The Most Common Question from Dealers:
How do I know my company is protected properly by the right insurance coverages at the most competitive rate?
If you know the answer to this question or don’t care to know, you can probably skip this article. However, you should stick around if this question causes worry or curiosity.
Dealers can only answer this question by recruiting an outside, impartial expert. This is because equipment dealers’ insurance needs are highly complex. Unfortunately, this complexity often leads to avoiding or misunderstanding insurance-related issues. Thus, decades of experience have taught me that equipment dealers need an Insurance Interpreter.
A major equipment insurance company and Associated Equipment Dealer (AED) member wrote an article about controlling insurance costs and how to verify that you’re appropriately protected. In that article, they said, “Dealers need to find a trusted insurance adviser. Select an insurance adviser who understands your industry and business and takes the time to design an insurance program properly.”
Through many conversations with c-level employees over the years, we’ve observed one universal truth. No high-level executive or manager can spare time to review their business insurance policies properly. Once more, the ability to track industry trends or insurance law is nearly impossible for anyone who is not an insurance professional.
The unfortunate part of insurance is that you don’t think about it until you need it. So, while overpaying in premium rates may affect the bottom line, improper coverages could ruin your business.
If you want to preserve your company’s legacy and save some money, reach out to an industry-respected insurance advisor. If you have any questions about how equipment dealers can better protect themselves, contact us at firstname.lastname@example.org.
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