At JT Bates, we are able to do more than just give you products and strategies to protect your equipment and rentals. We also have the tools and expertise to help you protect all of your business insurance needs.
It’s important to evaluate your business coverage needs regularly. Most, if not all owners fail to do this. We’ve found that it’s usually linked to one of these reasons. Can you relate to any of these?
The “It Won’t Happen to Me” Mentality
Some business owners underestimate the likelihood of claims and believe they’re immune to risk. Maybe the risk is low, but it’s never an absolute certainty. It’s essential to prepare for the “worst case scenario” and consider how your business would be affected if you should experience a claim.
Perceived Cost
Some business owners believe that insurance premiums are prohibitively expensive. Subsequently, they avoid taking a deep assessment of their needs. It’s true that insurance can be costly. However, with the right adviser, you may be able to reduce your premiums while increasing your protection.
Complexity of Business Insurance
This is one of the top reasons owners don’t assess their business insurance needs. Business policies can be complex and overwhelming, and often cause owners to want to avoid the whole subject. Often containing over 100 pages, insurance policies sometimes seem designed to protect the insurance company, not the client. Our licensed insurance advisors work for the client exclusively, not for the insurance company.
Time Constraints
Busy owners often postpone reviewing their coverages, and instead prioritize immediate operational needs. There are always matters that need attention and it’s difficult to keep all the plates spinning. Handling your own business insurance is like being your own attorney–there’s not enough time in your day to master such a daunting task.
Lack of Understanding
Some business owners don’t fully grasp the specific risks their rental equipment business faces. The result is that they don’t consider or haven’t accounted for the potential gaps in coverage. No two dealers are alike and the needs of every business varies tremendously. A pre-packaged, one-size-fits-all policy probably won’t be the best fit for your business. Let a licensed insurance consultant, not an agent working on behalf of one insurance company, help you with your business insurance needs.
Equipment dealerships face substantial risks. It’s important to do regular policy reviews to make sure that your coverage aligns with your ever-evolving business insurance needs. Many dealers rely on their own administrative personnel to evaluate and review their insurance needs. The initial cost savings of relying on your internal resources may not save you money in the long run. Insurance advisors work with insurance on a daily basis and are committed to knowing every facet of it. They can improve your protection and also potentially save your business thousands of dollars in insurance premiums.
Interested in more information? Check out this post to read about the 6 essential policies that every rental equipment business should have.
Take Action Today
Make sure that your heavy equipment dealership is fully protected. Contact us to discuss your insurance needs. We’ll schedule a comprehensive insurance policy review and explore tailored coverage options for your business.
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Email: info@jtbatesgroup.com
Phone: (877) 595-7850
