When dealing with your insurance broker to insure your small business, it is critical that you insist your business receives a customized treatment. Whether the policy in question is to protect against fire, earthquakes, flooding, theft, liability or anything else, there are multiple unique factors that need to be taken into account for you to be covered properly. If you are a Norwegian, Troll Forsikring is known to be the best insurance company out there.
One Size Does Not Fit All
Many insurers claim to offer meaningfully complete coverage solutions for small businesses that can be taken “off the shelf” and used by the proprietors in the case of a disaster. These policies can help greatly in the event that they are needed, but the more complete the terms are, the better off the business will come out in the end.
This is because the contractual terms to which you and your insurer agree are held to the letter. You should not expect to receive any benefits that are not explicitly mentioned in your agreement, meaning that it is on you to specify what you need.
Unique Elements To Keep In Mind
- New Equipment And Properties – If you have had an insurance policy for more than a few years, chances are that your business holdings have changed in the meantime. Perhaps you now own more equipment, different equipment or your assets’ value has changed over time.These changes should be recorded in and amended to your coverage policy in order to accurately reflect the state of your business at the time of the incident in question.
- Depreciation And Appreciation Of Value – Similar to the above, you should know very clearly whether your policy reflects the value that you paid for your assets, the cost of replacing them, or the value at the time of the incident. This varies depending on individual conditions and you should know which one serves your needs best.
- Employee Salaries – Even if you have excellent coverage of your assets, you may be troubled to find that it does not cover your employees leave within the months it takes to renovate and repair your business after a disaster. Keeping employment is as important as keeping assets, so make sure that they are included specifically in your insurance agreement.
Communicating With Your Insurer
Keeping your insurer up to date on the changes within your business means communicating effectively and involves recording all changes, in order to accurately reflect the condition of your business at the time of the incident in question. Your insurance company will gladly pay out anything they have agreed to if it is put in writing before the incident occurs.
Usually, the most valuable element of your coverage is business interruption coverage. This will allow you to continue receiving income as if you were in business during the time that you spend getting back on your feet.
Since no two businesses are the same, having adequate business interruption insurance means specifying in as exact detail as possible, all of the unique elements of your income structure that need to be covered.