Working with farm, industrial, or other heavy equipment means working with risk – whether it’s mechanical, logistical, or interpersonal in nature. Equipment dealer insurance needs to reach beyond the basics to cover you as you transport, rent, sell, or service your devices.
What kind of insurance do equipment dealers and service providers need?
There’s a lot on the line when you deal in complex and costly equipment, and that means there’s a lot to protect. Equipment dealer insurance needs to cover your physical property, but also the risks involved in transporting and servicing the machinery – these coverages are a good start.
Commercial general liability (CGL):
If a service you provide leads to bodily injury, property damage, or another type of loss to a third party, your business could be held legally liable. In these situations, a CGL policy can help cover your legal costs.
Commercial property insurance can cover your workplace, plus the important equipment, devices, and accessories your business relies on. Since heavy equipment is costly, you’ll want to make sure the value of your inventory is safeguarded.
Has a loss forced you to suspend business operations? Business interruption insurance can replace a source of income that’s disrupted, reduced, or completely eliminated, plus it can cover additional operating expenses that result from a covered loss.
As the business owner, you’re generally responsible for any negligence of employees or volunteers while they’re operating vehicles on behalf of your organization. Fortunately, auto fleet liability can cover your vehicles – and your business – if something were to go wrong while your staff is behind the wheel.
Other important coverages for equipment dealers and service providers include:
Directors & Officers
Not sure which coverages you may need and which you may not?
We’ve made it easy for equipment sales and service providers by bundling the crucial coverages into a single policy!
When can equipment dealer insurance come to your rescue?
Whether you run into trouble on the road, your computer network is breached, or you make a mistake while servicing a machine, a sudden unexpected event can leave your business in crisis.
However, the right insurance coverages can respond to a variety of risks facing equipment dealers, sellers, and service providers.
Commercial general liability (CGL)
Product problems can bring legal problems
When you sell equipment, you’re obligated to ensure it’s safe to use. If you forget to include all safety components or neglect to outline best practices for safe operation, the equipment could break down – or worse, injure a customer. CGL insurance can help out if your business is held liable for property damage or bodily injury to a third party.
Errors and Omissions (E&O)
Your safety net for service mishaps
Everyone makes mistakes, but when a mechanic forgets a crucial step or omits a necessary part while servicing a piece of equipment, your business could be on the line for the costly consequences. E&O coverage can help ease the burden of expenses related to things like improper installation, defective replacement parts, or faulty work.
Dodge digital disaster
If your computer system is hacked, could your business bounce back? Malware can make its way through a network in a flash, exposing sensitive data to cyber criminals and freezing your operations. Cyber risk coverage can help cover the costs involved in your recovery, including business lost while your systems were down (plus our Cyber Assist service can help get your business back on track in no time).
What can a broker do for me?
An insurance broker can be your greatest asset when it comes to finding the right insurance policy. A broker brings a wealth of insurance expertise, product knowledge, and personalized service to the table, working to protect your company and your peace of mind.
Northbridge believes in the power of strong partnerships. Our preferred network of reputable brokers can help craft a comprehensive policy that’s suited to your unique business.
Risk management is a smart investment – and we provide it at no extra cost!
We know that the risks your equipment sales and service business faces are different than the risks affecting other service-based businesses. We also believe you can help defend against your unique set of risks with the right information and some smart guidance.
Our value-added services focus on helping you identify and mitigate the risks your business faces each day. An assessment of your protection systems, shop floor, and best practice risk control measures can help uncover the inherent risks associated with the equipment you use and your daily routine. In-person consultations carried out by experienced risk services professionals can leave you with the knowledge and confidence you need to protect every aspect of the business you’ve worked so hard to build.
Ready to get the right coverage for your equipment sales and service business?
To avoid disruption in your insurance coverage in the event of a possible Canada Post strike, we ask that you pay your premium using online banking or contact your broker about alternate payment methods.
For inquiries about any in-progress claims, please contact the adjuster handling your claim.