In many businesses, equipment breakdown can lead to a business interruption very easily. This business interruption can be financially devastating, and could potentially even put a company out of business. Unfortunately, many business owners wrongly assume that their property insurance will cover any damages or breakdowns that occur with their equipment. However, typical property/casualty policies will only cover damage to equipment from “external” causes. That is, natural disasters such as a fire, flood, or even tree falling on the roof of the establishment.
This scenario above is exactly why you need to talk to your clients about dry cleaner equipment breakdown insurance, also called Boiler and Machinery coverage. This coverage can provide financial reimbursement for the cost to repair or replace the damaged equipment, business income losses when a covered breakdown causes a business interruption, and more.
Dry cleaner equipment breakdown insurance won’t just cover the breakdown of their actual service equipment, but also any electronic devices your client uses, such as computers or computerized equipment. Critical business information, including customer databases, often exists only in an online database, which cannot be accessed if equipment breakdown has affected your clients’ computer system.
It’s important that your clients be aware that even if they lease their building or use equipment provided by a different company, they still need dry cleaner equipment breakdown coverage. Let’s say that an electrical short cuts off power to your client’s HVAC system and lights, not allowing your clients’ employees to work, and thus resulting in a severe business interruption. Even though the equipment belonged to someone else, your clients’ business is still the one that suffers.
At Irving Weber Associates, Inc. (IWA), we offer the FabriCare Advantage insurance program which includes Dry Cleaner Insurance, Dry Cleaner Equipment Breakdown coverage, and more. Please contact us today for more information at (855) 764-7406.