No one likes paying for insurance, but it’s a necessity for most businesses. What’s worse than paying for insurance? Paying for coverage you don’t need and lacking the coverage you thought you had or didn’t know you needed. If the time comes to file a claim and it turns out you aren’t covered, you might as well have been throwing your money away.
There are several things that you can do to make sure you have the right coverage.
READ THE POLICY – DON’T RELY ON WHAT YOU DISCUSSED
You have to actually read the policy. No matter what you discussed with your insurer or how much you trust your agent, you won’t really know if you have the coverage you were expecting until you read the final document. Better yet, have your attorney review it to make sure that it will give you the protection you need and to alert you to any holes in your coverage as well as exclusions or limitations that could be problematic for your business.
CONSIDER CUSTOMIZING YOUR COVERAGE
Your business is unique, and your risks may be fairly specific. A standard policy may not be a good fit. Talk to your insurer about customization that lets you get rid of coverage you don’t need and add the coverage that you do, and make sure any changes you make will be worth the cost.
TALK TO YOUR BUSINESS ATTORNEY
Talk to your business attorney about the coverage you have and the coverage you should have. Your attorney can identify the risks your business faces and make sure that your policy really covers those risks and covers them adequately.