If you own or manage a business in the manufacturing and engineering sector, the likelihood is that you rely on some specialist machinery and tooling on a day to day basis. What would the cost be to your business in the event that a crucial piece of machinery failed?
You can, of course, take out a plant and machinery insurance policy, which will cover the cost of repair or replacement. But the true cost goes way beyond this; you have to factor in downtime, resulting in lack of productivity, reduced income, as well as disgruntled customers who may just decide to buy elsewhere and not come back.
Overall, there could be a significant financial loss to the business that may have long term repercussions. But a Machinery and Business Interruption insurance policy could be bought, protecting the business from such costs, were the worst to happen.
What is included on a machinery and business interruption insurance policy?
A machinery and business interruption policy can always be tailored to meet the specific needs of your business. But there are a number of key features that are typically included as cover:
- Cover can be tailored to address ‘all machinery’ or specifically named equipment. It could be that you have a single, high value and business critical machine that you wish to insure specifically.
- The policy can be designed with the most appropriate basis of cover (either loss of gross profit or loss of revenue).
- Flexible indemnity limits and periods designed to reflect your likely needs. You may have a particularly high value piece of equipment, or something that you know could take months to repair because of the availability of legacy parts, for example.
- A machinery business interruption policy usually works in conjunction with a standard plant and machinery policy, adding interruption cover benefits that compliment cover for repair or replacement costs.
Why choose Buckingham Insurance to arrange machinery and business interruption insurance?
Buckingham Insurance is an independent insurance broker based in Derbyshire, a traditional heartland of manufacturing and engineering. As a result, we have extensive experience arranging business insurance for businesses in these sectors. We have close relationships with our insurance partners, and take time to understand your business requirements before researching a suitable policy on your behalf. Why not get in touch today, and find out what we can offer for your business insurance requirements?