Checklist Checklist

Tag: Business Insurance

  • #17 — Business Insurance Checklist. 25 Buyer-Beware Intelligence Points.

    • General liability doesn’t cover every business risk.
    • Property insurance may not cover every type of property loss.
    • Business interruption coverage has specific requirements and limits.
    • Professional liability differs from general liability.
    • Cyber risk may require separate coverage.
    • Employee-related risks can require different policies.
    • Commercial auto is generally distinct from general liability.
    • Product liability can be especially important for manufacturers and sellers.
    • Policy exclusions deserve as much attention as coverage descriptions.
    • Coverage limits can be inadequate after a major loss.
    • Deductibles directly affect your out-of-pocket exposure.
    • Business valuations and property values can change.
    • Underinsurance can create serious problems after a claim.
    • Inventory levels can fluctuate.
    • Equipment replacement costs may exceed historical purchase prices.
    • New locations may require policy updates.
    • Acquisitions can change the risk profile.
    • New products can create new liability.
    • Contractors and subcontractors can create additional exposure.
    • Certificates of insurance aren’t substitutes for policy review.
    • Policy endorsements can materially change coverage.
    • Renewal pricing may change substantially.
    • Claims-made policies can have special timing considerations.
    • Ask what happens if you stop paying or switch insurers.
    • Review insurance annually as the business changes—not just when the policy renews.