Top 10 Business Insurance Issues to Review with Your Insurance Agent

Business insurance.  We hate to pay for it. However, when we need it, it can save our business. 

Unfortunately, most people approach business insurance like an “As Seen On TV” commercial. They just “Set It and Forget It.”  The problem with this is that your business does not remain the same year-to-year or even sometimes day-to-day. 

Common business changes may include:

• Increasing or decreasing the number of employees
• Adding or changing business locations
• Becoming subject to new state and federal laws and regulations
• Adding new employee benefits
• Retaining private data, including credit card information, name, and addresses of people

As your business changes, it is important to re-evaluate your insurance coverage. 

We have created a list of the Top 10 Business Insurance Issues to address every year with your agent.

The top 10 are:

1. Having Cyber Liability coverage
2. Ensuring Waivers of Subrogation are negotiated
3. Making sure the legal names and addresses of the entities are correctly and consistently listed among all policies
4. Having Employment Practices Liability coverage
5. Avoiding Co-Insurance obligations
6. Having proper automobile coverage for company owned or leased cars
7. Having inflation riders for increased costs of construction
8. Making sure your legal defense expenses are included, but not part of your insurance limits
9. Having fiduciary liability coverage for trustees of employee benefit plans
10. Is the insurance company permitted to settle a claim against you without your permission?

Want more insight as to what questions to ask your insurance agent to make sure you have appropriate business coverage? Download our checklist of 70 business insurance questions to review with your agent.

Related Blog Post: 10 Types of Insurance Coverage Areas for Your Business