Whether you are a long-time trade contractor, run a digital start-up, produce goods or provide services, very few SMEs today can operate without technology. It boosts efficiency, takes over entire work processes – and leaves a gap in production when it breaks down. A simple short circuit, an operating error or force majeure can mean lengthy repairs and staggering lost earnings. These are scenarios against which every SME with machinery and electronic equipment should protect itself.
Technological advances make it possible to optimize your business using complex machines and systems. Many steps in a work process can be handled more efficiently or replaced entirely using technology. But at the same time, this technology harbors financial risks. While companies budget for the cost of investing in new machinery and other complex equipment, often they do not plan for their sudden loss or break down. So, the more specialized and indispensable technical systems are for your daily business, the more important it is for you to have them protected by comprehensive insurance. That way not only are the costs covered for replacement parts or a full exchange of the damaged equipment, but also the earnings that you lose due to the interruption or disruption to your operations.
While many insurance companies differentiate between insurance for machinery, IT systems and electronic equipment, AXA engineering insurance automatically covers all types of technology: computers or CNC milling specialists, telephone equipment or turbines, kitchen appliances or cranes. After all, every company has a different technical infrastructure that needs to function seamlessly. You need to be sure that if something happens, the financial consequences of a breakdown or defect are covered, regardless of whether you need a repair or replacement or have added expenses or consequential costs for the machinery or electronic equipment that disrupted your operations.
The insurance covers damage to your company’s technical equipment that occurs suddenly and unexpectedly and is caused by external factors such as employee mishaps or deliberate damage by third parties, or which is caused internally, for example by defective construction or materials. Other potential risks:
The insurance fully covers all technology equipment and machinery in your company if, for example, you have to pay the costs for repairs, replacement or rental equipment as well as for the lease payments for defective devices. And your company is indemnified for any loss of earnings in connection with an insured loss.
The danger of damage to technical systems and machinery is never greater than during installation. This is when any planning and calculation errors in the equipment being installed become apparent and the risk of theft and sabotage rises. There is also a higher risk of damage during transport to the place of installation. Assembly insurance makes sense for everyone involved as it offers sensible protection against unpredictable risks during all phases of installation.
Assembly insurance is like insuring a project. Your coverage begins when the equipment to be installed is delivered and ends as soon as it is ready to come on stream and after successfully completed test operations by the purchaser and manufacturer.
Based on the agreed sum insured, assembly insurance covers sudden and unforeseen damage or destruction during installation. It covers the costs of reinstating the equipment to its state immediately prior to the damage.
The guarantee relates to the functional capability of the device. Operating errors that lead to a breakdown and the resulting loss of assets are only covered by engineering insurance.
Assembly insurance covers the equipment being installed and protects you against the consequences of damage. Protection begins from the time of unloading at the installation site and ends when the system has been set up, is ready to come on stream, and test operations have been completed. Protect yourself from this time forward with engineering insurance.
It is recommended, as traditional property insurance protects you against the basic risks of fire, events caused by natural forces, water and theft. However, most of the damage to technical systems and electrical installations is due to other causes, e.g. faulty operation or short circuiting. Alongside the necessary repairs to systems, data recovery or measures to maintain business operations often result in high costs. With engineering insurance you are protected against these risks.
Often the purpose of electronic equipment insurance is to protect the company’s office equipment. You don’t need this policy as our engineering insurance offers blanket coverage for all your electronic equipment.