Retail Wholesale Insurance Programs - Tips to help you and your business.
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Retail / Wholesale Business Insurance Program
One of the most important factors in purchasing Business Insurance for small to medium size retail & wholesale businesses is knowing what your policy will and more importantly won’t cover in the event of an insurance claim.
There are several Canadian & US insurance companies that offer retail / wholesale business insurance programs. Each policy is unique and has differences in if, how and when a covered loss is paid. As a business owner, the onus is often put back on you to review and advise the insurance agent or broker of any changes you require. How would the average business owner know what changes are required?
Understanding what your business insurance will pay for is not top on the priority list of most business operators. Most purchase a policy and never look at it again until they need it. Your renewal is often sent to you in the mail and you simply pay the invoice.
This attitude of “I’m covered” can have serious consequences in the event of a loss and once a claim has occurred, it is too late to review and update your policy.
At minimum your insurance professional should perform an annual detailed review of your coverages including: • Explaining each of your coverages • Identify Areas for Risk Improvement (Risk Management) • Reviewing coverages that are available that you have not purchased • Reviewing your limits and adjusting values up or down as required • Educating you on business insurance coverage options
If a review process is not part of your insurance program, then you are at risk of not having correct coverages at the time of a loss. An uncovered, or underinsured loss can destroy a business instantly.
Make sure that you are proactive business owner and know in advance what your business insurance policy will and won’t cover.
Knowledge is power, make sure your business is protected.
About the Author
Tracey is the developer of Expert Insurance Information, Information is key when deciding what insurance product to buy. Over 20 years of industry information.
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