A broad spectrum antimicrobial composition consisting essentially of an iodopropynyl compound in combination with a benzimidazole and a metal borate is disclosed. The composition can be used to protect industrial systems against microbial growth and, more particularly, to protect substrates such as paints, coatings, stucco, concrete, stone, cementaceous surfaces, wood, wood-plastic composites, caulking, sealants, textiles, leather, wood, preservatives, metal working fluids, drilling muds, clay slurries, glazes, optical brighteners, carpet backing, and pigments against microbial growth. The composition can be used as a preservative for aqueous products.