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Business Insurance Check-up

 

Business Insurance Check-up

 

 

 

 

Property Insurance

Is my coverage adequate?

It is usually not expensive to increase coverage on your building orb contents to proper limits.  Is there a coinsurance clause on my policy? If so, you will be penalized at the time of claim (even for a partial loss), if you are underinsured.

If I have tools or equipment off premises or in transit am I covered?

If I have customers’ property in my care, custody, or control am I covered?

Do I have business income coverage?  If so, how are the limits written?  Actual Loss Sustained or a Set Limit?        

General Liability

What are my limits of coverage? 

It is not very expensive to increase your limit from $300,000 to $500,000 or $1,000,000.

What classification is the insurance company using? 

The agent or underwriter chooses the class and blind cleaners may not have a specific classification.  A misclassification by an inexperienced agent or underwriter can increase your premium dramatically.

If I am a tenant what fire legal liability exposure do I have?

Business Auto

If I have owned vehicles what are the liability limits, and how is the insurance company classifying the usage?

Do your employees including yourself ever use their personal vehicles for business? If so do you have nonowned auto liability coverage?  It is not usually expensive to add this important coverage.

Are you aware of your employees driving records? If an employee with a poor driving record has an accident, the damages can be even more than usual.  Ask prospective employees to bring you a copy of their Motor Vehicle Report from the state.

Business Umbrella

Should I carry an excess liability policy of $1,000,000 or $2,000,000 or perhaps even higher?

 

Workers Compensation

Work Comp is not a voluntary employee benefit?

Owners may exclude themselves, but It is required by law for your employees.  Many states like Illinois allow insurers to offer discounted rates.  A few states like Ohio require you to purchase Work Comp from a state fund.

Classification is also a key on Work Comp pricing.  A misclassification can increase your premiums dramatically.

Does your state allow a deductible on Work Comp?   Illinois allows an option for a $1000 deductible, but is it advisable to carry the deductible?

My point to most small business owners is to consider your exposures and then decide how to handle it.  Should I insure it, retain it, or avoid it?

 

Please review these items and your current coverage and contact me if you have any questions.

 

Regards,

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Vice President

Degeus and Klafter Insurance Agency, Joliet, IL

Degeus & Klafter Insurance Agency is licensed in Illinois, Indiana, Wisconsin, Michigan, Ohio, Georgia, Arkansas, and Texas

 

 

By Ed Schultz  Vice President Degeus and Klafter Insurance Agency

 

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