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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Cyber Liability Insurance

Why should I car about Cyber Liability?

Cartoon about spyware with a sneaky spy connecting to someones computer.In an ever-growing technological and online age, the cyber risks are increasing. Liability for loss of consumer or employee data is not typically covered under a corporate insurance policy. You may think that only large companies are the ones that are at risk, but that is not the case. Studies have shown that over 72 percent of data breeches have occurred in small to medium sized businesses with 40 percent of those breeches occurring in organizations of 1000 or fewer employees, and the average cost of a data breech is upwards of 5 million dollars.

Many overlook this type of insurance due to the fact that they do not know that something of this nature exists or they don’t think a data breech could happen to them, but actually we are all at risk. With October being National Cyber Awareness month, now is the time to learn or reevaluate if Cyber Liability Insurance is something for you and your business. Cyber liability is available for organizations of all sizes, and it can be offered as a standalone policy or as part of a comprehensive suite of other management liability overages.

By: By: Niklas Almström, Insurance Advisors