Verizon Business Device Protection Open Enrollment Starts for Business Customers’ Mobile Devices

Rhea-AI Summary

Verizon offers Total Mobile Protection for Business to existing eligible devices until April 13, providing coverage for loss, theft, damage, and malfunctions. Features include same-day repairs, device replacement, and 24/7 tech support.

Insights

Market Research Analyst

Verizon's decision to offer an Open Enrollment period for their Total Mobile Protection for Business (TMP for Business) signifies an adaptation to the evolving needs of the business sector, particularly as mobile devices become increasingly integral to operations. This initiative could potentially lead to increased customer loyalty and retention, as it provides an additional service that aids businesses in mitigating operational risks associated with mobile device management.

From a market research perspective, the move caters to the demand for comprehensive device protection plans, which have gained prominence due to the high dependency on mobile technology for business continuity. By providing an option for businesses to enroll outside the typical thirty-day window, Verizon is not only expanding its serviceable market but also enhancing its competitive positioning in the telecommunications industry.

Moreover, the inclusion of features such as unlimited claims and same-day device replacement could incentivize businesses to opt for Verizon's services over competitors. This could potentially translate into increased revenue streams from service subscriptions, although it's important to monitor the balance between the costs associated with providing these services and the additional revenue generated.

Financial Analyst

Extending Total Mobile Protection for Business could have tangible financial implications for Verizon. The short-term effects may include an uptick in service subscriptions, which could positively influence Verizon's revenue. However, it is crucial to scrutinize the cost-to-benefit ratio of offering such comprehensive coverage, including unlimited claims and $99 damage replacement deductibles.

While these features are attractive to customers, they may also lead to increased claims and associated costs for Verizon. The long-term financial health of this program will depend on the company's ability to manage these costs effectively while maintaining high customer satisfaction. Additionally, the offering may serve to differentiate Verizon's services, potentially reducing churn rates among business customers and fostering a more stable revenue base.

Investors should consider both the potential for increased revenue and the risk of higher claim costs when evaluating the impact of this news on Verizon's financial outlook. It will be essential to monitor future earnings reports and customer feedback to assess the ongoing viability and profitability of the TMP for Business program.

Risk Management Expert

From a risk management perspective, Verizon's Total Mobile Protection for Business offering addresses a critical business need: the mitigation of operational disruptions due to mobile device issues. By allowing businesses to add protection plans outside the standard enrollment window, Verizon is acknowledging and responding to the risk management challenges that businesses face.

The service components such as fast battery replacement and 24/7 tech support are designed to minimize downtime, which is a significant risk for businesses that rely on mobile connectivity. This proactive approach to risk management can be a key factor in maintaining business continuity and productivity.

However, the risk for Verizon lies in the potential for a high volume of claims, which could strain resources and impact profitability. The unlimited number of claims and cracked screen repairs at no extra cost could lead to moral hazard, where customers engage in riskier behavior with their devices, knowing they have comprehensive coverage. Verizon must have robust systems in place to manage this risk and ensure that the TMP for Business program remains sustainable in the long term.

Business customers can add Verizon’s Total Mobile Protection (TMP) for Business to existing eligible devices through April 13

NEW YORK, Feb. 16, 2024 (GLOBE NEWSWIRE) -- For a limited time, Verizon Business customers can add Total Mobile Protection for Business (TMP for Business) or any other device protection option to existing eligible mobile phone lines. With businesses being reliant on mobile devices for day-to-day operations, TMP for Business provides peace of mind with coverage for loss, theft, damage, and post-warranty malfunctions. With TMP for Business, customers can avoid lengthy downtime through access to services including same-day device repair and replacement to 24/7 tech support.

While Verizon Business customers normally must enroll in device protection within thirty days of device activation, Open Enrollment provides another chance for business customers to safeguard their device and maintain productivity.

Business customers can check device eligibility and enroll between now and April 13th from their MyBiz account or by visiting a local Verizon store.

Features of TMP for Business include:

• Unlimited number of claims for single device plans
• Unlimited cracked screen repairs at no extra cost¹
• $99 damage replacement deductible²
• Same day device replacement and setup³
• Fast battery replacement⁴
• 24/7 access to tech support

Open Enrollment is also currently available for Verizon Consumer customers. To learn more about Verizon Total Mobile Protection for Business visit https://www.verizon.com/business/products/tech-support-services/total-mobile-protection/

Device protection for Verizon Business customers is available for eligible Verizon business wireless lines & devices. You must enroll by 4.13.2024. Certain benefits are available with select plans. Claims limitations, line limits, deductibles, taxes, fees and terms apply.

¹Select smartphones that only have a cracked front screen are eligible for cracked screen repair (smartphones with damage to the back glass or other damaged components beyond front glass are not eligible for cracked screen repair). Subject to parts availability, in select locations, which are subject to change at any time. Availability of same-day repair depends on criteria such as claim approval time and technician availability. Repairs are performed by an Asurion-certified technician and come with a 12-month limited warranty. Eligibility for cracked screen repair will be determined at time of claim approval. Visit phoneclaim.com/verizon to check current device eligibility. This benefit is provided by Wireless Phone Protection.

²The $99 damage deductible will apply for all damage that is ineligible for cracked screen repair. The $99 damage deductible will not apply if your loss and theft deductible is under $99. In such cases, the damage deductible will be the same as your loss and theft deductible.

³ Same-day device replacement and setup is available for select smartphones, subject to parts/inventory availability. Eligibility will be determined at the time of claim approval. Replacement device could be new or refurbished.

⁴ Replacement or repair for post-warranty malfunctions is provided under Verizon Extended Warranty. Repairs are available for select smartphones only, in select locations, subject to parts and technician availability. Eligibility for repair will be determined at the point of Extended Warranty claim. If a repair option is not available for your model smartphone, you will be offered a replacement device, and the Extended Warranty $49 replacement fee will be waived. Verizon Extended Warranty is not available in Florida or for Florida customers. In Florida, extended warranty coverage is provided by the insurance program (device replacement deductible and claim limit apply).

Media contact:
Sarah Heinz
sarah.heinz@verizon.com
347.931.6300

FAQ

How long can Verizon Business customers add Total Mobile Protection for Business to existing eligible devices?

Verizon Business customers can add Total Mobile Protection for Business to existing eligible devices until April 13.

What does Total Mobile Protection for Business cover?

Total Mobile Protection for Business covers loss, theft, damage, and post-warranty malfunctions.

What services are included in TMP for Business?

TMP for Business includes same-day device repair and replacement, 24/7 tech support, and more.

How can business customers enroll in device protection?

Business customers can check device eligibility and enroll through their MyBiz account or by visiting a local Verizon store.

What are the features of TMP for Business?

Features of TMP for Business include unlimited claims, cracked screen repairs, damage replacement deductible, same-day device replacement, fast battery replacement, and 24/7 tech support.