Some Lighter Points Before the Weekend...
Businesses have different risk profile, risk appetite, purchasing habits, and decision making criteria, however several constants in business and industry can help hone a focus on several key insurance coverages for all businesses.
1. You will need to add someone as additional insured - landlord, supplier, customers, contractors, equipment lessors, etc... . Steps can be taken to create a policy that responds to many scenarios at no cost. Different requests are dealt with individually and having the right insurance policy and insurance agency can make the difference whether you delay your business or keep moving and whether it comes with an additional cost. Despite including an automatic grant of additional insured status, each request should be reviewed to ensure compliance. Noncompliance can lead to breach of contract, indemnification, and heavy out of pocket costs.
2. Insurance companies use several highly effective tactics to reduce your recovery in a property loss scenario. Often available at little or no cost, an insurance policy can include coverage that eliminates an insurance company's ability to use their historically successful tactics. Others can be heavily reduced.
3. Third party claims can be devastating to a business, particularly small - medium sized businesses. It's important to secure a policy having the appropriate adjustments and extensions to avoid encountering the few exclusions and limitations that insurance companies heavily rely on for denying claims. Each industry has its own and many overlap. Understanding your coverage territory, policy form and makeup, and jurisdictional matters are among several prominent matters for many businesses.
The only way to be sure your insurance is suitable is to review with a professional, discussing the very details that make insurance a difficult and complex topic.