Restaurants, travel industries, and several other types of businesses as a whole have suffered losses in revenue over the past couple of years. However, they are now seeing results from a slow, but steady increase in business. Like many other companies, however, they are seeking ways to cut expenses and often look at insurance costs as an unnecessary expense. In some cases they’re not only decreasing coverage but whole policies, and this can be a business-ending mistake.
Umbrella policies are one of the first to go along with additional coverage such as business income and extra expense. No one really believes they will ever suffer from catastrophic loss or large claims. Most of the time, business owners do not really know how specific coverages affect their business and do not maintain proper business insurance to value, therefore reducing their claim settlement to less than expected. Care, custody and control is another part of the policy where settlement is not understood. If you have questions about how your policy relates to a cause of loss, please talk with your agent or one of ours. It’s vital to understand what you need and whether you have it–don’t wait until there’s a claim against you to look into it. It might be too late at that point. It’s also important to remember that even unfounded claims often need to be settled, so even if you pride yourself on worksmanship, or professionalism, and don’t believe that a mistake or shoddy work could cost you your company…remember that risk includes things that are out of your control.
Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect. Always check with your chosen professional as to statements made in this blog for your particular situation. If you need a quick, comprehensive, competitive quote, click ‘Get a Quote’ or call us at 1-877-907-5267 to speak with one of our specialists. Risk management is an art, and our business is helping you protect your business. Get in touch with us today to find out if you’re adequately protected, and rectify the situation if you aren’t.