Federated Insurance offers coverage specific to your needs – they have one of the most comprehensive and specialized programs for equipment dealers in Canada.
At Federated Insurance, we believe that knowing your equipment business matters because no two dealers are alike.
That’s why we’ll take the time to get to know yours, so our industry experts can help you better understand your risks and build an insurance solution tailored to your specific needs.
Working with a dedicated agent and risk management team means you get personalized service, advice you can trust, and the right protection for your business. It’s this personal approach that has set us apart for over 100 years and why NAEDA has endorsed us as their exclusive insurance partner.
A long-standing history built on relationships
Our roots trace back to the 1890s, when a group of Minnesota farmers formed an association to reduce insurance costs. Thirty years later, in 1920, the Canadian division was born, and the company became 100% Canadian-owned after being purchased by Fairfax Financial Holdings in 1990. We’ve grown to become a leading direct commercial insurer, offering national coverage with local service so you’re covered no matter where your business is located, and exceptional customer satisfaction¹:
-
- 97% of our new customers said they were likely or very likely to recommend us to a business colleague based on their recent buying experience.
- 92% of new customers said their buying experience with a Federated agent was easy.
- 95% of new customers said they trusted their new Federated agent because they understand their business needs.
- Our Net Promoter Score, which is a key measure of customer loyalty, ranks within the top 25% of all North American B2B financial services companies.
Federated’s partnership with NAEDA began in 1973 with the creation of an insurance program designed for equipment dealers. For over 50 years, we’ve worked with the Association to enhance the service and value we provide to members like you. Our business is based on strong relationships, so we’re very proud of this long-standing partnership and are committed to meeting your needs today and tomorrow.
Customized insurance solutions for equipment dealers
The risks you face are unique, and Federated offers one of the most comprehensive and specialized insurance programs for equipment dealers in Canada. In addition to core coverages, we offer the ability for you to personalize your limits and deductibles, and even add-on additional protection as needed. A Federated agent can work with you to assess your unique needs and then build a customized solution for your dealership.
Available coverages include the following, and more:
-
- BUSINESS INTERRUPTION : Helps protect from an unexpected loss of income associated with a pause in operations.
-
- COMMERCIAL PROPERTY: Provides coverage for your building, equipment, inventory, and supplies, with specific protection for flood, earthquake, and sewer back-up, if needed.
-
- CRIME: Insures against theft by your employees and others.
-
- COMPANY VEHICLES: We can provide coverage for company vehicles, whether it’s for just one or an entire fleet.
-
- CYBER: Helps support your cost of recovering from a cyber incident and for loss of business income as a result of interruption in services from a cyber-attack.
-
- LIABILITY: We can provide both General Liability and Pollution Liability coverage.
-
- MANUFACTURER’S FLOOR PLAN: Provides coverage to floor-planned property and protects the value of enhancements (additional parts and accessories) you add to floor plan equipment.
-
- MECHANIC’S WARRANTY OF WORK: Covers Installation, Labour, and Dealer Errors and Omissions, and includes coverage for corrections from mistakes made through the installation of defective parts or as a result of faulty work on customers’ equipment.
-
- TOOLS & EQUIPMENT: We offer Equipment Coverage for you and your employees, as well as Rental Reimbursement, which covers the cost of renting regular and computerized equipment if yours is damaged.
Complimentary loss prevention support
While a Federated policy can help protect your dealership in the event of a loss, our goal is to help you prevent claims from happening in the first place. We offer complimentary risk management programs and services² to help you understand your business risks and the steps you can take to help enhance workplace and employee safety. When you choose us as your insurance partner, you gain direct access to our team of almost 70 risk management professionals who can provide tailored loss prevention training and support.
As a leading insurer of equipment businesses, two of the most common claims we see from dealerships are equipment theft and faulty work. When it comes to theft, crime prevention through environmental design – or the use of security cameras, alarm systems, and enhanced locking systems – can be an effective deterrent. And the risk of faulty work can be reduced by having your supervisors work with employees to review, report, and thoroughly document all repairs – steps that can also assist you in the event you need to file a claim.³
Another area where we’re seeing growing risk is cybersecurity. While big company breaches make headlines, criminals target businesses of all sizes and across all industries – including dealerships like yours. Recovering can be costly, time consuming, and even threaten your business’ reputation, so you should consider taking preventative measures³ such as:
-
- Hiring a cybersecurity consultant to help assess potential areas of exposure
- Regularly backing up your data and systems
- Always protecting passwords and using multi-factor authentication (MFA) whenever possible
- Training employees on cyber fraud awareness, recognition, and prevention best practices
- Always confirming suspicious digital communications before acting – criminals are becoming more sophisticated when it comes to impersonating decision makers, even using voice and facial recognition taken from social media, to request the transfer of funds, make changes to financial accounts, or authorize fraudulent payments
- Augmenting your risk management efforts with the purchase of cyber risk insurance
There for you in the event of the unexpected
Sometimes, if your business is complex, insurance companies may divvy up your coverage amongst a few different providers. This can get messy if you suffer a claim due to multiple deductibles and different procedures, ultimately leading to longer resolution timelines. As a direct insurance provider, Federated offers one-stop service and added peace of mind by keeping everything under one roof.
While we hope you never experience a loss, our claims experts will be there for you if you do and support you during every step of the process. They’ll work to get you back to business quickly, with personalized support, clear communication, and a thorough understanding of your policy and operations.
Get a quote today!
As a business owner, we know you have a lot on your plate and navigating your insurance needs can be daunting – but you don’t have to go it alone. As NAEDA’s exclusive and trusted insurance partner, Federated can help. To learn more, visit our website at www.federated.ca or call 1.844.628.6800. One of our agents will get to know your business, answer any questions, and help you design a customized insurance and risk management plan for your dealership.
Written by Chris Leahey, Regional Association Manager, Federated Insurance
Federated and Federated Insurance are registered trademarks of Federated Mutual Insurance Company. Used under license. Federated Insurance Company of Canada is the insurer of Federated Insurance policies. Terms, conditions, and exclusions apply. See policy for details.
¹Based on Federated new customer survey respondents who indicated 9 or higher on a scale 0-10 when asked how likely they would be to recommend us to a business colleague, or 8 and higher on a scale of 0-10 on other survey questions. Responses are from January 1 – December 31, 2023.
²Services provided by our Risk Services specialists are intended to augment your internal safety, compliance, and risk management practices, and are not a substitute for professional advice. Services are not an insurance policy or legal advice.
³These resources are provided for information only and are not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information.
