When purchasing new equipment you're probably focused on growth, increased efficiency, or providing a new service to your customers. The furthest thing from your mind is what you'd do if that equipment was stolen (or fried like an egg on a Scottsdale sidewalk by a power surge). Don't worry...we've got you covered.
All equipment financed with us must be protected (insured) from delivery through the end of the finance term. Insurance requirements can be fulfilled in one of two ways:
- The Equipment Protection Program offered by Geneva Capital
- Providing proof of your own insurance (and making sure it meets the requirements of your agreement)
After your equipment order has been placed, our Insurance Team will contact you to make sure coverage is in place by the time your equipment arrives. If you plan on using your own insurance, you'll be asked to submit proof of that insurance to Geneva Capital. (Heads up: it's important to check that box right away, otherwise you may see an extra "EPP" charge on your next invoice. Jump to that section). If you choose Geneva's Equipment Protection Program, our team will get you enrolled upon delivery...and get your new equipment protected.
How does Equipment Protection compare to other insurance?
Our Equipment Protection Program (EPP) is a way to protect your equipment against an array of losses. It's very similar to a traditional insurance policy, but with a few key differences:
// Our EPP only covers the equipment you finance with us.
// We bundle the EPP premium into your monthly equipment payment.
// Premiums are comparable between both types of coverage, but...
// Our EPP has NO deductible, meaning $0 out of pocket in the event of a loss!
// The EPP often covers more than a typical insurance policy. (More details below!)
See our full coverage comparison chart here!
Geneva Capital has our own in-house EPP provider: Pillar Insurance Services LLC. Our insurance policy is underwritten by Great American Insurance Group. Through them, we're able to secure low rates...passing the savings onto you!
Losses covered under the EPP:
Geneva's EPP covers wide variety of losses...including several that aren't typically included in a standard policy! Check it out...
Why do you require proof of insurance?
When you finance an equipment purchase with Geneva Capital, it's in essence a rent-to-own agreement. We both have interest in making sure the equipment remains in working order and making your business money. We require proof of insurance to ensure our joint asset is protected if the unthinkable happens.
Why am I being charged for EPP on my invoice?
If we don't receive proof of insurance when equipment delivers (or if there's a lapse in coverage during your finance term), the equipment is automatically enrolled in our Equipment Protection Program. If this happens, our insurance team will notify you upon enrollment, and there is also a grace period before you'll see any charges on your invoice. It's a system designed to protect all parties involved in case of loss. Don't worry! If you opt not to continue with our EPP, simply send us proof of insurance and we'll make sure that charge isn't added in the next billing cycle!
EPP: The first choice for most.
Over half of our customers are currently enrolled in our Equipment Protection Program. For more information on the benefits of an EPP, or to get a no-cost no-obligation quote, please visit our Equipment Protection page or email insurance@gogc.com.
We often say, "Our mission is to help you grow". While that still holds true, we also want to make sure you can continue to grow should disaster strike.
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