No matter what you rely on equipment for, you want to know it’s going to be functional when you need it to be. But sometimes equipment breaks down due to mechanical malfunctions and other internal errors, rather than other disasters like fires. That’s why it’s so important to be equipped with the right equipment breakdown insurance.

Fortunately a Florida independent insurance agent can help you find the right type of equipment breakdown insurance to protect you against unexpected failures and malfunctions. They’ll even get you covered well in advance of you needing to use your policy. But first, here’s a deep dive into this crucial coverage.

What Is Equipment Breakdown Insurance?

Equipment breakdown insurance covers damage from an internal failure of machinery, as opposed to external events like a fire or lightning strikes. Since machinery is relied on so heavily for numerous things, it’s critical to have extra protection for it. A Florida independent insurance agent can help you find the right type of coverage for your needs.

What Does Equipment Breakdown Insurance Cover in Florida?

Equipment breakdown coverage in Florida comes with a few important benefits. While your policy may vary, the common coverages provided by equipment breakdown insurance are:

• Repair/replacement of equipment: Coverage pays for the repair or replacement of equipment that gets damaged by a covered malfunction like a mechanical breakdown, electrical failure, or pressure equipment failure.
• Repair/replacement for damage to other property: Some equipment breakdown policies cover damage to other surrounding property that’s damaged by a mechanical failure, etc. of covered equipment.
• Loss of income: Your equipment breakdown policy may cover business loss of income due to covered mechanical breakdowns, etc.
• Additional expenses: If a covered loss forces you to live in a temporary residence while repairs are being made to your home, your equipment breakdown policy may provide some reimbursement for extra expenses.

A Florida independent insurance agent can help you get set up with all the equipment breakdown insurance you need.

What Isn’t Covered by Equipment Breakdown Insurance in Florida?

According to insurance expert Jeffery Green, equipment breakdown insurance in Florida provides many important coverages, but also comes with a few exclusions. Common exclusions under this coverage are:

Your Florida independent insurance agent can help you find additional coverage that may be required if your equipment breakdown insurance doesn’t extend far enough for your needs.

What Kind of Equipment Is Covered by Equipment Breakdown Insurance?

Green said that there are several types of equipment that this coverage applies to, but also specific kinds that are excluded. Here’s a breakdown of what this insurance does and doesn’t cover, in terms of specific equipment.

Covered equipment:

• Mechanical equipment (engines, pumps, etc.)
• Electrical equipment (transformers, cables, etc.)
• Computers and communications equipment
• Boilers and pressure equipment
• HVAC and refrigeration equipment

Excluded equipment:

• Watercraft, vehicles, and aircraft
• Tools that need regular replacement
• Computer media
• Medical diagnostic equipment
• Construction equipment
• Equipment manufactured for sale

A Florida independent insurance agent can help you determine for sure if your equipment is covered by equipment breakdown insurance.

Equipment Breakdown Coverage under Home Insurance and Commercial Insurance

Equipment breakdown coverage may be added as an endorsement to either a Florida homeowners insurance policy or Florida commercial insurance policy. Equipment breakdown coverage is usually an add-on to basic home or business policies. Speak with your Florida independent insurance agent if you want this coverage for your home or business.

Boiler and Machinery Insurance vs. Equipment Breakdown Insurance

Boiler and machinery insurance is just an older term for equipment breakdown coverage. The two titles for coverage may be used interchangeably, even though one is dated. There is no actual difference in the coverage or exclusions. A Florida independent insurance agent can help you find the coverage you’re looking for, no matter which title the insurance companies near you use.

Equipment Breakdown Insurance Claim Examples

Equipment breakdown insurance has many purposes, but there are several common claims filed under this coverage. Here are just a few examples.

• Lost business income due to a power outage
• Replacement of computer systems damaged by a power outage
• Replacement of spoiled food and other inventory during an outage
• Repair or replacement of damaged equipment like blown transformers

A Florida independent insurance agent can provide you with more examples of common insurance claims filed under equipment breakdown insurance.

Here’s How a Florida Independent Insurance Agent Can Help

Independent insurance agents are fully equipped to protect self-employed workers against commonly faced liabilities. Florida independent insurance agents shop multiple carriers to find providers who specialize in equipment breakdown insurance. 

They can deliver quotes from a number of different sources and help you walk through them all to find the best blend of coverage and cost.