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  • What We Do

    Accurate Protection reveals unrecognized problems and delivers unanticipated solutions allowing you unforseen opportunities for better protection of your company assets. Our comprehensive view of your insurance program ensures that every avenue for risk mitigation and cost containment is explored.

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  • Risk Management

    Our unique process, Accurate Protection 365, will give you the tools to easily and effectively manage risks, control claim costs, increase safety awareness and build employee morale. We produce positive results that place risk management resources where they yield the highest return.

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    Accurate Protection Connect is your all access pass to valuable business resources. It is available on demand — 24/7 — through our secure, web-based platform.

    Access over one thousand documents designed to help you with:

    Cost containment, Safety programs, OSHA compliance,Claims reporting, Employee communication,Legislative updates and more.

     

     

     

     

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  • Access over one thousand documents designed to help you with:

    • Cost containment
    • Safety programs
    • OSHA compliance
    • Claims reporting
    • Employee communication
    • Legislative updates and more

    Learn More
  • Experience Modification Review

    Accurate Protection provides an in depth analysis of your experience mod. We pinpoint cost drivers, such as frequency and severity, and develop specialized loss solutions to address your business’ specific needs. Call us today to reduce your experience mod and discover competitive advantages available to you.

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Insurance, bankruptcy and company reorganization

Posted on by editor

45165067 - businessman clinging to rope escape from taxIn today’s economy, it is not uncommon for companies to experience financial difficulties, and some may even have to file bankruptcy or close temporarily. The lucky ones are able to reorganize. Just because a company declares bankruptcy, it is not absolved of all insurance requirements. Here are a few important facts company owners should know concerning insurance, bankruptcy and company reorganization.

Any insurance that is compulsory for companies must be continued even if a company is filing for Chapter 11 (reorganization) or Chapter 7 (liquidation). State and federal financial responsibility requirements must be maintained.

Any contracts requiring insurance coverage will still need to be upheld, meaning if a contractual relationship requires liability or another type of insurance, the insurance requirements still apply for as long as the contractual relationship exists.

Basically, companies experiencing financial difficulties including bankruptcy and reorganization should maintain insurance coverage. Some insurance companies may issue a cancellation of coverage once they learn of an impending bankruptcy or a renewal policy may not be offered. This will vary based on the insurer and on state insurance laws.

Claims against a company’s in-force insurance policies at the time of bankruptcy may be paid through a dedicated trust fund set up as a source of recovery for claimants. A bankruptcy court approves provisions made to satisfy insurance claims. Bankruptcy laws concerning insurance during bankruptcy or reorganization may vary by state so it is best to seek legal advice from a qualified bankruptcy attorney in your area.

All companies sometimes experience financial hardships, but it doesn’t have to mean the end of the road for your business. Consider a qualified financial counselor to help your business work through difficult times. If you do file bankruptcy, consult with a business insurance professional to make sure you maintain any federal- or state-mandated insurance requirements.

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