The Dos and Don’ts of a Business Owner Policy for Architects and Engineers
Business Owner policies are an important piece of your overall risk management and protection of your firm’s assets. Here are a few things to remember with regards to the policy:
Do verify that your firm is with an insurance company that is highly rated with AM Best. This essentially is a rating system to let consumers know the financial stability of an insurance company.
Don’t just go with the cheapest insurance company. There are many factors in a Business Owner policy and you want to make sure your firm is covered properly.
Do provide accurate information about your firm’s business location (the building information) and contents. For example, if your firm has fine arts be sure to indicate that on the application so that it is accurately covered.
Don’t leave out information such as past claims or cancellations. If the insurance company were to find out about such information they can deny a claim since they were not told about this information when they were rating the policy.
Do look at the insurance company’s website before and after you have purchased a policy. Many companies have risk management information for policyholders.
Don’t forget the insurance company is there to help you out. If you have questions call your insurance agent or the company directly. These are both resources for your firm.
Do read your policy. It can be lengthy but it is very important to know what you have purchased and what your firm is covered for.
There is a lot of information when it comes to a Business Owner policy. Please be sure you call or email your PUI Agent with questions.