Equipment Breakdown Insurance - Protecting Your Profits
Put yourself into this story, you are working on one of your biggest jobs of the year that will help your bottom line immensely. All of a sudden, the equipment you are using for a majority of the job breaks down, forcing you to stop production on the job. This delay causes more and time and money to be put into the job and will delay the finishing of the job.
Breakdowns are part of manufacturing and business though, but it should not cost you valuable time and money. This is where breakdown insurance comes in handy.
Breakdown insurance saves many companies from catastrophic failure in while production is halted, helping with costly repairs, expediting the expenses incurred, production time and business interruptions, and in some cases, coverage of lost perishable goods.
At Obsidian Manufacturing Industries, we deal with a lot of customers that need repairs. Whether it be an electromagnetic chuck from our Magna-Lock USA brand, a lift magnet from Power-Grip or MagnaLift, or an Arter grinder, we have a long line of repairs that we have completed, each with a different story behind it.
In an increasing number of cases though, we have been dealing with companies and insurance companies with this equipment breakdown insurance, with it most of the time saving our customers a lot of money and time.
Repairs on heavy equipment are almost always expensive, and having repairs done quickly is an even bigger venture. With insurance on your equipment, these costs can be covered so your production can be back up and running in no time at all. Having your insurance cover both repair expenses and expedition of those repairs will help with getting your machine back to you in running condition in almost no time at all.
Next, the interruptions that breakdowns can cause range from small, like a few weeks of lost production time, to month-long delays, which can possible prove catastrophic. With the addition of insurance on those breakdowns, any covered accident will provide assistance with those interruptions and keep your business alive and well.
Specifically in the food industry, with equipment breakdowns, produce can and will go bad, making the food absolutely useless for the company. Insurance on breakdowns gives those companies relief they need for that, covering the losses incurred.
In all, the fact that in these times one thing like an equipment breakdown could cause a business to shut down is clearly nerve-wracking. But, adding equipment breakdown insurance can protect your business against that. Protect your profits, and in some cases your business, and look into getting equipment breakdown insurance.