Best Equipment Breakdown Insurance

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We chose Nationwide as the best overall provider of equipment breakdown insurance due to its customer-friendly online tools and its robust equipment breakdown insurance coverage options.

This provider, formerly known as Farm Bureau Mutual Automobile Insurance Company, sold its first insurance policy in 1926. Since then, Nationwide has grown to become a well-known and highly rated company that offers a variety of insurance and banking products to families and businesses. Nationwide Insurance also boasts an "A+" (Superior) rating for financial strength from AM Best, so you can rest assured your coverage is reliable.

When it comes to Nationwide’s equipment breakdown insurance coverage, you can purchase insurance that pays for events like power surges and mechanical malfunction, broken equipment, and expenses involved in equipment repair. Nationwide equipment breakdown coverage can also reimburse you for business income losses and lost or damaged material or inventory.

You can apply for a free quote from Nationwide online, but you’ll need to provide ample information about your business, including the type of business you have, your contact information, and your business address. Ultimately, however, you’ll need to speak with an agent to find out how much you’ll pay for coverage when you add equipment breakdown insurance to a general business insurance policy.

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Allstate excels when it comes to offering equipment breakdown coverage you can add onto an existing business insurance policy. You get to work with a local agent to come up with a quote that will protect your business equipment and your business itself from financial losses, and this coverage even applies to the cost of mandatory inspections for key machinery.

We chose Allstate for best add-on coverage due to its robust equipment breakdown coverage that you can add onto an existing Allstate business insurance policy. Allstate was founded in 1931, yet the company has grown since then to become a major provider of auto insurance, homeowners insurance, business insurance, and more. Allstate also has an "A+" (Superior) rating for financial strength from AM Best, which shows their ability to pay out claims.

Allstate equipment breakdown insurance can be added to an existing business insurance policy with the company, which is convenient for Allstate customers. This coverage intends to protect business owners against losses resulting from repairs after a covered incident, as well as costs involved in rush repairs, property damage liability, and mandatory inspections of key equipment. This coverage is also good for covering lost business income after an incident takes place. 

You can start on a quote for equipment breakdown insurance on the Allstate website, but you’ll need to speak with an agent to fully build out your quote and get your coverage started. Allstate offers business insurance policies in all 50 states, which is another major plus.

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CNA stands out when it comes to offering equipment breakdown insurance in a variety of industries where manufacturing takes place, ranging from healthcare to technology and wholesale distribution. The coverage replaces losses resulting from equipment breakdown. Covered losses include the repair or replacement of your equipment, damage to other property, the loss of perishables, and more.

We chose CNA as the best option for manufacturing due to their expertise in commercial industries that rely on manufacturing and heavy equipment. This company was originally founded in 1897 as an accident and health insurance coverage provider, but it has changed names and grown tremendously in size since then. These days, CNA offers a variety of business insurance solutions and products to more than one million businesses and professionals around the world. CNA Financial has an "A" (Excellent) rating for financial strength from AM Best. 

You’ll need to work with a CNA agent in order to build a quote, but you will find that they offer extensive equipment breakdown coverage that can be tailored to your needs. For example, you can add on additional coverage to your policy for additional losses caused by time, spoilage of inventory or products, or losses to your customers based on time lost for repairs. Additional supplementary coverage can also be purchased based on your industry and may include chlorofluorocarbons (CFCs) and halon found in refrigerants, losses due to legal enforcement of the law, and specific losses due to computers or specific data processing equipment. 

When you buy a policy with CNA, you’ll also get to work with specialized, certified risk control experts who can help you identify potential hazards in your business that might lead to significant losses.

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We chose AXA XL due to its lack of restrictions for covered machinery that suffers a breakdown during an electrical or pressure test, as well as its lack of exclusions and waiting periods for certain types of claims.

AXA XL received our top ranking for best coverage with no restrictions due to the fact they advertise few if any restrictions for some machinery and certain types of claims. While not a household name, this provider currently offers insurance solutions in more than 200 countries and territories around the world. AXA XL claims that more than 90% of the Fortune 500 companies work with them in some capacity. The company also has an "A+" (Superior) rating for financial strength from AM Best.

When it comes to their machinery breakdown insurance coverage, AXA XL offers access to risk consulting experts who can help spot problems before they occur. Their policies also come with coverage for accounts receivable and transportable off-site equipment, as well as utility interruption services that include internet access, data transmission, and more. Perishable goods coverage also includes control of damaged property, and you can buy coverage for newly installed equipment or equipment that is currently being installed. 

You do have to work with an AXA XL agent to get a quote, but equipment breakdown coverage is offered by this provider nationwide. Also note that, when it comes to repair or replacement of machinery, you can receive up to 150% of losses associated with environmental, efficiency, or safety enhancements.

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American Family Insurance excels when it comes to offering equipment breakdown coverage for your home, which can make sense if you have expensive home components or appliances.

We chose American Family Insurance due to its unique equipment breakdown coverage for homeowners. Unlike equipment breakdown coverage for machinery, this type of policy can pay for equipment breakdown losses when home appliances and systems malfunction or break down due to circumstances beyond general wear and tear.

American Family Insurance was originally founded as the Farmers Mutual Automobile Insurance Company in 1927, but has since grown to become a major provider of homeowners insurance, auto insurance, business insurance, health insurance, and more. American Family Insurance also has an "A" (Excellent) rating for financial strength from AM Best. Overall, American Family Insurance is our top pick for best coverage for home.

While equipment breakdown coverage for homes is different from policies you buy for manufacturing equipment and machinery, having this type of policy can definitely pay off. Coverage from American Family Insurance can kick in to repair or replace equipment like refrigerators, stoves, ovens, washers and dryers, HVAC systems, electrical systems, well pumps, swimming pool equipment, and more. Policies start at just $30 per year for homeowners or $20 per year for condo owners, and you can add on additional coverage for sump pump failure and water backup, or for service lines to your home. 

You can enter information to start a free quote on the American Family Insurance website, but note that you’ll have to speak with an agent to get your coverage started.

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We chose Great American Insurance Group as best for technology equipment for its specialized equipment breakdown coverage for businesses that focus on computers. This coverage can be purchased as part of a standard package policy, and the company offers unique inclusions for businesses that rely on technology and computers to function.

Great American Insurance Group offers specialized coverage for commercial purposes, including equipment breakdown coverage for microelectronics, cloud computing, and more. This company was founded in 1872 as the German American Insurance Company, but it has grown since then to become a major provider of individual and business insurance coverage. Great American Insurance Company also has an "A+" (Superior) rating for financial strength from AM Best.  

We chose Great American Insurance Group due to its specialized commercial coverage, including its TechAdvantage equipment breakdown and technology coverage. This insurance plan can help reimburse you for losses when technology equipment like cloud computing software or microelectronics break down or otherwise face an interruption. You can even add public relations coverage that can pay for PR expertise if a major equipment breakdown damages your business's reputation. 

One downside of Great American Insurance Group is the fact that you cannot enter your information to start a quote for a policy online. You’ll have to speak with an agent to purchase a policy, and you can only buy this coverage as part of a standard business insurance policy package.

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We chose Travelers as the best provider for medical facilities based on their specialized coverage for boilers, pressure vessels, and other types of equipment used by medical facilities and laboratories.

We chose Travelers due to its tailored coverage for medical facilities and laboratories that use boilers, pressure vessels, and other complex equipment to function. Travelers Insurance has been inspecting and providing insurance for this type of equipment for many years, which makes them an expert in this very specific niche. You can also rely on Travelers in terms of its ability to pay out claims. Currently, the company has an "A++" (Superior) rating from AM Best.

Equipment breakdown insurance from Travelers is offered specifically for equipment like boilers, pressure vessels, refrigeration units, air conditioning, electrical equipment, and communications and data systems.

Also note that Travelers Insurance offers the assistance of their risk control specialists, who can survey your property to check for hazards that could prove costly in the event of an accident. They also offer non-destructive testing services, which can help you control and manage unplanned electrical outages.