To avoid breakdowns have your air compressor serviced regularly
It is extremely unusual for air compressors to breakdown. Considering the hours they operate they are remarkably reliable and long lived. In most cases the reason we are called out is due to a fault that is mostly avoidable. Most breakdowns relate to overheating in some way, this could be due to lack of oil or due to radiators becoming blocked or covered by something. If you get your compressor serviced regularly and carry out you daily checks both of these and numerous other issues are usually prevented before they can occur.
There is always the potential for a major air compressor failure
There is always the potential for a major instantaneous failure but these are few and far between. Even if something major is failing on the compressor, this can normally be identified up during the daily checks and steps taken to repair the unit before there is a catastrophic failure.
The moral of the story get your compressor serviced regularly and spend 5 minutes a day doing the daily checks