How is SafeGuard Protection different to traditional insurance?

18th November 2023
safeguard logo and desktop pc with cracks

Sadly, filing an insurance claim often results in paying higher premiums the following year.

It might seem unfair. You took the responsible step of getting insurance to protect against any unforeseen circumstances. However, when you use the cover as intended, you end up facing higher rates in the future.

It may not make sense to many, but it’s an unfortunate reality for a lot of insurance policies. Businesses must often accept this in order to properly safeguard their assets. Especially for high-value, productivity-critical items like computer hardware, skipping protective cover or insurance is never a wise choice.

That’s why we offer Safeguard: a comprehensive, affordable asset protection cover that doesn’t penalise your business when you make a claim.

In this blog, we’ll take a close look at the crucial aspects of asset protection coverage for businesses. We’ll also demonstrate how SafeGuard can be a true lifesaver for companies.

What is Asset Protection Cover, and why do you need it?

Asset protection cover is a contract. The policyholder, an individual or entity like a company, pays regular premiums to the asset protection cover company. In return, they get financial protection against specific risks or unforeseen events.

These risks could encompass a wide range of scenarios. These could include accidents, illnesses, property damage, or even liability for causing harm to others.

If the policyholder experiences a covered loss or event, the asset protection cover company agrees to provide compensation or benefits as outlined in the terms of the asset protection cover policy.

Essentially, asset protection cover offers a means of mitigating financial uncertainty. This is achieved by transferring the potential burden of losses from individuals or businesses to the asset protection cover provider. This, therefore, helps to provide businesses peace of mind and stability in the face of unexpected circumstances.

Sometimes, with cheaper items, asset protection cover hardly seems worth it when a business would have the funds to immediate replace the items themselves. However, computer hardware is complex, specialist equipment. It can be easily damaged, which is problematic if the item is vital to the daily operations of a company.

Losing a device used by a skilled employee could cause critical delays, and an accident like a flood or fire that damages all or most of a business’s equipment is a financial disaster. So, asset protection cover does make sense.

The swift processing and pay-out of claims by the asset protection cover company enable accidents to be promptly addressed. This then enables the business to swiftly recover and resume normal operations.

hardsoft logo and safeguard global logo

Why is IT device asset protection cover different for businesses Vs end users?

Asset protection cover for computers and IT hardware differs between businesses and end users. This is primarily due to the scale, scope, and specific risks involved.

Businesses often require more comprehensive coverage due to the larger quantity and higher value of the equipment they possess.

End users, on the other hand, generally require less extensive coverage, focusing more on personal devices and potential data loss.

The key distinction lies in the level of complexity and potential impact of hardware and data loss, with business policies designed to address the broader operational and financial consequences that could result from IT-related issues.

Why do insurance premiums usually increase when you make a claim?

In the scenario where a business makes insurance claims for accidental damages, theft, and other incidents involving their computer hardware, several challenges might arise, including a rise in premiums.

A business may also experience disruptions in productivity while waiting for replacements or repairs. This could potentially lead to operational setbacks and loss of profits.

While these scenarios are both frustrating, but one of the most common challenge is the insurance premium rising even if everything else about the claim was straightforward. This is due to the concept of “experience rating” in insurance, where an increase in claims activity suggests higher risk associated with the insured entity.

Insurance companies adjust premiums based on the perceived risk level to ensure they can cover potential future claims. While this practice aims to balance the insurer’s financial stability, it can be frustrating for businesses that utilise insurance as intended. After all, nobody wants to find themselves penalised with higher costs for seeking coverage against unforeseen events.

However, if you choose the right provider and avoid traditional third-party insurance companies, you can find affordable insurance/asset protection cover for computer hardware that does not penalise your business.

One such solution would be SafeGuard Protective Cover by HardSoft.

safeguard protection and some laptops

How is Safeguard Protection Cover different?

HardSoft and Devices for Teams, the creators of Safeguard Protection Cover, are computer hardware lease providers. Our aim is to offer comprehensive IT solutions for companies, enabling them to fulfil all their IT needs in one place.

This includes asset protection cover for devices that you lease from us. SafeGuard Protection Cover is very different from other asset protection cover/insurance options. This is because its primary goal is to help businesses keep working in light of unforeseen issues.

Since our goal is not to make big profits when you make a claim, but rather to make your access to IT hardware smoother, we do not penalise you when you make a claim.

Think of SafeGuard as one item in a family of products designed to make IT easier for companies. Since all your IT services come from one place, from the hardware itself to asset protection cover, repair and recycling, you don’t have to deal with third parties. This strips away many of the delays found with normal asset protection cover firms.

You will experience a fixed-price contract for 3 years with SafeGuard, the full duration of your lease for the hardware. That price is static for the 3 years, which protects companies from inflation prices, as well as no increase on premiums year on year if you made a claim.

Even at the get-go, SafeGuard rates are far more affordable than other insurance/asset protection cover options, despite being so comprehensive –  and this has won SafeGuard large popularity.

SafeGuard Protection Cover – Asset Protection you can trust

When hardware asset protection cover comes from the perspective of computer equipment experts, you will find that it is more affordable, more intuitive and aligns better with your own company goals since it’s coming from the angle of providing great quality devices and IT services.

There’s also only one simple bill for all your IT services, including SafeGuard, so no confusing separate invoices for all the different services. It is easy to manage and simple for your bookkeeping.