Oldie But A GoodyThough it may sound antiquated, boiler and machinery insurance is a modern necessity.

You may or may not have a boiler, but chances are you needboiler and machinery (B&M) insurance. Why? Because yourbusiness property insurance covers a wide range of perils, such asfire, flood and accident, but it doesn't pay for equipmentfailure and any resulting losses.

Equipment and mechanical breakdowns have always been excluded bycommercial property policies since back in the first half of the20th century when steam boiler explosions were likely, explainsMadelyn Flannagan of the Independent Insurance Agents of America.But after eliminating these risks from standard property policies,Flannagan says, the industry created a separate product to addressthem.