Insurance Success Tip #9 – Consider Pollution Insurance

Almost all liablity insurance policies exclude pollution claims.  Consider buying separate policies.Oil leaks from a heating oil storage tank?  No coverage.Stored chemicals contaminates a neighbor's well?  No coverage.Pollution is found at a vacant site you own?  No coverage.You buy land and find it is contaminated?  No coverage.Your property … [Read more...]

Insurance Success Tip #8 – Check Your Work Comp Payrolls

The payrolls declared on your workers' compensation policy determines your estimated premium.At the end of the policy year you are asked to report your actual payroll. The audit results in an adjustment to and the final settle-up of premium.Review your payrolls to avoid a large audit additional premium or a large return premium. Think of it like … [Read more...]

Insurance Success Tip #7 – Review Your Business Interruption Insurance

Business interruption insurance protects your profits and pays those expenses that continue after an insured loss.Your store burns. It will take 4 months to rebuild. Business interruption insurance (extra expense coverage) pays to rent a temporary location and to advertise that you are still open for business. It pays your lost profit and those … [Read more...]

Insurance Success Tip #6 – Buy Employee Dishonesty Insurance

Half of all theft in the US is perpetrated by employees. Don't tell me how honest your employees are. Everyone who has been hurt by embezzlement said the same thing the week before they found that they had been taken.$250,000 of coverage is a minimum for any business. More if your exposures warrant. The coverage is usually cheap too. … [Read more...]

Insurance Success Tip #5 – Remove Coinsurance Penalties

Coinsurance in property insurance is a penalty clause - a penalty assessed at the time of a loss. Coinsurance never helps the insurance buyer - it only hurts you. Get your agent to remove all coinsurance penalties from your property insurance. … [Read more...]

Insurance Success Tip #4 – Work Only With Great Insurance Agents

The most important part of the insurance transaction is the relationship you have with your insurance agent. If you don't have total confidence in your agent, find another agent - now. … [Read more...]

Insurance Success Tip #3 – Buy High Limits of Liability Insurance

Do not skimp on liability insurance limits.A $1,000,000 umbrella liability policy is a "must-have" for all businesses.For companies over ten employees, my recommendation is at least $3,000,000.For most small businesses $5,000,000 is quite affordable.Best approach: have your agent quote $1 million, $3 million, and $5 million. You will be surprised … [Read more...]

Insurance Success Tip #2 – Use High Deductibles

Let the insurance company take the big risks. You pay for small losses.$5,000 is the minimum deductible most businesses should have on property insurance. Same for crime insurance, machinery coverage, and the physical damage portion of your automobile insurance.Most liability insurance policies do not have a deductible. When someone is hurt or … [Read more...]

Insurance Success Tip #1 – Bid Regularly

To get the very best premium and the best coverage you must bid your business insurance regularly.The insurance marketplace is now structure so that insurance buyers who do not regularly bid will pay a "Loyalty Tax." Insurers provide the most aggressive pricing when they think they will lose the account.Competition gets you the best coverage at … [Read more...]