8 Reasons to Review Your Business Insurance Coverage

Winston-Salem, NC 12/17/2017

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!

Dear Fletcher, I wanted to drop you a note to say what a pleasure it is to work with your team. Jennifer and Linda are terrific. I'm often faced with challenges when attempting to collaborate and coordinate with my service partners. That is never the case with Wilson Insurance. It is a relief and a calming thought to know I can count on you and your team for support. Thanks for the consideration. Don

Don Smith, Hayward Industries

Read what others have to say.

What's New

Why every Board of Directors should carry D&O Insurance
12/3/2019

 

Directors & Officers Liability insurance provides coverage for your own “wrongful act” while performing duties as a Director of Officer of the insured entity, or the "wrongful acts" of other board members. 

Why Do You Need Director’s & Officers Liability Insurance?

While an organization is legally permitted to cover the costs incurred as a result of personal liability stemming from the activities performed on behalf of the organization, this ability, called indemnification, may not apply to every situation.  The director or officer may become personally liable in their duties performed for the organization.

Read More »

 

What You Should Know About Rental Car Insurance
11/13/2019
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 »

 

5 Types of Cyber Criminals and How to Protect Against Them
11/3/2019
Understanding the types of cyber criminals and their techniques can help protect your organization from a data breach. Here are some common threats and steps a business can take: 

Read More »