Insurance That Works The Way You Do
From embedded experiences to traditional programs, our insurance can be built around your business.
The right insurance can make a real impact on your operations - and your customers'.
Less risk for you. Less downtime for them.
Why You'll Love It
- Faster closings from less insurance friction
- New revenue opportunities
- Increased customer satisfaction and retention
Why They'll Love It
- Broader coverage than other commercial policies
- Fixed pricing with easy repair or replacememt
- Claims professionals who know equipment
Protecting Equipment Across The U.S. and Canada
Physical Damage Insurance
Covers most types of physical loss or damage, including risks that are often excluded from standard policies (like flood, wind or transit).
Stipulated Loss Gap Coverage
Insures the difference between the actual cash value of commercial equipment and the unpaid balance on the lease in the event of a total loss.
Equipment Residual Value Insurance
Allows lessors to account for operating leases like finance leases - accelerating earnings and protecting against unforeseen declines in market value down the road.
Insurance Tracking
Monitors coverage status and detects uninsured assets that create risk for your business. Included in embedded insurance programs or available as a stand-alone service.
Rental Loss Damage Waiver
Provides coverage for equipment while out on rental.
Machine Tool Operator Error
Covers physical damage to a machine tool caused by an operator's programming.
Contingent & Excess Liability
Protects against legal exposure in a lawsuit involving a lessor's equipment.
Repossession
Protects a lessor during the repossession process of equipment or commercial titled vehicles.
Equipment Types
Construction & Earthmoving Equipment
- Backhoes
- Drilling Equipment
- Excavators
- Graders and Loaders
- Skid Steers
Industrial & Manufacturing Equipment
- 3D Printers
- Automotive and Garage Equipment
- Embroidery Equipment
- Machine Tools, including CNC
- Material Handling Equipment
Medical & Healthcare Equipment
- Dental Equipment
- Digital Radiography and Scopes
- Healthcare Equipment
- Mobile Medical Equipment
- Veterinary Equipment
Office & Business Equipment
- Copiers and Printers
- Mailing Equipment
- Phone Systems
- Printing and Binding Equipment
Outdoor, Recreation & Landscaping Equipment
- Amusement Equipment
- Chippers and Stump Grinders
- Golf Carts
- Lawncare Equipment
Retail, Hospitality & Commercial Equipment
- Fitness Equipment
- Laundry Equipment
- Registers, Scanners, and Point of Sale Systems
- Restaurant and Vending Equipment
Technology, Media & Security Equipment
- Broadcasting Equipment
- Computers and Servers
- Photography and Videography Equipment
- Recording Equipment
- Security Systems
Transportation & Mobile Assets
- Commercial-Titled Vehicles
- Trailers
- Railcars
- Barges
Not sure what's right for your business?
Every business is different, so we tailor insurance solutions to fit your needs. Let's connect for a quick 30-minute conversation and identify the best path forward.
What clients are saying
"Our insurance program has been a game-changer for our business operations. The program helps accelerate our customers’ transactions. This enhancement in speed and service has not only improved customer satisfaction but has also reinforced our clients' trust in us."
– Lyndon Thompson, President of Byline Financial Group
"Great American specializes in insuring equipment finance risks. They tailor programs to meet clients’ needs and recommend solutions to enhance the customer experience through deep, customer-focused interactions."
– Shaun Buswell, Vice President with Alliance Funding Group
"The digital solutions we implemented with Great American will enhance customer experience, operations and communications. We look forward to future opportunities to support our customers together."
– Daryn Lecy, CLFP, Senior Vice President and COO with Oakmont Capital Services
Specialty Equipment News
3 Steps to Kick-start a CX Conversation for Business Growth
By: Dave Gruber, Divisional AVP, Great American Insurance Group Specialty Equipment
Great customer experiences (CX) are a critical business growth tool to increase customer retention, drive loyalty, promote positive brand reputation and so much more. After all, as consumers ourselves, we’ve been conditioned to expect them in our personal lives.
But you can’t rely on the same old methods that customers used in the past to access your financial product. You need to consider the lessee’s wants, needs and preferences to create a great customer experience.
Getting there isn’t always an easy task. Think about the investments your business makes, your service model and the tools that you use. Each of these can impact the customer experience, and lining them up is no small feat.
If you’re stuck or complacent, don’t fret. Regardless of your organization’s size, there are actionable steps you can take to fuel progress with your customer experience strategy to help grow your business.
Here are three key topics to kick-start a CX conversation for business growth at your organization:
- Legacy investments
- Organizational adaptability
- Future technology strategy
Legacy investments
The starting point is simple – what legacy investments has your business already made that must be considered? What detracts from a positive experience? What slows things down? Understanding pain points will prepare you for important conversations when you’re ready to problem solve.
To uncover this, map your current leasing lifecycle, inclusive of steps, tools, resources and technology that fuel the current customer experience. This sample table can help you organize thoughts and facilitate productive conversations.
| Step in process | Quote | Acceptance | Booking and Funding | Service |
|---|---|---|---|---|
| What does the customer do? | ||||
| What does the customer expect? | ||||
| What is the experience today? | ||||
| What tools, resources or tech enable this? | ||||
| What are the gaps? |
Organizational adaptability
Changing your customer experience brings changes to your business. And we all know change can be hard. Take time to gauge how adaptable (or not) your organization might be. Doing this will help you anticipate and plan your path around obstacles.
Start with a stakeholder mapping strategy. Think through key decision makers, influencers and teammates. What do they care about? What are their requirements and keys to success? How engaged are they? What are the potential pitfalls of change? These insights can help you build a plan for change management as you drive a CX roadmap strategy forward.
Future technology strategy
Once you’ve documented your customer journey and you understand the appetite for change, it’s time to consider the role that future technology may play. This is where a CX roadmap can start to take shape. Ask yourself, what technology might be a fit for us in the future given our current processes, tools and investments?
You’re not alone in this process. Keep an eye on what other businesses like yours might be doing. Engage any current technology vendors in a conversation to gather insight. It’s also important to think outside of your current technology stack, and research vendors in the equipment leasing and finance space with whom you can collaborate to bring your goals to fruition.
Tying it all together
Whether your organization is big or small, steps can be taken to build positive customer experiences that can lead to business growth. Getting the ball rolling with these three initial conversations will build positive momentum to help you get there.
Brainstorming solutions for the gaps you uncover is a great way to tie it all together. Then plot these solutions on an effort/impact spectrum to determine your priorities. The lowest effort items with the highest impacts are great places to start. From there, your strategic roadmap for a great customer experience will begin to take shape.
About Great American Insurance Group, Specialty Equipment
Great American’s Specialty Equipment Division goes beyond physical damage insurance to provide embedded insurance solutions to businesses across the U.S. and Canada. Dedicated to speed, ease and trust, Great American Specialty Equipment leverages digital solutions, a team-based consultative approach and 40+ years of industry expertise to create valuable customer experiences across your entire leasing lifecycle. In the US, policies are underwritten by Great American Insurance Company, Great American Assurance Company and Great American Spirit Insurance Company, authorized insurers in all 50 states and the DC.
Note: The information provided in this article is for educational purposes only. Click here for more information about Great American Specialty Equipment.
© 2024 Great American Insurance Company, 301 E. Fourth St., Cincinnati, OH 45202. 5547-SES-NEFA (09/24).
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