With inflation costs continuing to rise, staying on top of regularly scheduled maintenance and having trained people available to make repairs is essential.
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With inflation costs continuing to rise, preventative maintenance for your equipment and machinery is essential. Staying on top of regularly scheduled maintenance and having trained people available to make repairs is essential for many businesses to maintain daily standards of operation.
The Rising Cost of Repairs
Have you considered the losses you may incur if a key piece of machinery or equipment is broken down for a day, a week, or longer? Items that may impact your equipment or machine upkeep and repairs can include1:
Coverage Check
In addition, when was the last time you checked your coverage limits? Don’t risk being underinsured if an important piece of equipment breaks. Costs for replacements could be higher than what you are covered for.
Staying on Top of Preventative Maintenance
How can you take action now to help reduce the changes of running into these issues1?
To learn and to find resources on creating a preventative maintenance plan, reach out to your local Federated® marketing representative today.
1. https://www.mckinsey.com/industries/electric-power-and-natural-gas/our-insights/maintenance-and-operations-is-asset-productivity-broken. Accessed 1/22/24.
Visit the SMACNA association page for more on the products and services Federated Insurance offers, and to locate your local marketing representative and association account executive.
This article is for general information and risk prevention only and should not be considered legal or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all risk of loss. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. Qualified counsel should be sought with questions specific to your circumstances. ©2023 Federated Mutual Insurance Company.
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