Its time for an Insurance checkup
In todayï¿½s fast-paced business world, it is impossible to find time for everything. However, one thing you should not overlook is a regular business insurance checkup. Since too much, or too little, coverage could end up costing you a lot of money, time spent reviewing your insurance needs is time well spent. Here are some questions to help you zero in on any potential exposure requiring you attention:
- Are you insured for the current replacement cost of your building, considering property appreciation, current building and zoning codes, and rising construction costs?
- Do you have an electronic data processing policy (EDP) to cover computers and other electronic equipment you depend upon for daily business operations?
- Are you carrying extra coverage for electrical, mechanical, or pressure breakdowns?
- Have you reported all business acquisitions, additions, and improvements since the policy was last renewed?
- Have you reported all equipment and machinery purchases?
- Are you carrying adequate coverage for company-owned or operated vehicles?
- Have you arranged for higher inventory coverage during peak periods?
- Do you have sufficient product liability insurance to protect against a substantial lawsuit?
- Do you have a commercial umbrella liability policy to insure you in the event of catastrophic loss?
- If a disaster forced you to temporarily suspend business operations, are you covered for business income you would lose, and any extra expenses you would incur to get up and running again.
- If a disaster destroyed the contents of your building, are you insured for the current replacement cost of your office furniture, fixtures, equipment, tools, and finished goods inventory?
- Do you have key person life insurance to provide funds to help secure the continuity of the business?
- Are company officers and directors covered for lawsuits initiated by shareholders, employees, customers, competitors, or other third parties?
- Are all job descriptions in writing to prevent anti-discrimination lawsuits?
- Have you distributed copies of the anti-harassment and anti-discrimination policies to all employees?
If you answered no to any of these questions, or are unsure of the answer, you may have costly gaps in your insurance protection. Give us a call so we can set up a time for an in-depth review of your business insurance needs.