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 30 years of experience in equipment rental insurance and consulting to be a profit-driving program for rental dealers and a value-added program for rental customers. It’s a true win-win.
WHAT IF WE SELF-INSURE?
In the equipment industry, the risk of loss is very high and is not a question of if but when. Just one catastrophic loss can make a huge dent in the profitability of a rental business. Rental Equipment Protection from J.T. Bates Insurance Group mitigates that risk by improving profitability with every sale without increasing the exposure to risk.
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 your 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 the business continues on, more profitable than before.
Additionally, if your business 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 parameters in this situation.
WHAT ABOUT CERTIFICATES OF INSURANCE?
Certificates of insurance are an effective way to manage risk, provided the certificates are managed appropriately. 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?
J.T. Bates Insurance Group can also help with certificate tracking, powered by Straight|Docs. We research every certificate and make 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, and we make this process pain-free for the clients we serve.