Determining the Proper Business Insurance Coverage

In determining the proper business insurance coverage, have the information need.

Trying to determine coverage without the help of a commercial insurance professional is like trying to defend yourself in superior court.  You need to take the time to meet and discuss insurance needs with the proper information in hand to get maximum value and protection in coverage.

Here’s how to simplify and maximize your time and efforts in determining the proper coverage needed for your business with your broker.  Here are a list of items and documents you should have available when you meet with your insurance professional:

Business Location(s) Information
Copies of all leases and landlord information
Construction and building types
Square footage / floors
Additional locations where employees may be contracted
Equipment and materials inventory

Remember, if you are leasing space than decorative items, kitchen wares….must be listed.  A video recording, simple with smart phones today can be a great help.

Vehicles and Equipment

Make, models and color
Mileage and title(s)
Vin numbers
Titles and registrations to any trailers and road equipment.
Approved drivers list with drivers license information

Owners, Officer’s and Employee Information

Spouses and children
Date of birth
Social security numbers

This may be time to discuss growth and workers compensation insurance.

Banking and Financial information

Bank records
Cash flow/Profit and Loss statements
Loan documents
Present insurance declaration pages
Attorney and CPA contact information

Now is the time to look at business interruption insurance.  How could your business survive a long term shut down and rebuild?

Putting together this information and updating it annually is not only going to save time when meeting your insurance agent, it serves as a great review for your business.

Get the coverage you need and save big on commercial insurance!

Workers' Comp
General Liability

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Workers' Comp
General Liability