In today’s unstable economic climate, no business or organisation can afford to be without some form of professional insurance. New businesses often face a difficult choice when it comes to which policies are the most essential or which types of cover they can’t afford to be without.
Of these ‘essential’ types of cover, policies designed to protect key assets such as equipment, stock and tools are generally considered to be the most important. A key example of this is engineering insurance.
Most modern businesses rely heavily on computers, machinery, electronic equipment and facilities in order to run smoothly and efficiently on a day-to-day basis. Without these items functioning properly, productivity can plummet and businesses can lose money.
This is why it is important for business owners to consider getting professional insurance cover for equipment breakdowns, deterioration and other causes of downtime. With regular equipment inspection, the risk of a breakdown and interruption to everyday operations can be minimised.
What Are The Features Of An Engineering Insurance Policy?
• Computers and Electronic Equipment
• Damage to Machinery (including short-term hire of replacement machinery)
• Business Interruption
• Stock Deterioration