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Understanding Boiler & Machinery Insurance: Essential Protection for Your Business

When it comes to protecting your business, it’s important to consider all potential risks. One often overlooked but crucial form of coverage is boiler & machinery insurance, also known as equipment breakdown insurance. This policy is designed to safeguard your business from unexpected mechanical or electrical failures that could disrupt operations, damage equipment, and even lead to financial losses.

What Does Boiler & Machinery Insurance Cover?

Boiler & machinery insurance is primarily focused on protecting your business from the breakdown of machines and equipment, especially high-risk items like steam boilers and pressure vessels. While the name might suggest it only covers boilers, the truth is this insurance extends to a wide range of mechanical and electrical equipment.

This coverage not only pays for the repair or replacement of damaged equipment but also covers other important costs. If your business suffers a breakdown, this insurance can help with:

  • The cost of replacing or repairing the damaged equipment or property.
  • Business income loss caused by the disruption.
  • Food spoilage if your business involves the storage or preparation of perishable goods.
  • Restoring lost data if equipment breakdown leads to data loss.

As you can see, this coverage offers a broad range of protection that goes beyond simply fixing machines. Whether it’s keeping your business running or helping recover lost assets, Boiler & Machinery Insurance is essential for many businesses.

Who Should Consider Boiler & Machinery Coverage?

If your business relies on mechanical or electrical equipment, you should strongly consider investing in boiler & machinery insurance. This includes companies in various industries such as manufacturing, food services, retail, and office spaces.

Here are some examples of equipment that are covered by this insurance:

  • Photocopiers and fax machines used in offices.
  • Computers and cash registers that are vital for business operations.
  • Heating and refrigeration systems, which are especially important for food-related businesses.
  • Manufacturing machinery, including boilers, pressure devices, and other mechanical equipment.

Any business that uses or depends on equipment can benefit from this coverage. It can prevent a financial setback that could result from a sudden breakdown or malfunction.

Do Boilers Need Regular Inspections?

Yes, boilers and pressure vessels typically require annual inspections, especially due to the potential damage a boiler explosion can cause. These inspections are mandated by most states and cities. Regular inspections help ensure the equipment is functioning safely and efficiently, reducing the risk of breakdowns. In some cases, failure to adhere to these regulations can also impact the validity of insurance claims. Therefore, it’s crucial to stay compliant and have your equipment checked regularly to maintain coverage.

How Can IGM Help Protect Your Business?

At IGM Brokerage Corp., we understand the unique risks faced by businesses in New York City and beyond. We specialize in providing commercial insurance that meets the specific needs of your business, including Boiler & Machinery Insurance. Our team can help you navigate the various options available and find a policy that provides the right level of protection.

Located in the Bronx, we serve businesses across Manhattan, Brooklyn, Queens, Staten Island, Westchester, New York State, New Jersey, and Connecticut. Whether you’re looking for comprehensive coverage or need to update your current insurance, we can help you find the right solutions to protect your business from unforeseen events.

Why Choose IGM for Your Insurance Needs?

Choosing the right insurance provider can be daunting, but with IGM Brokerage Corp., you’re in capable hands. Our team is experienced in working with businesses of all sizes, and we’re committed to offering the highest level of customer service. With our personalized approach, we ensure that you get the right coverage to keep your business safe and running smoothly.

Don’t wait until it’s too late. Protect your business from equipment breakdowns and other risks today!

coffee shop small business insurance in Bronx NY

What Type of Insurance Does a Small Business Need in Bronx NY?

There are many things to think about when you are opening a small business in Bronx NY area? One of the most important items that you need to obtain as a small business owner is the right type of small business insurance coverage in Bronx NY.  You want to protect yourself in case of an accident or a fire.  If you have employees, New York State mandates that you have worker’s compensation insurance and disability insurance.

coffee shop small business insurance in Bronx NY

The most common type of insurance policy for small businesses located in the Bronx is the Business Owner’s Policy otherwise known as a BOP.  A BOP usually combines Property Insurance and General Liability Insurance at a lower cost than if you were to purchase them separately.

Property Insurance covers the damage to your building and property caused by a fire including your inventory, furnishings, computers and other items that are located at your business. General Liability Insurance will cover you if your small business is sued for causing harm to a person or property.  For example, if a person was to fall inside your office, and they break their ankle, they could sue the business for thousands of dollars.  General Liability Insurance should cover the cost of the legal fees and the monetary settlement that you will owe the injured party.

Many landlords in the Bronx and the rest of New York City will require that a small business have at least General Liability Insurance.  The landlord usually wants to be named as an additional insured on the policy.  This will protect the landlord in case someone gets hurt in your business and wants to sue not only you but the building owner.

An important coverage that can be included in a BOP is Business Interruption Insurance.  This is part of the Property Section of the policy and it will cover you for lost income if your company cannot operate in its current location due to a fire or other hazard covered under your policy. Business interruption insurance covers the revenue you would have earned if the fire had not occurred.  The payout is usually based on the business’s bookkeeping records. Business Interruption can also cover operating expenses such as the heating and electricity bills.

Raising or lowering the deductible can affect the price of the small business insurance policy.  The deductible is the amount that you will have to pay before the insurance kicks in.  While the premium may be lower with a higher deductible, you want to make sure that you have the money available to pay it in case of a loss.

Some other types of insurance that a small business may need include Professional Liability if you are a licensed individual such as a real estate broker, architect or lawyer.   Employment Practices Liability is important if you have employees. This insurance covers wrongful acts arising from the employment process such as discrimination, wrongful termination, sexual harassment and retaliation.

If you are planning to open a small business in the Bronx or anywhere else in New York, then you should definitely speak with an insurance expert.  IGM Brokerage Corporation will explain all the different types of insurance coverages that your business may need and find you a competitive quote.