown coverage.

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