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Commercial Lines Insurance Checkup

Commercial Lines Insurance Checkup

No matter when your annual insurance policies begin or end, the new calendar year is always a good time for an insurance checkup. Pull out your policies, get your broker on speed dial, and consider these questions: Did You Hire Any New Employees? New employees can affect your insurance policies in many different ways: Workers compensation payroll may be increased, resulting in an increase in premium at audit. Auto insurance: while most new employees don’t affect your insurance premium, a new driver with a questionable or bad driving record could increase your premium or put your coverage in jeopardy. All new employees should be added as drivers to your policy upon hire, even if you don’t think they will be driving. General Liability: more employees means more work completed, which could result in more revenue. This could increase your premium at audit. Did You Move? If your office moved, did you inform your broker or insurance company? A larger or smaller premises may affect your liability insurance premium. The materials and construction of your office structure have an effect on your insurance premium, so it is important to inform your broker if you have moved. Real property coverage is not transferable so if the wrong location address is on your property insurance policy you may be paying for coverage on a building and business personal property that will not be valid in the event of a claim. Flood insurance is also not transferable, so you will need to cancel your old policy and purchase new coverage on the current location. Other types of nontransferrable coverage include boiler and machinery...
New Year Commercial Insurance Checkup

New Year Commercial Insurance Checkup

End of year is busy for many businesses. Your company may be occupied with closing out the books for this year or doing strategic planning for next year. While you are putting 2016 to bed, now would be a good time to quickly review your current insurance policies, especially commercial insurance. Here are 4 steps to help you do that. Step 1: Round ‘Em Up Have you received paper or electronic copies of your policies? If so, do you know where they are located? Who has access to them? It is recommended that they be filed in a fireproof box, electronically, or at an alternate location. Broker contact and claim information should be distributed to key personnel so that it can be easily accessed in the event of a claim or catastrophe. Step 2: Inventory What You Have All of those policies you’ve purchased don’t mean a thing if they aren’t up to date. Here are things you should check with your basic policies before the new year: Commercial General Liability: Check your limits, deductibles and exposures. Do you have coverage for all locations and aspects of your business? Commercial Property: Have you purchased any new real estate or contents in the last 12 months? Was your insurance broker made aware of this new property? Have you received a recent appraisal that would affect your policy limits? Automobile Insurance: Do you have current auto ID cards for all insured vehicles? Have you purchased any new vehicles or sold/traded in any old ones? Have you made changes to any current vehicles that would affect their value? Are all of your...
Ins & Outs of Personal Trailer Insurance

Ins & Outs of Personal Trailer Insurance

There are few things more handy that a utility trailer. You purchase an inexpensive one, attach it to the ball hitch on your personal vehicle and then you’re free to haul things to your home, away from your home, and around the country. But where does insurance for that trailer come in? If it hits someone or something while you are towing it, where is the coverage? If the trailer itself is damaged, is there coverage for that? You have questions, we have answers. Liability May Be Automatic The ISO Personal Auto Policy (PP 00 01) describes covered autos to include “any ‘trailer’ you own”. As long as your personal trailer is attached to your personal vehicle, liability insurance coverage is typically extended to the trailer attached to or being towed by the insured vehicle. In fact, many of the exclusions applied to liability coverage for personal vehicles do not apply to trailers within the coverage form. Check your policy or speak with your broker to verify coverage, as some policies may exclude this coverage as a cost-saving measure. Physical Damage To Trailers Isn’t Covered While auto liability coverage does extend to an attached trailer, physical damage (also known as comprehensive and/or collision coverage) does not automatically extend to the trailer. In fact, the personal auto policy specifically excludes this coverage with the following wording: We will not pay for: 7. Loss to: a. A “trailer”, camper body or motor home which is not shown in the Declarations; or b. Facilities or equipment used with such “trailer”, camper body or motor home. In many cases this coverage may not...