Commercial Insurance Survey Questions

Has your business grown or changed in any way over the last 2-5 years?

As businesses grow and new services or features are added, business owners might assume their policy is sufficient to cover these services or still meet the limits needed to cover their added growth. Be sure any new service is covered under your policy, and check to see that your current policy limits are still in line with your needs.

Has your building value increased in the past 2-5 years, or have you added any new equipment or specialized electronics?

The value of your building can increase due to many factors, and you may not even be aware of the change. Equipment that is replaced may already be protected by your policy. Any time you add new equipment, you need to check your policy. New equipment may not be properly protected, depending on the type of equipment or value of the equipment. It’s a good idea to have annual reviews with your agent to make sure your policy is keeping up with your business.  Always consult your policy for your specific coverages.

Is your building fully insured to replacement value?

Your building has the potential to increase in value due to updates, additions, or just inflation. You want to make sure your policy would pay for the full repair or the total replacement value of your property in the event of a covered claim. It’s a good idea to have annual reviews with your agent to make sure your policy is keeping up with your building values.

Does your policy correctly reflect the owner of the building and owner of the business?

Is your business set up as a Sole Proprietor, Corporation, Partnership, LLC or something else? Do you personally own your equipment or does the business? Do you own the building and lease the space to the business? Often the policy does not reflect the correct ownership of the business, and problems can arise when a claim is filed. Make sure the policy correctly displays who owns the business, and don’t forget to verify that all parties are insured correctly.  Review your policy for clarity.

Will your policy fully replace your business personal property and any inventory you have on hand in the event of a severe claim?

Your business depends on the Business Personal Property to function day to day. From drills to baking mixers, hair dryers to motor oil, these items are the backbone of your business. If these items become damaged in a claim, will your policy fully provide the needed funds to replace the business personal property and any employee personal property used on the job?  Consult your policy for the total insurance value of your business personal property.

Does your policy provide coverage for electronic equipment failure and
subsequent loss of revenue?

The amount of electronic equipment used in businesses today is substantial! Even small businesses depend on the use of computers and highly sophisticated electronic equipment. Are you confident that your policy handles the failure of electronic equipment in a covered claim if no apparent cause of loss can be determined?  Consult your policy for specific language regarding this type of loss.

Does your policy provide Loss of Income coverage for at least 12 months?

You call your agent and file a claim. During the repair of the damage, you are not able to function, and you lose income. This is very concerning, especially for your employees, who depend on that paycheck. A properly constructed policy will provide for loss of business income and keep you going until you are back in business.  Consult your policy for this feature and amount of coverage.

Do you have significant liability exposure that requires more than $1,000,000 of liability insurance coverage?

 For a commercial insurance policy, many times the amount of liability coverage is $1,000,000. That may seem like a lot. However, just because that is the average does not mean that amount is correct for your business. Do you fully understand what your true liability exposure is, and does your policy adequately reflect that?  Consult your policy for the total amount of liability coverage.

Does your policy provide specific liability protection for errors or omissions if you service customers or provide manufactured goods?

If you manufacture items or provide a service to your customers, you can be held liable if a problem comes up or something fails. Do you know if your  business insurance policy provides for errors and omissions coverage if you are held liable for your goods or services?  Consult your policy for this coverage.

Any information contained on this page and website is for general information purposes only.  This information is not to be viewed or taken as legal advice.  This information does not provide or replace any policy language from any policy you own or intend to own.  You may speak to a licensed agent for information.   For specific information about your policy you must consult your legal contract which is the policy you have purchased.

After reviewing the additional information, how do you feel about your answers?

To provide some additional peace of mind, why not take a moment and send a request for a quick discussion. Use the link below to request a time to meet. We look forward to speaking with you.