Any business that operates as a factory, plant, or works with complex or heavy machinery of any kind is ultimately laden with a host of risks. These risks are very likely to occur and cost damage to the entire operations of a business operating on such a large scale.
Some of the risks that might occur are, the breakdown of a core machinery item, accidents and mishaps on the site, or a tangible loss or damage of any kind to the equipment.
To safeguard your business from such unexpected and unprecedented events, J Insurance is here to provide you with a range of low-cost and innovative engineering insurance products so that any risk of any kind doesn’t affect your operations and your top line.
Let’s begin
Machinery Breakdown Insurance Policy
As the name of this policy already explains, a machinery breakdown insurance policy covers the insured machinery from any unforeseen events that break down the machinery while it is being used or at rest.
This policy covers the cost that is incurred to repair the damaged machinery that occurred as unprecedented damage.
The insured unit of machinery is covered in both situations, that is, when it is working and when it is at rest. The insurance policy also covers the situations where damage occurs when the machinery unit is disassembled for cleaning, inspection, or overhauling. Moreover, the policy also covers instances where the damage. Unit is being moved in a different position while working or while being reconstructed given that all this is happening under one roof.
Contractors Plant & machinery
If your business is entirely dependent on a particular set of tools used in construction or operational machinery of some sort then you may opt for Contractors Plant & Machinery Insurance policy to secure your operational damages occurred due to exposure to the extreme working conditions.
Electronic Equipment Insurance
If you’re a business that has electronic equipment like Computers, UPS, Stabilizers, and medical equipment like X-Ray machines, Ultrasound machines etc then Electronic Equipment insurance is for you. This insurance policy is specifically made for electronics that are expected to attract low-voltage, thus making them prone to damage resulting in a halt to your operations.
Erection All Risk
This insurance policy provides cover for construction projects that involve the erection of a structure. It safeguards any financial losses if the contract is dishonored and also provides cover damages to construction equipment or machinery.
Contractor’s All Risk Insurance
As suggestive as the name of the policy is, this insurance policy provides coverage to the contractors who undertake construction projects and provides coverage for the risks a contractor has to face while the project goes on.
This policy covers risks like any physical loss to a property, plant, machinery, tools, and a structure of any kind.
Advance loss of profit insurance
Delays are quite common in construction or infrastructure-related projects. Advance loss of profit insurance protects developers from incurring a grand financial loss.
Boiler pressure plant insurance policy
The boiler and pressure plant insurance policy is a type of engineering insurance that protects boiler equipment. The coverage of this policy also extends coverage to third party property or the human damage caused due to the collapse of the equipment.
Portable Equipment Insurance Policy
Specific industry equipment is very expensive and costs a fortune. There is always a risk of theft or damage. If you’re someone who works with the help of special equipment then this insurance policy is for you.
This policy covers accidental damages or breakdown and also includes damages by fire, theft, robbery, and other types of malicious damages.
Some examples of specific industry equipment are medical equipment and film cameras.
So there you have it. These are all the types of engineering insurance policies that you should know as a business owner who has manufacturing or a construction company.
If you are looking for any type of engineering risk insurance then check us out. We have developed an Insurance calculator that calculates and picks out the best insurance quote from various insurance companies. So you can get the best deal.
Visit J Insurance.in to try it out now.
