I would like to share some advice regarding business insurance for the small business owner:
1. Read your policies. Take careful note of any
loopholes and make sure you are covered. Verify that your organization
does nothing that will nullify coverage;
2. Insurance salespersons who approach you are not the kind you need.
Seek out a local agent/broker who handles clients similar to you (or
several agents/brokers), and purchase insurance by comparison shopping;
3. Insist on inspection of premises before agreeing to any insurance program. Be clear that you want them to specify what coverage they recommend, listing exclusions in concise, clear language;
4. Liability coverage is the most important coverage!
Obtain the broadset possible coverage in this category. Check closely
to be sure special coverage is added where your specific type of
business requires it;
5. Be alert in dealing with a claims adjuster. Do
not let him/her compute the claim. Keep them at the site until he/she
and a company representative have thoroughly reviewed the damage(s)
together and reached an agreement on the facts;
6. Lastly, it is always a good idea to complete an annual checkup of your insurance.
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