There is no substitute for a good dialogue between the business owner and his or her insurance agent. These blogs do not have all of the answers, but hopefully, it will enlighten you to look at your own situation and evaluate the proper insurance coverage with your insurance agent. This evaluation may reduce an exposure that causes an unnecessary claim, or even worse, an uncovered claim.

Co$t $aving Idea$: Once a year, a business owner should visit with his or her insurance agent to go over every detail of their insurance program.  The list of items to discuss should be to evaluate whether the insurance company and the policies are still the very best option.

A policyholder and his or her insurance agent may be able to forge a better partnership with one another after reading these blogs.  After you review the blogs, set an appointment with your agent and discuss questions you may have.  Highlight, underline, and mark those pages in which you believe you might need his counsel.  Bring these issues to him or her before it is too late!  If you are not sure you are properly insured, or if you do not receive an agent’s favorable and courteous response, make haste to an insurance agent with a reputation for knowledge and integrity.  (We’d like for you to call us too!)

Make Thorough Review of Exposure

Often times clients were amazed at the length of time to properly work through an application for insurance coverage and discuss the exposures to a loss.  For General Contractors, it takes about three hours from start to finish. For Trade Contractors like plumbers, heat & air, electrical contractors, it takes about two hours. More time is needed for unique specialty contractors like demolition, sprinkler, asbestos abatement, and environmental contractors.  Setting up the books and insurance overhead and preparing your books to be presented to the Insurance Auditor is an hour-long discussion in-and-of-itself!

Select A Quality Insurance Agent

It is my personal thought that a business owner should get with a great insurance agent who is knowledgeable about their business/industry and has access to the best insurance companies who specialize in those inherent exposures or risks.  It is my hope that once the business owner understands the points in our blogs, she or he will recognize commitment to excellence on the part of his agent in insuring their business but if not, start looking for the best option.

Your agent should be a source of quality information about emerging trends in the insurance industry.  He should bring expertise to your business and help you not only plan from a coverage standpoint, but also help with savings and to budget a payment plan. Spend time with your agent and get to them.  Let him know you care about your business conditions as well as their.  This will help create and solidify your relationship.

If you’d like to review your business or personal insurance, please call us at 423-763-1111.  We hope to answer your questions and serve you!