The Insurance Review
Which is the right policy to buy to cover your business? That is where our professional expertise becomes invaluable. Commercial Insurance comes in many forms, and buying the wrong policy could leave gaps in coverage. As a business owner, you should make it a standard practice to have an annual review of your insurance package.
Depending on the complexity of your operation, this process can range from a phone call to face-to-face meeting, including a facility inspection. Many times in the review process, we turn up changes in your operation that have occurred over the past year requiring special attention.
Without the opportunity to review your coverage with you, we might never know about operational changes that may require special coverage.
An annual review can address whether you have enough insurance to rebuild your buildings and replace your business personal contents including furniture, machinery, raw stock and finished inventory. Business contents could also include property of others in your custody. This non-owned property needs special coverage.
You know your operation better than most, and we need your help to properly categorize your assets and analyze your operational exposures for both property and liability losses. Another important consideration is the loss of business income that can occur as the result of a claim event.
During the rebuilding process that follows a claim, a business could lose out to competitors, so a quick resumption of operations is very important. Business interruption insurance can fill the gap. Make sure your limits are adequate to provide for a period of time that you believe it will take to return to normal operations. Trying to go cheap here is just bad business.
Business interruption insurance has several components that can be selected based on your business' needs. The first option is the ability to provide for direct loss of income.
Another exposure faced is contingent loss of income resulting when a business related to your operation has a covered loss that affects your ability to operate.
You could also be faced with extra expenses to continue operations at a temporary location or through agreements with other businesses, or the necessity to spend over and above your normal operating expenses to maintain operations.
Liability coverage is typically broken down into several basic categories including bodily injury. Your business could also face exposure from professional liability or a claim involving officers and directors that are not covered in the standard commercial liability policy.