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You’ve invested a lot of time and money into your business and you want to help keep it safe.

Business insurance helps to ensure that all you’ve invested in your business is protected in case of a covered accident, disaster, disruption or emergency.

The Risks

Unfortunately, not having the appropriate amount of insurance (underinsurance) can be an issue for many business owners.

Another common pitfall is not having the correct type of insurance to cover your property (uninsured). For instance, basic insurance policies have limited coverage for property that leaves the premises. This property may require mobile equipment coverage to be insured properly.

If policy information is not correct or missing, such as not listing all of your business operations and locations on your policy, it can also lead to coverage issues if you need to file a claim.

Questions to Review

Your answers to the following questions can give you an idea of whether your insurance coverage needs a tune up.

Have you recently:

  1. Created a new company or change the business entity (for instance, from a sole proprietor to a partnership, corporation or LLC?
  2. Changed (or expect to change) your operations or services offered? Did your operations expand to a new state?
  3. Purchased, leased, built or altered buildings at existing or new locations?
  4. Added construction equipment or used borrowed equipment? (This is common contractors.)
  5. Changed payroll or sales?
  6. Changed the amount or use of subcontractors?
  7. Purchased or leased vehicles?
  8. Added drivers on your insured vehicles?

If you answered yes to any of these questions, get in touch with a commercial lines agent at Hicks & Law Insurors.

An agent can provide you with invaluable advice to help you to secure the right coverages and the appropriate amount of insurance. Your Agent could also provide you with tools to help you mitigate losses, which can go far in helping your business continue to thrive.
Remember, as your business changes, it’s important that your insurance program changes too.

Posted 3:39 PM  View Comments

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