Under-insurance of your leased assets could leave you exposed to risk and your SME customers caught short
Leasing equipment can be a fantastic way for small businesses to get up and running without the burden of costly loans or down payments. But when catastrophe strikes and leased equipment gets lost, damaged or stolen, your customers’ business can quickly grind to a halt; the speed with which they are able to resume normal operations can sometimes be the difference between make or break.
Making sure the leased equipment is adequately protected is essential to business continuity. Under the majority of leasing agreements the responsibility to insure the equipment falls to the lessee. But the reality is a high proportion do not know whether their standard business policy adequately covers it, and where it does, may not be clear about the excess charges or exclusions that might render a claim redundant.
Acquis has designed its equipment protection programme to minimise disruption to both the lessee and the leasing company. We offer a fully outsourced service to lessors, which tracks insurance across all your live lease agreements; where insurance is missing we make sure the equipment is covered with immediate effect by adding it to your master policy, which carries no excess and offers much broader coverage than most standard business policies.
Having a specialised equipment insurance policy with limited exclusions and a fast repair or replacement service reduces the likelihood of customers defaulting on lease payments when equipment suffers a loss. Having access to an expert claims management team focussed on getting the equipment back up and running quickly, can minimise business disruption. This can be a vital life line which can help foster long-term finance relationships with your SME customers.