THURSDAY, MAY 20, 2021
To make money, your restaurant has to operate efficiently. That’s why, critical business equipment malfunctions can be a very costly loss. The protection you need is equipment breakdown insurance. 
Your business insurance policy might have a few options available for equipment damage. Usually, though, you need equipment breakdown insurance in addition to your standard property coverage.
Equipment Breakdown Insurance
Most restaurants carry property and contents insurance for their physical assets. So, if a fire, storm or vandalism damages equipment, this coverage can help you afford to repair or replace the damaged items. All the same, it doesn’t have to be a major accident that damages equipment. Sometimes, something as innocuous as a power surge, motor failure or operational mistake can cause a failure in your chain of operations. For these isolated incidents, equipment breakdown insurance might help.
Why You Need Coverage
Let’s say you find that a power surge occurred in the night at your restaurant. It caused a short circuit on your range, and you now can’t prepare food. Since your business is a restaurant, you probably have a big problem on your hand, which could lead to a risk of long-term insolvency.
This is a situation where equipment breakdown insurance can help. First, coverage can help you receive covered costs for the repairs or replacement of the items. Furthermore, your coverage can help you recover the income (and potentially the food stock) lost during the failure. As a result, you’ll have a very good chance of full recovery following the incident.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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