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Interpreting Insurance for Equipment Dealers: Why It’s Difficult

By Seth Hird | Posted on March 1, 2023

Equipment Industry| General Insurance Education

Interpreting Insurance Through Advisors

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.”

Dealer Executives and Insurance

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.

7 Key Indicators of a Competent and Professional Insurance Advisor:

  1. Interpreting insurance are their highest priority
  2. Does not work for an insurance company
  3. Has the ability to build you a custom insurance program
  4. Able to provide updates on industry and insurance trends
  5. Prevents insurance companies from extravagant rate increases due to factors such as loss history
  6. Helps dealers decrease their spending – won’t let dealers leave money on the table
  7. Provides security to the dealer by ensuring that proper coverages are in place

Contact Us:

JT Bates Group Logo - Insurance Interpreters

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

Want our team to develop articles about an industry company or topic? Email our marketing department at and submit your request!


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