Business Insurance Austin Texas | MrBusinessInsurance.com
  • Home
  • About Us
    • Contact Us
    • Contact Form
  • Blog
  • Restaurant Insurance
  • Business Insurance
    • Business Insurance Basics >
      • A&E Insurance
    • Business Insurance Costs >
      • Application
  • Certificates
  • FAQ
    • Privacy Policy

Why You Should Read your Insurance Policy......

9/28/2015

0 Comments

 
Hartford Insurance Policy Picture
Let’s face it, it’s not the most exciting subject to read about, but I believe it is your duty and obligation as a business owner to read your Business Insurance policy. If you don’t understand it, it’s your agents, or my duty and obligation, to help you understand it. Your business is most likely one of your largest investments, not to mention one of your biggest dreams, so understanding your Business Insurance policy could make or break you, should a major loss/claim occur. Below are just a few of the reason why I believe you should read your Business Insurance policy today!

Exclusions. Every insurance policy has them. If you have never read your policy, how do you know what is excluded from your policy? Over the past few years we have seen a lot of rain here in Austin, TX. The rain seemed to come all at once, so when this happened some businesses took on water and it damaged property. Obviously they wanted to file a claim, however, flood is excluded. Flood Insurance is a separate policy purchased through the National Flood Insurance Program. If you do have a Flood Insurance policy, and you're reading this, read your flood insurance policy for exclusions. Bottom line, insurance policies have exclusions and you should know what they are before a loss occurs. 

Know Your Coverage and Deductible. Its a good idea to be familiar with your coverage and verify what you thought you would be getting is actually what you are getting. For example, is your personal property covered at Actual Cash Value or Replacement Cost? What about your deductible? Most of this information can be found on the Declarations Page of your insurance policy. Take the time to review your policy, because reviewing at the time of loss, might be too late. 

Things Change. Property limits can change, so reviewing your Declarations Page is a good idea. This is probably the easiest section of your policy to understand as it has most of your coverages and limits listed. If it's been a while since you started your insurance policy, and your business has grown significantly, your policy should grow too. It may even be time to look at getting an Umbrella or Workers Compensation.

These are just a few reason why you should read your Business Insurance policy. I could list many more, but I wanted you to have time to get your policy out and read it now. Remember, if there's something you don't understand, it is my duty and obligation to help you. Contact me, if I can help. 

0 Comments



Leave a Reply.

    Categories

    All
    Bailee Insurance
    Builders Risk Insurance
    Business Insurance
    Business Insurance
    Coinsurance
    Commercial Property
    Cyber Insurance
    Data Breach Insurance
    D&O Insurance
    Employment Practices Liability (EPL)
    First Dollar Defense
    Flood Insurance
    Foreign Insurance Policy
    General Liability
    General Liability Vs Professional Liability
    Hired & Non-Owned Auto Liability
    Inland Marine Insurance
    Inland Marine Insurance
    Insurance For Engineers
    Life Insurance
    Liquor Liability
    Medical Payments
    Product Liability
    Professional Liability
    Professional Liability For Architects
    Restaurant Insurance
    Umbrella Insurance
    Workers Comp

    Archives

    November 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    November 2021
    August 2021
    June 2021
    December 2020
    June 2020
    March 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    July 2019
    June 2019
    May 2019
    April 2019
    February 2019
    January 2019
    October 2018
    July 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    August 2017
    June 2017
    May 2017
    March 2017
    February 2017
    January 2017
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    April 2015
    March 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    November 2012
    April 2012

NOTICE: This blog and website are made available by the publisher for informational purposes only. It is not to be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher. ​
Photos used under Creative Commons from ccPixs.com, ctj71081, Joe The Goat Farmer, NordicPixels, Alan Cleaver, Seattle Municipal Archives
  • Home
  • About Us
    • Contact Us
    • Contact Form
  • Blog
  • Restaurant Insurance
  • Business Insurance
    • Business Insurance Basics >
      • A&E Insurance
    • Business Insurance Costs >
      • Application
  • Certificates
  • FAQ
    • Privacy Policy