Does Your Business Have the Right Insurance Coverage?

When’s the last time you looked over your insurance coverage? If you’re like most busy business owners, it’s probably been a while.

It’s important to make sure you have the right coverages for your various business exposures. Even if you think you know what’s in your policies, you might be in for a surprise. Some things that were included in your policy years ago might be excluded today. Never assume your coverage is the same just because you’re renewing.

Insurance coverage is a crucial tool in your risk management toolkit. Businesses often underestimate how much risk exposure they have, so they end up improperly insured or underinsured. Gaps in coverage might as well be chasms if the insurance doesn’t respond when you need it most.

You may not want to pore over the details, but we do

If you’ve read legal agreements (like insurance), most people can agree on one thing: it’s tedious. It’s tempting to sign the policy and hope for the best.

Here’s the thing: We actually like reading the fine print, answering questions and matching you with the best coverage for your unique risk exposures. We know that “Sorry, you’re not covered for that” isn’t the answer you want to hear after a catastrophe.

If you haven’t had a coverage review in a couple of years, you may have more exclusions and less coverage than you realize. We’ve been insuring businesses like yours for a long time, so we know the industry and the liability gaps to look out for.

Some potential gaps you may be unaware of

You probably don’t view your business through a risk-liability lens; that’s our job. Insurance coverage gaps could leave you with potentially business-ending exposures that you might be totally unaware of. Let’s look at a few common scenarios so you can see what we mean:

What you think:	What we think:
My general liability coverage is a great catchall coverage that’s good for anything.	A CGL or BOP is a great start. Even so, if you’ve got employees who drive personal vehicles for business use, youth programs, or computers or specialized employees that are critical to your operations, you’ve got more gaps than you think. Let’s discuss your operational details and review your policy.
My social media engagement is off the charts, and I have thousands of followers.	Customer engagement is a great way to connect, but it also leaves you open to a defamation lawsuit. Sometimes a post can go viral for all the wrong reasons, even if you’ve done nothing wrong. Let’s talk about your online presence and your general liability or media coverage limits.
Volunteers are critical to my business now more than ever.	This is true, but volunteers’ health and safety are still your responsibility. Let’s talk about your workers’ comp (injury and illness claims) and employment practices liability policies (harassment claims).
My assistant is a lifesaver who always runs errands for the office and makes drop-offs to clients.	Your assistant’s auto insurance might not cover an accident that happens while they’re driving for business reasons. Let’s make sure your errands are covered with a hired non-owned auto endorsement.
I got a great deal on the commercial space we’re renting – a fixer-upper with a long-term contract. I rehabbed the place with custom designs that fit our branding, and our customers love it.	If your commercial rental space catches fire, you might not have enough insurance to rebuild your custom space. Let’s protect your brand with an improvements and betterments endorsement to your commercial property insurance.

Expect risk mitigation advice and exceptional service from us

It’s our job (and pleasure) to look out for you. You can expect us to:

• Ask questions about your business to assess liability risk exposures
• Shop around to get the best rates for your unique needs
• Assess the coverage quality (we examine and compare the fine print for you)
• Explain the policy to you and make sure you understand what’s covered
• Advise you on liability gaps created by policy exclusions (what’s not covered)
• Solve the liability gaps by presenting you with supplemental insurance options
• Answer your questions

Call us for a review or quote

Let us take some worry off your risk plate. Give us a call at (732) 566-0003 or visit our contact page to request a complimentary insurance coverage review. If you’d like us to cut right to the quote, we’re happy to oblige. We’ve got commercial policy packages, too.

We look forward to chatting with you!