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| Business Insurance Checkup |
You’ve worked hard to establish your business! Your ongoing success can be jeopardized by unforeseen events such as a fire, theft, or legal action. Now that you’ve purchased insurance to protect your assets, it’s important that you regularly review and update your coverage. Consider the following:
- Have you expanded your business?
- Are there new states of operation?
- New products or services offered? These may bring on new exposures which may need to be addressed.
- Are all of your storage facilities listed on your policy?
- Have you hired new employees or drivers?
- Added new locations or buildings?
- Signs, equipment and tools have special needs – are they insured on and off premises?
- Do you rent vehicles or let your employees use their own vehicles in the course of your business? Hired and Non-Owned auto coverage is available.
- Be sure to report new vehicles and equipment right away to keep your coverage up to date
- If you have an interruption in your business due to fire or other property damage, will you be reimbursed for your lost income? Ask us about business interruption coverage.
- Work Comp coverage for your employees is required by law. Not all companies include the owner themselves if they’re an Individual Proprietor. Be sure to ask if you’re unsure about your coverage.
- Are you protected against employee dishonesty? Oftentimes crime coverage can be added to your business policy.
- Are your assets adequately insured to value? Loss settlement varies based on the coverage purchased – replacement cost provides for repair or replacement at today’s cost, while actual cash value involves a deduction for depreciation based on the age of the property.
Visit our Glossary of Insurance Terms for additional information, or give us a call to review your current policies. We’ll answer any questions you may have.
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