Can you tell if you have enough commercial insurance?

Insurance is one of those products that’s easy to ignore. We don’t use it often, and it can be hard to understand what we’re getting for the premiums we pay. It’s not like laundry detergent or your tax accountant, where you are aware of the quality of the product or service from time to time. When people buy insurance, they’re typically focused on price or simply trying to satisfy the minimum legal requirement.

The cost of insurance is important and should be considered when choosing your insurance policy, and you definitely want to make sure your coverage allows you to operate legally. But affordability and minimum legal obligations shouldn’t be the only driving force behind what insurance you buy. Plenty of businesses have found out too late that an inexpensive policy did not offer enough coverage to really protect their business. So how can you tell if you have enough insurance?

• Did your agent take the time to go over your coverage with you so you truly understand what is covered? And possibly even more importantly, did they review with you what is NOT covered in your insurance program? Insurance is your first line of defense, and it’s important to understand what the insurance company is insuring and what you are choosing to self-insure.
• Have you changed your operations, moved, or purchased new equipment? Do you have employees that work from home? If you answered yes to any of these, your current insurance program may not be accurately covering the assets of your business.

And a tip, do you quote your insurance out with multiple brokers? Quoting your policies is not the same as reviewing your policies for accuracy. While quoting may lead to lower pricing, it also typically leads to more errors that you may be completely unaware of until it’s too late.

Insurance is an investment. Not only can you not legally operate your business without it, it could cost you if you don’t have enough. Make sure you’re prepared if the worst should happen. We can help ensure that you’re accurately covered so you can get back to focusing on your business. Call us today to review your insurance program, you might be surprised as what we find.