We all know the importance of business insurance policies and how they are considered valuable assets to you and your company. It is very crucial for you to understand the maximum potential benefits of your insurance plan as you maintain your policies so that you know what to expect should the need arise.
On a yearly basis, you are presented with an opportunity to review your insurance plan. Take the time to review your coverage and benefits. In some cases, you may want to consider having your insurance broker aligned with a coverage attorney to revisit and evaluate your benefits as they possibly negotiate some enhancements on your behalf without affecting your premium. And never hesitate to review your paperwork once your insurance policy is in place to make sure that all information is accurate because mistakes sometimes happen.
The following are three types to consider:
- Occurrence Coverage that protects you against any claims for incidents that happened during the policy period, regardless of when the claim is filed.
- Claims-Made Coverage that provides coverage for claims when both, the alleged incident and the resulting claim happen during the period the policy is active.
- Or Combined Coverage that includes both occurrence and claims-made policies.
Familiarize yourself with the notice requirements as set by your policy. Also make note of any time limitations because some policies may contain some limitation clauses that have to do with specified periods of time.
Make sure you have copies of all of your insurance policies (regardless of renewal/expiration dates) in case an old claim arises out of nowhere. Remember, the better you know what your insurance policy entails, the more you will be aware of your rights and benefits.