SACPCMP agent
The time to review your insurance coverage isn't whenever your holding the soaking wet documents in both hands while listening compared to that sucking sound of one's boots in the mud and muck. Yet for a lot of SANRAL health and safety company owners here is the case. Usually the worst financial implications occur in this disaster after the original disaster.
As a small business owner time is difficult taskmaster. In the daily grind many small company owners fail to take the time to adequately review their insurance coverage. Or maybe you and your agent are old buddies and in your rut the friendship may obfuscate your review of certain changes from year to year.
Before twenty years of managing disaster recovery work round the nation we could attest to ab muscles sad incidents when the business owner or manager suddenly realizes he or she isn't going to create it. Only days before, the biggest issue could have been building a delivery deadline. Suddenly it's his / her own business survival that's in the spotlight. How did this happen? Often owners think they have all of the bases covered, only to be blindsided by disastrous events.
In recent memory we could recall the institution that had their canopy scammed by a bus only to discover that the local building department was going to require $250,000 in accessibility modifications. There was what the law states firm that needed seriously to freeze dry vital documents for countless clients only to understand their $25,000 in coverage was significantly less than 25% of what they would be invoiced. Then there have been several clients whose business interruption coverage didn't last nearly as long as hurricane debris remained in their street.
Take some time to examine your changing business insurance needs annually. Consider your entire critical processes that are required for your survival. What are your vulnerabilities? Can you eliminate any by changes in your operation or facility? Can you mitigate certain exposures? Finally, will insurance cover your preferences and any potential gaps?
Ensure you consider all of the perils that your business may be exposed to. The Insurance Information Institute offers this definition of a peril: "A particular risk or reason for loss covered by an insurance policy, such as a fire, windstorm, flood, or theft. A named-peril policy covers the policyholder just for the risks named in the policy in comparison to an all-risk policy, which covers all factors behind loss except those specifically excluded."
