If you lease office equipment, such as printers, photocopiers, printers, computers or franking machines, we recommend you take time to check that you are not paying the leasing company’s expensive insurance premiums as part of your monthly payment.
These additional costs are usually hidden in the small print, so take a moment to review your lease agreements as it could save you a lot of money.
Too often we find companies are paying over-inflated insurance premiums to leasing companies. Whereas, we are always able to arrange for such leased equipment to be added to their current business insurance policy at a fraction of the cost.
The leasing company is clearly interested in ensuring that their equipment is adequately protected, but they usually fail to mention that you could add the equipment to your business insurance policy, as long as you provide evidence of such insurance.
Your insurance broker should have no issue in calling the leasing company on your behalf. Your broker can then find out how much the 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 equipment, on your business insurance policy and send you an endorsement. From that point forward the leasing company will then remove the cost of the insurance from your monthly payment which will save you money.
If you need any help with leased equipment insurance or would like a review of your current insurance programme then please get in touch with us.