If you lease office equipment, such as photocopiers, printers, computers or franking machines, for your business, make sure to check that you are not paying the leasing company’s often inflated office equipment insurance premiums.
These additional costs may be hidden in the small print, so read your leasing agreements carefully.
Add To Business Insurance Policy
This week we saved one of our clients a significant sum on the annual cost of a leased franking machine. We were able to arrange leased equipment insurance for the machine under their current business insurance policy at no additional premium.
The leasing company, understandably, requires insurance for office equipment they have hired out to your business. They need to protect their investment from damage or loss caused by such things as fire, flood and theft.
What leasing companies usually fail to mention, is that you probably already have a business insurance policy that provides cover for office equipment or that can easily be amended to do so.
Ask Your Business Insurance Broker
All you have to do is ring your business insurance broker for advice. A good business insurance broker will probably ring the leasing company and speak to their insurance people on your behalf. Your broker will find out how much the office equipment needs to be insured for, confirm your business insurance policy details to the leasing company and take a note of the lessor’s name and address.
They will then arrange for your insurer to note the interest of the leasing company, in respect of that item of office equipment, on your business insurance policy and send you an endorsement.
Get A Refund From Leasing Company
If the item of office equipment you are leasing is replacing an old one, there may be no need to increase your sum insured. And if, as in the case of our client, the increase in cover needed is for a relatively small amount, the insurer may not charge any extra to add the cover.
It may be possible to get a refund from the leasing company, if you discover that you have been paying twice to insure your leased office equipment. Ask your business insurance broker to contact the leasing company and confirm that you already had a business insurance policy in place that provided the appropriate cover.
Let Us Help
If you are a Kent business owner and you want to save money on insurance for leased office equipment, or any other leased business equipment, we would love the opportunity to help you. If you have a question about leased office equipment insurance or would like us to get you a commercial insurance quote, give us a ring on 01622 620531 or fill in our online enquiry form any time.