How well do you understand your Business Insurance Policy? When was the last time you spent time reviewing your business insurance coverage? As a business owner, you have already set up your company and established what you think is the right business insurance coverage to protect your business, but did you know that an estimated 40% of businesses end up not re-opening their doors after a disaster and 25% of surviving entities are doomed to lose their market share and close doors within 2 years? (Source: The US Department of Labor.) Don’t become a statistic. Evaluating business insurance coverage before an incident is a fundamental business practice.
You can ensure that you have sufficient business insurance coverage by following these four tips:
- Do a risk and liability assessment of your business as it is today. Your business has changed since you first started and your risks and liabilities have also changed. Do not make the assumption that everything is OK!
- Take the time to review your business insurance policy in detail. It’s important for you to understand how you are covered in the event of a claim. Again, your insurance agent will explain anything that you don’t understand.
- Evaluate the your policy’s premiums and deductibles. Sometimes a small adjustment can make a big difference in the overall cost or the total coverage. Consult your insurance agent for an explanation of anything you don’t understand.
- Pay attention to exclusions and coverage gaps. These are usually discovered when a loss occurs. If it is not included in the policy, your insurance will not cover it.
Contact Peter today at 888-725-7776 or click HERE to make sure your business is sufficiently covered and prepared for the unknown.