8 Reasons to Review Your Business Insurance Coverage

Winston-Salem, NC 12/17/2014

You have invested a lot of time and money into your business and you want to help keep it safe.

Your business insurance coverage helps to ensure that all you’ve invested in your business is protected in the event of an accident, disaster, disruption or emergency.   Let's review some changes to your business that would likely cause rating or underwriting adjustments that should be addressed as soon as possible.

The Risks

Not having the appropriate amount of insurance can be an serious 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:

  1. Created a new company or change the business entity (for instance, from a sole proprietor to a partnership, corporation or LLC?
  2. Changed (or expect to change) your operations or services offered? Did your operations expand to a new state?
  3. Purchased, leased, built or altered buildings at existing or new locations?
  4. Added construction equipment or used borrowed equipment? (This is common contractors.)
  5. Changed payroll or sales?
  6. Changed the amount or use of subcontractors?
  7. Purchased or leased vehicles?
  8. Added drivers on your insured vehicles?

If you answered yes to any of these questions, please contact us to help you evaluate your current coveage and canvas the market for the best possible rates.

We can provide you with advice to help you to secure the right coverages and the appropriate amount of insurance. Our agents can provide you with tools to help you mitigate potential losses, which goes a long way in helping your business continue to thrive despite unforeseen, and unpredictable events. Remember, as your business changes, it’s vitally important that your insurance program changes in response.

ISU Wilson Insurance - Our Knowledge is Your Best Assurance™.

View All News Articles

What Our Customers Say!
Several months ago we had a flood in our home due to a defective valve in our guest bathroom. Needless to say we came home to a disaster. We immediately contacted our agent, Linda Welborn. Right on the spot she gave us the name and phone number of a company to call (Disaster One). They came out that evening (around 11:30pm) and worked through the following morning around 6:30am. They did an outstanding job! We were so impressed with their "sense of urgency" and "expertise" we assigned all of our repairs to their company. The insurance adjuster(Erie Insurance) cut no corners when it came to replacing damaged items. They issued repair orders on things we weren't even aware we needed to look for. They too did a great job in getting everything processed quickly. It's great to have such a Professional agent who treats us like we are her only customer. I have been so impressed with her outstanding customer service that I refer many people to your agency because of the great care and attention she gives to her customers. Thank you Linda for your outstanding service! We look forward to working with you in the years to come.
Linda Martinez, Merfin Systems, LLC

Read what others have to say.

What's New

Wilson Insurance Services Team!
2/22/2018

 Our newest team photo!

Read More »

 

What You Should Know About Rental Car Insurance
2/1/2018
There are some very serious contractual gaps in coverage for rental vehicles. Even if you purchase their Collision Damage or Physical/ Loss Damage Waivers, many rental car contracts exclude the following:
  • Theft of the Vehicle
  • Tolling, or Turning the Vehicle Over
  • Lease Gap coverage
  • Loss of Use
  • Glass, Tire and Undercarriage Damage
  • Animal Collision
  • Flood and Hail Damage
  • Damage above the Windshield
  • Individuals who rent personal vehicles for extended periods and do not have a Personal Auto policy in force
  • Drivers who rent, and do not own another vehicle insured elsewhere, need to be expecially careful here
Read More »

 

The Five Costliest Traffic Tickets for Auto Insurance
1/15/2018

Those whirling blue lights in the rearview mirror usually mean just one thing: It's traffic ticket time. The worse the violation, the more your car insurance costs may rise because it's more likely you'll be considered a bigger risk to the insurer.  Rack up a combination of the nastiest violations plus a few accidents, and insurers may even refuse to cover you, says Loretta Worters, spokeswoman for the Insurance Information Institute, a trade group.

 
It boils down to matching the premium you pay to your risk as a customer, says State Farm spokesman Dick Luedke. "Sometimes you get lucky and violate (traffic laws) a lot and don't get caught, and sometimes you do it once, and you are caught," he says. "That's why we use all sorts of other things to measure risk as well." So it's tough to say how much your insurance premiums will rise per violation. Different insurers calculate premium costs differently, Worters says. With the help of experts, including J. Robert Hunter, insurance director for the Washington, D.C.-based Consumer Federation of America, we now identify what are considered the five worst traffic violations for your insurance bills:
Read More »