Why Insure Against Machinery Breakdown?

If there is one thing a company needs to rely on to maintain productivity it’s continuity – keeping everything ticking over to ensure output doesn’t drop and a high standard of service is constantly delivered. But this is easier said than done, and if you’re in the business of manufacturing specific products then everything will be dependent on your machinery.

Indeed, if anything malfunctions or breaks unexpectedly then your profits could take a substantial hit if you’re unable to restore your hardware to full working order – a factor which makes regular maintenance essential to reducing the risk that you’ll suffer from such incidents.

The key is to take measures which can help to prevent your business from suffering any breaks in continuity as a result of problems with machinery, and one of these is by investing in the appropriate insurance policies. That’s because in addition to the loss of productivity, hardware can be particularly costly to repair or replace – and this is something that has to be done as a matter of urgency if you’re going to return to optimum levels of output as soon as possible.

What’s more, if monetary concerns are standing in your way of rectifying any issues with your machinery, the good news is that the relevant insurance policies can cover this cost and limit the financial impact any such events have on your firm.

Yet as always prevention is the best approach, and while this cannot be guaranteed it can be enhanced by placing a sufficient emphasis on the need for maintaining hardware to a high standard. That means regularly checking your machinery to detect any possible faults or signs of disrepair, making it possible to act appropriately rather than suddenly being hit by unexpected malfunctions that can bring your operations grinding to a halt. Here are some tips to help you prevent breakdown and lower your risk:

1. Keep Daily Records of Use and Oversee Operation

Machinery wear and breakdown can often be made worse by unskilled handling. Keeping records of machinery use and monitoring daily operations can help pinpoint when and where the machinery is being used by inadequately skilled operators.

2. Maintain a Schedule of Planned Maintenance

Components break down, and wear is inevitable. Establish forecasts for the expected life of all components and replace them on schedule. Part replacement must be done by knowledgeable technicians.

3. Lubricate and Clean Frequently

Working machinery requires daily maintenance. Some components, especially moving parts in engines and power trains, demand frequent lubrication. Other components, such as hydraulic lifts and bearings, must be monitored and lubricated at the first sign of need.

4. Inspect and Monitor Components for Wear and Damage

A planned maintenance schedule can predict component wear. Visually inspect components on an ongoing basis to monitor wear and prevent equipment failure. Components that must be replaced ahead of schedule may signal a larger problem that needs to be diagnosed.

5. Protect Equipment During Storage

Machinery should be stored under cover whenever possible. Inspect idle machinery for rust, condensation and contamination, and don’t forget to check all lubricants.

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Adler Insurance

Content creator for the Adler Insurance Group.

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