The conversation that usually follows a finance decision
Financing equipment and insuring it are two separate questions, often handled by two separate parts of a business. This section explains how they relate.
Why finance and insurance are usually linked
When equipment is financed rather than bought outright, the financier generally requires it to be insured for the life of the agreement — they have a financial interest in the asset until it's paid off. Even where finance isn't involved, most businesses choose to insure equipment they depend on simply because replacing it unexpectedly, out of pocket, is rarely a good position to be in.
Cover types
Equipment Insurance
Cover for the equipment itself — loss, damage, theft and breakdown, depending on the policy.
Read more →Business Asset Protection
Broader cover for the assets a business depends on, beyond a single piece of equipment.
Read more →Public Liability
Cover for claims arising from a business's operations affecting other people or property.
Read more →Questions worth asking before signing anything
What's actually covered, and what's specifically excluded. Whether cover follows the equipment or the location it's kept at. What happens if the equipment is being used away from the usual business premises. And how a claim affects future premiums. These are reasonable questions for any broker or insurer to answer clearly — if they can't, that's worth noting.