Determining the Proper Business Insurance Coverage

Proper Business Insurance Coverage

meeting with commercial insurance agentTrying to determine coverage without the help of a commercial insurance professional can be a daunting task. You need to take the time to meet and discuss insurance needs with the proper information to get maximum value and protection in coverage. Here are some ways to simplify and maximize your time and efforts in determining the proper coverage needed for your business with your broker. Here’s a list of items and documents you should have with you 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

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

Names
Spouses and children
Addresses
Date of birth
Social security numbers

Banking and Financial information

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

Putting together this information and updating it annually will save you time when meeting your insurance agent it will also serve as a great review for your business. Taking the time to meet and discuss insurance needs with this proper information will get you the maximum value and protection in coverage.

By: Niklas Almström, Insurance Advisors, Inc.

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