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What To Ask Your Insurer When Getting Machinery and Equipment Insurance

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When it comes to Women owned businesses and business equipment, the word insurance can be a dreaded word in both the home and at a place of business. Yet for many reasons, insurance policies are essential. For homeowners, the buildings and the contents need insuring against damage and theft, and your car insurance is also a necessity. 

And for Women in business, insurance is necessary for Product and Public liability – to protect against claims that come about via your products or services. But what about insuring machinery and equipment that is for business use? Perhaps you run a fitness studio, or you have a textile company or graphics design firm or perhaps a commercial business where your car is for business use only. Just as you would a car or other vehicle, you need to make sure your equipment has adequate cover.

At present we are in a state of confusion throughout the world, and its very evident that the Covid-19 pandemic has had a great effect on the insurance industry in many areas. Travel insurance, for example, is much harder to get right now, and many medical insurance packages are on hold. 

However, with life returning to as close as it can be to normal in many countries, and industry sparking back into life, it is essential you check that your equipment and machinery has up to date insurance coverage, as it may not have been something youve thought about during a shut-down. Lets have a look at the different areas of cover you may want to consider. 

Ask About Different Areas and Levels of Coverage

What to ask’ is the title of this article, so lets start by saying that an experienced insurance expert will be able to tell you the type of cover you need for your specific machinery and equipment. You dont want to be insuring a non-road going vehicle for on the road, for example, such as farming equipment. And there are many more differences with both industrial and commercial equipment, such as a pilates machine, a sewing machine, a computer graphics equipment, an industrial oven, which are all for business use. If your business is in or around Adelaide or Melbourne go to fundamentalinsurancebrokers.com.au/machinery-equipment-insurance for an example of a fully experienced and reputable insurer who deals in this sort of cover. Because they will be able to advise you on the right package for your machinery.

So, what should you ask about? We suggest the following:

Breakdown Of Coverage

This is vital for machinery that is used for long periods, especially mechanical machines and vehicles, and will help get you up and running as quickly as possible without great expense.

Material Damage 

Vandalism or accidents can cause damage to your machinery and equipment that needs repairing, and with adequate cover you will be able to get it repaired in good time. 

Theft 

The loss of a vehicle, or of heavy plant or equipment, may mean considerable cost for a replacement, so ask the insurer about the level of theft insurance they offer.

Liability 

Heavy machinery and equipment can be dangerous to operate and, while you will have all the relevant health and safety issues covered, accidents do happen. If a member of the team or the public is injured by your machinery, you will need business and public liability coverage.

Choosing the Right Insurer

The insurance company we mentioned above is a great example of a reputable service provider, and we cant stress enough how important it is you choose an insurer that is correctly regulated and recognized, as well as experiences in providing the type and level of cover you require. The world is full of stories about insurance policies that turned out to be useless in the event, and you need a reputable insurer to avoid these nightmares in your business. 

Do your research and talk to a team member about insurance for your machinery and equipment. And as you enter back into your best new normal, give yourself that added peace of mind that you are insured in all of the required areas.


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