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Help, I Can’t Get Insurance!

Help, I Can’t Get Insurance!
September 10, 2018 Chris Fanchi

When first going into business, there is a long laundry list of tasks that you must complete before you can begin operating legitimately. Most of these items are just a minor inconvenience and take up time, like filing for a tax ID, registering your business with the state, and getting business insurance.

But what happens if you’re unable to complete one of these tasks? What happens if you can’t get the insurance you need? One of our customers had just such a conundrum.

This customer, a landscaping company, contacted all the insurers and agents she could trying to get liability coverage for her business and equipment, and received nothing but rejection. Frustrated, she moved forward without insurance, taking the risk upon herself.

Officially, liability insurance is not required by law for small businesses in most states, but it is highly recommended. (Be sure to check with your state laws to ensure you have the proper legally required insurance.) Some states, including our customer’s home state of Georgia, offer pool plans to supplement private insurance, but those are often much more expensive than what could have been purchased on the open market and may not cover what your business needs covered.

After taking her chances for almost 2 years and dealing with multiple thefts, she decided it was time to act. To protect herself, she decided to turn to tracking for her vehicles and equipment. If it’s too expensive to insure her assets, the least she could do is increase the odds of recovery if they are stolen.

Tracking Greatly Supplements Insurance

While tracking shouldn’t be considered a replacement for insurance, it can be a very beneficial supplement to any insurance plan. In many instances, when you do have insurance, adding tracking can earn you discounts on your premiums because you are reducing the insurer’s risk.

By giving the authorities assistance with locating and recovering your stolen assets, tracking saves you much more than just money. As we all know, insurance is not just some magical system that immediately replaces your missing items. There is a great deal of time, energy, and paperwork that goes into an insurance claim.

While dealing with an insurance claim, you have lost man-hours because of the missing items. You have wasted man-hours for yourself or your office staff as you deal with the insurance company. You have the potential monetary cost of replacing the missing items if the coverage doesn’t fully cover them. And last, you have the potential for higher future premiums (or even the possibility of losing your policy) because of the increased risk your company now carries.

Tracking’s Many Benefits

Beyond just helping you track down lost or stolen vehicles and equipment, tracking offers many other benefits. These benefits range from improvement in driver safety, lower fuel costs, more accurate employee timekeeping, reduced maintenance costs, and much more. No matter how large or small your fleet, there are many ways you can benefit from GPS tracking.

Ready to protect your business with tracking? Give us a call today at 800-293-0420.