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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:
- General wear and tear from regular use
- Unpredictable supply chains if replacement parts are needed
- Higher costs for replacement parts and more demand for repairs
- Old equipment with parts that are harder to obtain
- Less outsourced technicians available to make repairs quickly
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?
- Ensuring you have enough insurance coverage for replacements or repairs should a failure occur
- Scheduling regular maintenance checks to prevent disruptions
- Embracing new technologies and methodologies, including upgrading pieces of equipment if necessary
- Screening current maintenance plans, using analytics to weigh failures, and adjusting procedures
- Hiring the right people to make repairs if outsourcing is necessary
- Training internally and cross-training to prevent knowledge gaps
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.
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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.
