As a small business owner, you deal with many diverse issues including financing, human resource issues, contract review and legal issues, software considerations, marketing, insurance and many other aspects of your business. Often, business owners will call their insurance agent and simply ask for liability, property, business auto and workers compensation insurance. Figures are plugged into the various coverages, a premium is provided by the insurance agent and then coverage is bound. However, insurance considerations require so much more. Why not try an integrated approach to your insurance needs?
Certainly, your insurance agent can obtain figures for your desired limits of liability, a limit for contents and payroll for the workers comp as well as handling the business auto. But is your agent asking additional questions to help with your unique exposures to risk such as :
- Has your lease contract been reviewed? What is actually being required in that contract and are those requirements being insured properly?
- Do you have employees who are driving their vehicles on behalf of your business? Do they have insurance on their vehicles, what are those limits and is what is their driving record and experience like?
- Is there any office equipment or other equipment that is being leased? Who is required to insure the equipment and how is it being insured?
- Do you have only employees or are you using subcontractors also? How are the subcontractors handled and is proper documentation secured to verify that, indeed, they are not employees?
- Do you have other people’s and/or customers’ items in your care? Do you have consignment items? Is there a written agreement concerning these items? Who is agreeing to insure that art in your office that belongs to the local artist?
These are only a few examples of a small business owner’s insurance needs. These issues can be addressed and handled from an integrated approach. If you wait to discuss these AFTER a loss, it could be too late. If you are not having these types of insurance discussions with your agent, please call HWP Insurance and we would be glad to work with you.