Now more than ever, businesses need to assess their insurance policies to ensure they have adequate coverage – especially in light of the recent natural disasters that have been plaguing businesses and homes worldwide.
Reassessment offers carriers, agents and brokers the opportunity to educate their commercial customers about new products and services as well as exposure to risks they may not have considered before. Carriers should assess all the risk factors involved – location, type of building, etc. – and recommend the type of coverage that would be most beneficial to the insured. Should they be worried about their business flooding? Are they in a tornado zone? Will hurricanes affect them? What type of land is their business built on? All these questions need to be taken into consideration and reviewed periodically in order to provide the insured with the information they need to choose the right level of coverage for their business.
Contents is an important part of the reassessment conversation. Most businesses rent or lease the office space they occupy and it’s the physical and intellectual property that define the business and are at the center of its operations and success. For these reasons and many others, contents coverage is crucial to commercial enterprises. The insured should be aware of how much contents coverage they have within their policy – and if it adequately covers all aspects of their business, including any and all special equipment and IT assets. As Tom Kirkpatrick outlined in a recent post on the EnservioSelect blog, contents claims for commercial enterprises require specialist knowledge and domain expertise. The insured should be made aware of these aspects of commercial contents claims.
Going through all the risk factors provides the insured with the most value. It’s a win-win for both the insured and the carrier. The insured can make the best decision about their insurance policy and the carrier will have a better image in the eyes of the insured, as the insured knows that their carrier cares about them – the customer.