You don’t have time for downtime. Your business counts on equipment that increases your productivity and drives efficiency, every minute you’re on the job. That’s why there are several options for protecting your equipment to prevent unnecessary downtime, in addition to protecting yourself financially in the event you are unable to pay off your equipment lease or loan.

Physical damage insurance, also known as contractor’s equipment insurance, is one way to ensure you are covered in the event of a loss. Physical damage insurance covers you in the case of fire, theft, vandalism, loss, and other fortuitous events. It helps minimize your downtime by covering the unexpected costs related to those events, ensuring your equipment is covered and back on site quickly. You can also receive reimbursement for rentals, in the event you need to rent equipment while your machine is down. In addition, if you owe money on your loan at the time of the loss, Physical damage insurance will cover that with gap coverage.

General liability insurance is another way to protect yourself in the event that the operation of an insured machine causes damages or bodily injury to a third party on the job site. If your equipment is leased, you will find that this coverage is required in order to obtain the lease. Your dealer can provide you with additional information on general liability insurance.

You can also purchase extended protection on your equipment to ensure your investment is covered well beyond the standard factory warranty period. Many companies offer this option as a way for you to hedge your costs and help manage your budget. By purchasing extended protection, you pay for the cost to repair your machine up front. This helps you plan ahead so you are not blindsided by repair costs in the future.

These products, offered by your insurance and financial institution can help you stay in business and directly impact your sales and revenue stream. You don’t have to make time for downtime. Talk to your local dealer or finance and insurance representative today to learn more about protecting your livelihood.