Here are some quick tips to help you:

  • Never assume something is covered. This is where partnering with an advisor that understands the risks inherent to your operation is critical.
    • You need to know how your policy is structured and rated to ensure that the policy will step up in a claims scenario. Additionally, the endorsements and exclusions that are present on your policy will play a critical role in how you are protected. Be sure to review and understand the policy and its forms in depth.


  • While it may seem tedious to review your insurance policy, the benefit of understanding whether or not you are properly protected quickly becomes relevant when a claim takes place and you find out that you may be responsible for a 7 figure payout that could have been covered by an insurance policy that was set up properly.


  • Coverage can vary from one insurance company to the next. Some may automatically provide some additional coverages, while others have won’t even offer it (for example pollution or cyber liability).
    • While insurance carriers will primarily use a standardized form to create the initial framework and structure of the policy and its terms, they will all put their own twist on the coverage forms depending on how comfortable they are with a particular industry.


  • Sit down with your insurance advisor at least semi-annually to discuss any changes or adjustments in your operation. At this time you can review the policy in depth to ensure that coverages are still in line with the needs of your business.
    • In many instances, it may make sense to also have a monthly call to review any changes that may have occurred as well as discuss claims


  • Review your contracts annually with your legal team and your insurance advisor. It is imperative that you are in compliance with what is stipulated in the contract. Failure to do so can be devastating.


  • Understand what loss control and safety services are available thru your insurance advisor and the insurance company. There are typically a wide variety of tools and resources available to you at no additional charge – many of which (videos, handouts, talking points, etc) are available online

Be sure to work with you advisor to capitalize on these resources. The more proactive you are with you safety and loss protection, the more effective you will be at mitigating losses and managing the impact claims can have on your insurance premiums