My business is insured but what happens if a critical piece of equipment fails?

Under most insurance policies your business property (equipment) is covered if the equipment is damaged by a covered loss. But what happens when your anesthesia system breaks down or your X-Ray equipment breaks down? Generally your practice uses the equipment daily and if you need to scramble to find a replacement and then determine what the cost to repair is going to be, you have lost valuable time. Maybe you had to refer the care of an animal to another veterinarian and you still have the rental cost, repair and/or replacement of the effected unit.

These unexpected breakdowns happen and they can impact the business flow and cash on hand.

You may wish to consider equipment breakdown insurance coverage. Also known as Boiler and Machinery Coverage this form of insurance protects against power surges, burnout, malfunctions and employee error. The insurance pays for the cost to repair or replace damaged equipment; the cost associated with time and labor to repair or replace; income lost because a critical piece of equipment was unavailable and other expenses involved. Equipment breakdown insurance coverage is generally available with your veterinary insurance package however it must be selected separately. You shouldn’t assume that you have the coverage, be sure to check with your insurance agent and discuss the critical equipment in your practice and how much coverage you should select to adequately protect you.

If you would like more information regarding equipment breakdown insurance coverage call me at (805)238-1818 or send me an email at chris@tedhamminsurance.com


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