Below is a check list of items to look out for when obtaining Business Owner Policy quotes for your firm.
- Limits of liability – what are your current limits of liability and are the quotes you are getting the same.
- Umbrella/Excess liability coverage – does your current policy include an umbrella and is the quote the same limit as your policy.
- Hired and Non-Owned auto liability – do you currently have this coverage on the policy and what is the limit?
- Deductible – is the deductible the same as your current policy? Typically increasing the deductible doesn’t reduce the premium by much.
- Named insured – make sure the spelling and your firm name is correct.
- Locations – if you have multiple locations on your policy be sure they are all listed on the quote.
- Effective date – the effective date seems like something simple, but verify that you have the same effective date from your previous policy period.
- Business Personal Property – verify you have the same limit and an adequate limit for your property coverage. Most policies include an automatic inflation guard for business personal property but if you have added furniture or computers make sure that is included in the total amount.
- Building coverage – do you own the building? If so verify that the limit for the building coverage is adequate. If you have a mortgage company they may have a requirement on the amount.
- Additional insured – if your policy has a scheduled additional insured listing, verify that the list is up to date and includes accurate information for those additional insureds.
- Loss payee – as with the additional insured be sure that the loss payees or mortgagees are up to date with corrected addresses.
- Exclusions – read the carriers policy so you are aware of what the exclusions are on the policy.
- ERISA coverage – is additional coverage needed for your 401k plan and is the plan listed on the policy?
As always be sure to check with your PUI agent to make sure you are getting your Business Owner Policy needs met.