You’ve invested a lot of time and money into your business and you want to help keep it safe.
Business insurance helps to ensure that all you’ve invested in your business is protected in case of a covered accident, disaster, disruption or emergency.
The Risks
Unfortunately, not having the appropriate amount of insurance (underinsurance) can be an issue for many business owners.
Another common pitfall is not having the correct type of insurance to cover your property (uninsured). For instance, basic insurance policies have limited coverage for property that leaves the premises. This property may require mobile equipment coverage to be insured properly.
If policy information is not correct or missing, such as not listing all of your business operations and locations on your policy, it can also lead to coverage issues if you need to file a claim.
Questions to Review
Your answers to the following questions can give you an idea of whether your insurance coverage needs a tune up.
Have you recently:
- Created a new company or change the business entity (for instance, from a sole proprietor to a partnership, corporation or LLC?
- Changed (or expect to change) your operations or services offered? Did your operations expand to a new state?
- Purchased, leased, built or altered buildings at existing or new locations?
- Added construction equipment or used borrowed equipment? (This is common contractors.)
- Changed payroll or sales?
- Changed the amount or use of subcontractors?
- Purchased or leased vehicles?
- Added drivers on your insured vehicles?
If you answered yes to any of these questions, schedule a review today.
An Erie Insurance Agent can provide you with invaluable advice to help you to secure the right coverages and the appropriate amount of insurance. Your Agent could also provide you with tools to help you mitigate losses, which can go far in helping your business continue to thrive.
Remember, as your business changes, it’s important that your insurance program changes too.
ERIE® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York). The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.
The insurance products and rates, if applicable, described in this blog are in effect as of October 2024 and may be changed at any time.
Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions. Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.
Original article published by Carolyn Sennett on March 6, 2014
