When you have a Business Insurance policy it's not uncommon to have the insurance company conduct an inspection. It's actually written into the policy conditions that they have the right to conduct an inspection, and if the insured (business) does not comply, they (insurance company) can cancel the policy. These inspections are important in determining the insurability of the property and operations. I get asked about Business Insurance Inspections sometimes, so I thought it would make sense to write about it. The main question I get is, why are they doing an inspection?
It might seem annoying, or unnecessary, but it can be a good procedure to verify what you told the agent or broker is what was told to the insurance company. Think of it as the verification process for your insurance. This way everyone is on the same page from a risk perspective.
In addition to verifying information, they will also look for any safety concerns that your business might have. From a risk management perspective, it's another set of eyes looking at safety issues. However, the policy language clearly states that the carrier cannot be held liable for safety statements. Meaning, if they miss something, you cannot go back and sue them. This disclaimer has been included in the policy to protect the insurance company against such suits.
Also note that some insurance companies outsource inspections, especially if the insurance company does not have an office in that city. The inspector might not even come out and do a physical inspection. They might just do an interview over the phone to verify information on the application and ask some other questions. I've had some clients request that I come out when the inspector is there, especially if the inspector doesn't work directly with the insurance company and is an outsourced contractor doing the inspection. If this would make you feel more comfortable, be sure to request it of your agent.
The insurance company may inform you of recommendations or requirements that should be made, but please note, they are not required. If they do have such requirements, they must be completed within a certain time frame otherwise they might cancel the policy. If you have any questions about the inspection process or anything else related to Business Insurance please feel free to contact me.
Commercial Insurance Agent
I've been working with several Engineers lately and this question seems to come up quite frequently. How much is Business Insurance for Engineers? It's one of those questions that has many answers and questions. Both of which I will discuss below. Hopefully it will help other engineers when pricing Business Insurance.
As you can see there are several variables that come into play when it comes to obtaining a price for Business Insurance for Engineers. Believe it or not, these are just a few of the questions. To get a firm quote, you'll need to fill out an application. I have attached one below if you would like to review. To discuss the cost of Business Insurance for Engineers in more detail, please feel free to reach out to me. I am always happy to help.
If you would like more information about Insurance for Engineers, feel free to check out a past blog post Insurance for Engineers.
Commercial Insurance Agent
Professional Liability Insurance for Architects can be somewhat overwhelming and confusing. There are so many business insurance options available. As an Insurance Agent, I've seen a lot of them. In fact, I sell a lot of them, but there's one I really like. Travelers 1st Choice for Design Professionals is the policy I would consider if I were an Architect. And, no, this is not a paid ad and Travelers is not paying me anything to write this article. In fact, they don't even know I'm writing this article. Anyway, this particular Professional Liability Insurance for Architects really delivers when it comes to protection and value added services. As far as comparing a policy, it's easy to get caught up with price, retention and policy limits to do an apples-to-apples quote, but consider the risk management resources below for your business. Travelers can not only be competitive on premium, but also hit a home run with the resources below.
Training Webinars from an Experienced Industry Leader
Founded in 1853, Travelers has been around a long time and knows what it takes to be successful in this fast paced digital economy. They understand their success depends on your businesses success, that is why they created a program for Architects and other Design Professionals. The program consists of quarterly risk management webinars for businesses to help mitigate risk. Some insurance companies may have the same webinars, but I doubt they can bring the value that Travelers does. Travelers webinars typically will have someone with an architect or design professional background and a law background not an underwriter afraid to go off script. In addition to the education, you will also get credit when you participate in them. Again, other carriers will offer this, so I would ask to hear a sample webinar. If you are going to have to listen to a webinar, you want to make sure you are getting something out of it.
Pre-Claims Phone Number
Having a resource available before you have to file a claim can be of huge value. Take for example a property owner and general contractor are in litigation due to a faulty structure and you are called on to make a statement. There's no claim, so the insurance company cannot respond. Pre-claim assistance can be very valuable in this situation. Without this, your only other options are consult with your attorney or blindly make your statement. Both of which could be very costly in the long run. Some carriers may also offer pre-claim assistance, but does the carrier have the experience and reputation that Travelers does? These are just a few questions I would ask.
Another set of eyes to look at a contract never hurts. At the end of the day, the contract is going to be an extremely important, if not most important, document when it comes to doing business. Having an industry leader take a look at it never hurts. Not only will they review the contract, but they will do this at no cost to you.
Again, I want to reiterate, I get nothing from Travelers for writing this post. Yes, I do represent other "A Rated" carriers and they offer some of these risk management value adds as well, but I feel Travelers has the complete package when it comes to Professional Liability Insurance for Architects and other Design Professionals. Design Professionals include:
Commercial Insurance Agent