Get the answers you need to make informed insurance decisions
If your company has grown over the past year or you’ve added new or different products and services, changed locations, added vehicles or employees, it’s a good idea to review your business policy. Doing so will help you make sure that you have adequate coverage and that you’ve taken into account anything new that’s happened since you purchased it. But rather than just looking over your policy before renewal, take the time to meet with your provider and ask these essential questions to ensure that your coverage is exactly what you need.
1. What’s covered?
General liability is one of the most important policies you can have and with good reason—it provides coverage for myriad risks including lawsuits from injuries, property damage and protection against libel. While it may seem simple, don’t assume that you are covered for anything; asking this question allows you to have the peace of mind that you have the protection you need.
2. What are my policy limits?
There are limits on all insurance policies and they vary depending on the type of coverage you’ve purchased. Be sure to ask this question and have your provider specify between aggregate limits (the most that you can claim in a policy year) and occurrence limits (the most your policy will pay for in a single claim).
3. Do I need higher limits?
Depending on the size of your company and the amount of risk, you may need higher limits than you previously had. Asking this allows your provider to look over your claim record and figure out what limits would be most beneficial to you.
4. How are claims submitted?
It’s always a good idea to ask about the process for filing a claim before you need to. Some providers allow for online claim submission and some don’t. Your provider will be able to direct you on the easiest and quickest way to take care of that.
5. When should claims be submitted?
When it comes to submitting a claim, the rule is, the earlier the better. This makes it easier for your carrier to get it processed and ensures that it is not a long drawn out process. And if you think there’s a lawsuit coming your way, even before it becomes official, get in touch with your provider to give them the heads up.
6. Do I have enough coverage?
A great question! And one that you and your provider should take the time to analyze. You may need a supplemental policy like Umbrella Insurance that allows you to get coverage beyond your general liability policy. Other things to consider: if you’ve added employees, you may want to add health coverage; if you’ve started using your car for business, you’ll want to add commercial auto.
7. Can I lower my costs?
Depending on your provider’s payment plans, you may be able to save money by paying the annual amount in one payment. Or perhaps you want to discuss other installment options. It’s always a good idea to ask this and be sure to inquire about any discounts that may be available to you for things like bundling policies, etc.
Reviewing your business insurance policy on a yearly basis is essential to making sure that you always have the ideal amount of coverage for your company. Even if you feel nothing has changed since you purchased the policy, take the time to review your coverage, limits and all the other aspects of your insurance. For help determining if your commercial insurance is adequate, give us a call and we’ll be happy to guide you.