But, how could that ever happen? Consider this scenario: “Automatic” Insurance Avoid this trap and your organization could save $1000 to $2000 over the term of the lease. The trick here is for the lease company to charge you to insure a copier that is already covered by your business liability insurance.
When you enter into a copier lease in the Chicago area, simply have your insurance agent list the lease company as the “loss payee” for the copier. Most agents will quickly comply with such a request. They do this all the time. Send the lease company the proof that it is properly insured as the “loss payee,” and a potential trap is easily avoided. If this is not done, the lease company may fax you a sheet days or weeks after the original lease agreement is signed.
It will be a form that states that if you don’t fill it in with the proper insurance information, the lease company will automatically charge you to insure the copier against damage or loss. The premiums are often grossly inflated, and the insurance is completely superfluous anyhow. So, if the faxed “loss payee” form slips by your staff, your losses could amount to $25-$50 every month.
Be proactive about this step with your insurance agent, and problems will be easily avoided. You’ll pay to lease the copier, but you won’t pay for unnecessary insurance.
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