Every business and institution in the world today relies on equipment to operate effectively. Equipment failure poses a significant risk to a business’s production and trading position, ultimately impacting on the bottom line.
Whilst cover for fire and accidental damage may be included within a commercial property policy, equipment breakdown or damage may not be.
Because your business depends on functioning equipment to operate and maintain revenue, a breakdown could be devastating. The threat of breakdown is increasingly prevalent because technologically advanced equipment tends to be sensitive and fragile, and can easily sustain damage that causes breakdowns.
equipment breakdown and damage insurance offers businesses protection against unexpected costs associated with the repair and replacement of vital equipment.
Machinery and Technology
Inspire Insurance Machinery and Technology Insurance responds to the changing equipment risks and exposures by providing protection that not only covers the physical components, but also operator error and derangement of computer controls.
Despite the frequency and high costs of a recall, most companies don’t adequately plan, prepare, practise for or buy insurance against product recall events. In addition to proper insurance covers, careful planning is essential in managing the risk of a recall. Inspire are able to advise and guide you through this complex process and work alongside you to find the most suitable solution to meet your needs.
Product recalls or contamination costs can easily run in to the millions of pounds. In addition to the physical expenses of withdrawing the product from the market, the knock on effects may also be costly.
In addition to proper insurance covers, careful planning is essential.