A broken furnace can cost businesses thousands of dollars to replace, not including the money lost if the business has to shut down while repairs are made. In some situations, commercial insurance policies can help Albany, NY, business owners cover that expense.

Covered Events

Every policy lists specific covered perils. Many typically cover damage from wind, fire, theft, vandalism, and certain natural disasters. If a covered event damages your furnace, most policies will help pay for its replacement. An agent at NY Twin Bridges Insurance Agency can help you better understand what your specific policy covers.

Exclusions

Every policy also comes with a list of excluded events. Most exclude normal wear and tear, meaning that if your furnace needs replacing simply due to age, your policy likely won’t cover it. Policies may also exclude certain natural disasters, such as floods, hurricanes, or tornadoes. It’s worth evaluating the types of natural disasters common in your area to ensure you have adequate coverage.

Equipment Coverage

Several companies offer equipment coverage as a rider to add onto your existing commercial insurance policies. This coverage is designed to help pay for the replacement of equipment essential to keeping your business running, typically including items like a water heater or furnace, and sometimes extending to items like a deep freezer or restaurant stoves.

Whether your policy helps cover the cost of a new furnace ultimately depends on why it needs replacing and what your specific policy includes. Representatives at NY Twin Bridges Insurance Agency can help you better understand your coverage and discuss business interruption coverage if you need to temporarily close for repairs. Contact us today. We’re currently serving the Albany, NY, area.