Business equipment insurance protects one of a company’s most important assets, their equipment and technology. Without these machines in working order, a company cannot provide its products and services to customers. As a result, good business equipment insurance is a must have for almost all businesses. As an office manager, you know the need to get insurance that provides the best protection, at the most economic price. Below are 5 tips to get the most out of your business equipment insurance.
Know Your Own Risks
Before dealing with the insurance companies, take the time to know what sort of risks your company has. Finance is a foundational element of any business. Getting a business credit report is important. Each business faces its own unique risks. As a result, a company’s insurance policy needs to be tailored to fit their needs. You shouldn’t be paying for surfaces you don’t need. Moreover, you shouldn’t pay for insurance that won’t cover your full costs. Doing the research into your risk needs insures you can get accurate numbers form the companies, and that they cannot trick you into unsatisfactory policies.
Buy The Best Value
When picking a policy, buy the most valuable policy, not the cheapest. A cheap policy will do your company no good if it can’t cover your expenses. The goal is to get the most covered for the lowest price. Part of the value will also be dependent on the insurance company. A cheap policy is also dangerous, no matter its value, if you cannot trust the company. Many companies treat insurance as a generic commodity, and therefore pick bad coverage. Choose your policy intelligently, based on what you need.
Find A Good Agent
To get the most out of your policy, hire a good insurance agent. Business insurance is complicated, and it can sometimes be hard to get even the best plans to pay out. It is best to hire an experienced agent who can negotiate policy claims in your favor. The agent will understand both the market and the law and will ensure you receive a maximum payout. Consider looking into payment protection. The agent can also provide needed advice at every step of the insurance buying process. A good agent is one of the best tools to have in this search.
Get Insured, Even If You Are Leasing
You should get an equipment policy, even if you are leasing the equipment. You might see this as unneeded, especially if you lease agreement makes the owner responsible for damages. The owner may have to pay for repairs and replacements, but you will still lose money while your equipment is broken and can’t be used. In the case of data servers and other tech, you might lose needed data for your company. Having your own equipment insurance will protect your company from these losses as well.
Update Your Insurance
After you have a good policy, regularly update it to reflect your equipment over time. If you have an older piece of equipment for example, make sure its coverage will cover a new version, which may be worth more then the equipment is worth now. Times will change, and your equipment will age. As the equipment nears the end of its life, make sure you have the coverage to replace them should they fail. Keep regular check of your equipment and keep good records of what needs more insurance.
Having great insurance can allow you to better your company with business services. A few tips can help you maximize your equipment insurance. Know your own risks before you start looking at policies. Avoid cheap policies that won’t cover your needs. Find a good agent to represent your interest. By equipment insurance, even if your equipment is protected by a lease. Update your insurance every year as your equipment ages. These tips will protect your equipment, and your company.