Post written by: Mike Vettel
1. Equipment Breakdown Coverage
Because most businesses rely on equipment to generate income, equipment breakdown coverage is a must. Equipment breakdown has become a greater risk than it used to be. Sensitive and fragile technology can be easily damaged–sometimes by something as common as a power surge.
Since the majority of equipment is critical to daily operations, a breakdown can bring activities–and income–to a halt.
Equipment breakdown coverage helps protect your business from the costs associated with the breakdown of covered equipment, paying for physical damage that is the direct result of an “accident.” Examples of covered losses might include:
- Direct property loss–the cost to repair or replace damaged equipment
- Loss of business income and extra expense
- Spoilage as a result of covered equipment breakdown
- Short circuit/electrical arcing
- Utility power surges
- Mechanical breakdown
- Motor burnout
- Centrifugal force
- Additional expenses incurred to limit the loss or speed business restoration
It also covers equipment such as boilers, pressure vessels, water heaters, electrical distribution systems, heating and cooling systems, refrigeration (including lost refrigerant), processing and production equipment, office equipment, communications systems, including phone and voicemail systems, security and fire detection systems and diagnostic equipment.
2. Employment Practices Liability Coverage
With the current economic environment, and a more diverse workforce than ever before, employment practices liability (EPL) is especially important for small and mid-market business owners.
EPL from Westfield includes valuable claims and risk management tools, including:
- In the event of a claim, customers benefit from discount rates when specialty employment defense firms represent them.
- Businesses can access model policies and procedures, and online training, from the risk management website.
- Customers have access to a free legal advice line to proactively address issues before they materialize into a claim.
Most importantly, Westfield offers EPL coverage and benefits at a very competitive cost.
3. Data Compromise Coverage
Sometimes breaches happen accidentally, perhaps through a forgotten or misplaced laptop, or an inadvertent release of information.
Any business with employees and customers has the potential for a data breach, and businesses have a responsibility to safeguard data. Unfortunately, small to medium-sized companies are particularly vulnerable and often lack the resources to respond effectively–resulting in significant financial and reputational damage.
Data compromise coverage provides a solution at an affordable premium. It includes:
- The cost of notifying impacted individuals
- Legal review of notification obligations
- Credit report monitoring
- Identity theft restoration
For additional information, contact your local Westfield independent insurance agent.
Photo credit: Flickr Creative Commons, thetaxhaven.blogspot.com