WHY SHOULD I USE RENTAL EQUIPMENT PROTECTION?
While many loss damage waivers are quite limited in coverage, Rental Equipment Protection from J.T. Bates Insurance Group offers all-risk protection with great limits and low rates. It was designed by industry professionals with over 35 years of experience in equipment rental insurance and consulting and is an enhancement to existing rental programs for both equipment dealers and renters. It’s a true win-win.
WHAT IF WE SELF-INSURE?
In the equipment industry, the risk of loss is very high and losses will occur. Just one catastrophic loss can impact the equipment dealer and the renter if proper coverages are not in place. Rental Equipment Protection from J.T. Bates Insurance Group mitigates that risk without increasing the exposure to risk, and will not lead to increased business policy premiums.
HOW IS THIS BETTER THAN FILING THROUGH OUR INSURANCE CARRIER?
Business insurance premiums are negatively impacted when losses are filed through the carrier. Rental Equipment Protection from J.T. Bates Insurance Group is a separate policy that does not impact business policy premiums, so a loss (even catastrophic) will not have a negative impact on the business premiums. The risk is transferred to a secondary policy, losses are processed in a timely and convenient fashion, and dealer-renter relationships are preserved.
Additionally, if an equipment dealer is collecting a fee for a self-funded insurance program and then filing losses with the business insurance carrier, thereby deferring the risk to the insurance company, the business insurance may be subject to cancellation or non-renewal. Check with the business insurance carrier for more information.
WHAT ABOUT CERTIFICATES OF INSURANCE?
Certificates of insurance are an effective way to manage risk, provided the certificates are managed appropriately. J.T. Bates Insurance Group can also help with certificate tracking, powered by Straight|Docs certificate management. We assign a certificate manager to each account who researches every certificate and makes the calls to the insurance company on behalf of our clients. Our goal is to ensure that our clients’ businesses are adequately protected in the event of a loss, their rental customers can get back to work quickly and efficiently, and we make this process pain-free for the clients we serve.
When evaluating a certificate tracking service, following are important questions to ask: Is there a dedicated resource for reviewing the certificates of insurance? If a customer cannot provide a certificate of insurance, are they still permitted to rent? How much coverage is provided by the certificate of insurance and is the equipment specifically listed on the certificate of insurance to guarantee coverage in the event of a loss?
Contact us today to for a free, no-obligation quote at 1-877-900-8729 or email@example.com.