INSURANCE COVERAGE CHECKLIST:
o Does policy cover business assets and property in case of fire and other catastrophes?
o What coverage is mandatory by Federal, state, or local law? Workers Compensation insurance is required for companies who have a certain number of employees. The number varies according to each state's laws.
o Can your business afford the loss?
o What points are specifically covered by the policy?
o What items are specifically excluded by the policy?
o Is there is a co-insurance clause? Is your coverage adequate?
o Measure available deductibles, consider your risk comfort and premium minimize costs?
o Are items to be insured covered for original or replacement cost?
o Do any of the policies you are considering duplicate or overlap one another?
o Do you need any insurance based on location, such as, flood or earthquake?
o Check if the general liability provisions provide adequate coverage. Injuries can occur unexpectedly and litigation is costly. Umbrella policies are often purchased to provide extra coverage.
o Review your auto insurance needs. Are vehicles owned by the company or used for business purposes insured for collision and personal injury? Business Auto Insurance is not always covered by a business insurance policy.
INSURANCE PLAN CHECKLIST:
o Use an independent insurance agent rather than going to insurance companies. Verify that the agent shops for your insurance.
o Talk to and get quotations from several agents and pick the best one.
o Are Use money saving comprehensive policies, if possible.
o Perform periodic (every 6-months) reviews of your insurance program.
o Have business assets professionally appraised to determine coverage needs.
o Ensure existing personal insurance coverage includes business-related activities and add riders as necessary or obtain additional coverage.
BUSINESS BOOK EAGLE: Business Book Reviews and Resources.
