How has your business changed over the past year?

It’s a good idea to review your insurance needs annually, so please take a few moments to complete the checklist below. Answering these questions will help to identify whether your existing business insurance coverage is appropriate or if changes
are necessary.

Coverage Checklist
General Information
1. Has the name of your business changed? Y  N 
2. Have you restructured your company’s ownership (e.g., gone from sole proprietorship Y  N 
to LLC or corporation) or added any DBA’s (doing business as)? Y  N 
3. Has your business changed owners, partners or officers?
4. Has the nature of your business operations changed? For example: Y  N 
a. Do you now also service the products you manufacture? Y  N 
b. Have you changed or expanded the types of products you sell and/or services you offer? Y  N 
5. Have you added new locations, expanded into new states or outside of the United States? Y  N 
6. Have you closed or moved any locations? Y  N 
7. Has the mailing address of your business changed? Y  N 
8. Has the physical location of your business changed? Y  N 
Business Property
1. Do you own the building your business is located in? Y  N 
If yes …
a. Have you taken any steps to protect your building? This includes the installation of alarm Y  N 
or security systems, fire suppression systems and/or surveillance equipment.
b. Has it been longer than 12 months since you reviewed what it would cost to replace Y  N 
your building?
2. Has it been longer than 12 months since you reviewed the amount of insurance provided for your Y  N 
business personal property? Keep in mind that inflation can impact the value of personal property.
3. Have you entered into any new purchase or lease agreements for your business property? Y  N 
Business Liability
1. Has there been any increase/decrease in your company’s payroll or sales? Y  N 
2. Have you entered into any new customer contracts? Y  N 
Workers’ Compensation
1. Has there been any increase/decrease in your company’s payroll? This information is necessary Y  N 
because the price you pay for workers’ comp is based, in part, on annual gross payroll.
2. In the past 12 months, has your employee headcount increased or decreased? Y  N 
3. Do you have employees who work from home on a regular basis? Y  N 
4. Do you use subcontractors, volunteers or interns? Y  N 
5. Do you or your employees travel to other states or foreign countries? Y  N 

Business Automobile
1. Have you added or eliminated vehicles used in your business operations? Y  N 
2. Has the usage of vehicles covered by your policy changed (e.g., distance they are traveling Y  N 
or what they’re used for)?
3. Do you use your personal vehicle for business, allow employees to use your personal vehicle Y  N 
for business or allow employees to use their own personal vehicles for your business?
4. Has it been longer than 12 months since you reviewed the limits of liability provided by your policy? Y  N 
5. Has it been longer than 12 months since you reviewed the deductible(s) required by your policy? Y  N 
But that’s not all …
Below are additional coverage options that can help protect your business. Consider each statement and check the
ones you’re interested in hearing more about. Your comments will provide guidance about which of these options are just right for your business.
I want to know more about insurance that will help …
Replace my lost business income if:
 I need to suspend operations due to the direct physical loss of power, communication or water services.
(Off Premises Utility Services coverage)
 The third party I rely on for a large portion of my business income (e.g., supplier or manufacturer) is unable to
provide inventory or products due to a covered property loss at their location. (Dependent Properties coverage)
 One of my largest customers suspends operations due to a covered property loss.
(Dependent Properties coverage)
 I use the Internet to generate a portion of my income, and my website is vandalized – prohibiting me from
generating that income. (Electronic Vandalism coverage)
 After resuming operations following a covered loss, I do not regain the income level that existed prior to the loss.
(Extended Business Income coverage)
Protect me if:
 The sensitive personal information (e.g., Social Security number, debit/credit card information, medical
records/charts) I collect and/or store on my employees, customers and/or patients is lost or stolen.
(Data Breach coverage)
 I am sued by one of my employees for an employment-related claim, such as discrimination, harassment or
wrongful termination. (Employment Practices Liability coverage)
 An error or omission is made in the administration of the employee benefits program available to my employees, such as improper benefits advice or failing to enroll an employee when they’re eligible.
(Employee Benefits Liability coverage)
 I suffer a financial loss because an employee steals money, securities or other property owned by my business.
(Employee Dishonesty coverage)
 The computers, data and software used in my business need to be repaired or replaced due to a computer
virus or power failure, for example. (Computers & Media coverage)
 I am sued because one of my employees was in an accident while running an errand for my business such as picking up office supplies, or picking up/dropping off mail at the post office. (Hired & Non-Owned Auto coverage)
 I am sued and my business owner’s policy doesn’t fully cover the amount I am liable to pay. (Umbrella coverage)
Cost saving options
Many of the coverages offered as optional are also available as industry-focused, cost-effective packages. This approach provides the flexibility to tailor an insurance program that meets your unique needs while giving you the best option for your insurance dollar

Questions that business owners may have about their property-loss claim following a catastrophic event

When a catastrophic event occurs, you no doubt will feel overwhelmed by the loss and the confusion that follows. Advance preparation is your first prescription for getting through the experience. But, now that you have suffered a loss, you will benefi t from the kind of information that follows from questions asked by others who have endured similar events.

 

What is the most important thing to do first?

Your safety is always the most important concern. Do not return to your property until authorities have signaled that it is safe to do so. When you approach the property, look for unsafe conditions, such as downed power lines, the smell of natural gas and unstable structural conditions. If it is safe to proceed, proactively shut offthe utilities (electricity, natural gas, water, etc.) before inspecting the damage. Do notdrink tap water (without boiling it for fi ve minutes fi rst) until you know the water is safe to drink.

 

Should I take pictures of the damage?

Yes. Take a liberal amount of pictures from diff erent angles before you make emergency repairs to protect the property from further damage. You may use a video/digital camera for this purpose, as well.

My building is too damaged to occupy and conduct my business operations. What do I do?

If you have the type of business that cannot shut down operations during the time ittakes to restore your property, you willneed to fi nd another location from whichto operate. Naturally, you will followyour contingency plan, if you have one. If not, you may want to contact friends, competitors, realtors or anyone else you think might have usable space. Call our agency to determine whether you have “extra expense” coverage on your policy. This coverage will pay for the additional expense you incur to resume your business operations at another location. Th e typical commercial property policy covers events, such as fire, windstorm and tornado. Unfortunately, even if you have a fl oodinsurance policy, your extra expenses maynot be paid when the damages are caused by flooding. Keep this in mind when you make your temporary tenant arrangements.

I may not be able to continue some or all of my business operations. How do I claim my lost income and pay continuing expenses?

Call our agency to determine whetheryou have “business income” coverage on your policy. Th is coverage will pay yourcontinuing expenses and enough income to place you in the same fi nancial position had you not incurred the property damage. Th is is one of the more complex aspects of your loss, so you may want the assistance of your accountant when preparing your claim.

What can I expect the adjuster to do when he or she arrives?

The adjuster will “scope” the damage, an important part of the claim process. An attempt will be made to determine the cause of damage—for example, was the damage caused by wind, fl ood or both? Next, the adjuster will itemize the property that has been damaged. You will want to make sure that nothing is overlooked. Th e placement of values on the damaged property will not occur at this time. Appraisals, repair estimates and inventories will be obtained later to establish values.

Often, the adjuster will off er an advance payment on a covered claim so that restoration may begin and temporary tenant arrangements can be made. Be sure to keep detailed records on how this money is spent. Should I hire my own adjuster to assist me with my claim? Public adjusters are paid a fee based upon a percentage of the claim settlement; typically, between 10 and 15 percent (state laws may apply). Consequently, you will need to decide whether the adjuster’s services are worth the discounting of your claim settlement. Some of the services public adjusters provide are preparing the scope of damage; preparing inventories; ensuring that coverage decisions are reasonable; obtaining repair or reconstruction estimates; assisting with the presentation of the claim; acting as appraisers or accountants; and assisting with negotiations.

Our agency will help you with coverage issues and provide assistance in the claim process. If your property values are out of the ordinary or the sheer volume of inventory is burdensome to you, you may want the assistance of a public adjuster.

What if I do not agree with the property values upon which the insurance company bases the loss amount?

You may just need additional documentation. When you obtain the evidence that substantiates the property value, go back to the adjuster and negotiate a better settlement. If the adjuster is obstinate and/or unfair,you can request to talk to the supervising adjuster. Our agency will advocate on your behalf to the extent possible.

If you are unable to negotiate further with the adjuster, there is an “Appraisal” provision in your policy that specifi es a procedure for resolving diff erences in the valuation of property losses. You and the insurance company each will get an appraiser at each party’s own expense. Th en those two appraisers will choose an umpire (whose fee is shared). An agreement by any two of the three appraisers will establish the amount payable. Any time you feel your insurance company is not treating you fairly, you may file a complaint with the Insurance Department.

Does your Business Insurance need additional coverages?

If you are a business owner you have probably had to decide whether yourbusiness insurance is over covering your business or undercovering your business. Most companies have the most basic business insurance coverage such as: liability insurance, property insurance and services like worker’s comp.

Some important additional coveraged that is not covered:

Business Interruption Insurance will provide a way for your business to continue to flourish in case a disaster struck that closed down your operations.

Flood & disaster insurance  protects against natural disasters and allows a business owner to file claims based on the damages caused.

A commercial umbrella policy will cover your business beyond the limits that the basic commercial insurance provides.

There are many more additional insurance coverages that can provide protection for your business. Contact us today, we can walk you through the business listing everything that should be covered for the most exact insurance solution.