January 02, 2013

Insurance New Year's Resolutions

It's a new year!  What a great time to evaluate your insurance coverage and exposure.

Things to think about for our personal lines insurance customers:

1. If you are a homeowner, how much personal liability insurance do you currently carry? This is an inexpensive part of your policy and some clients only carry $100,000 when it is a nominal fee to increase limits up to $1,000,000.

2. Do the liability limits on your auto policy cover your personal assets? The state minimum limits would be easily exhausted in the event of a major accident.

3. Have you ever received a quote for earthquake, landslide or flood coverage? Most homeowner's and dwelling fire policies exclude damage from these perils. We are able to provide coverage for most properties, either in combination with the primary home policy or on a stand-alone basis.

4. Have you scheduled any high-valued jewelry, fine arts, guns or other personal possessions on your homeowner's insurance policy? Most carriers offer very low limits for these items and require them to be scheduled to provide replacement cost coverage.

Thoughts for commercial lines insurance customers:

1. Cyber liability, you likely need it and do not have it. You've probably seen the news stories regarding hacking events. As a business owner you are liable for notification costs in the event that your clients' personal information is lost or stolen. Most general and professional liability policies exclude coverage for this type of claim.  Our agency has multiple options to help you procure this important coverage.

2. Do you have employees? You are at risk for an employment practices liability claim. Typical workers' compensation and general liability insurance policies exclude these types of claims. Allegations of sexual harassment, wrongful termination and discrimination are not contemplated by work comp policies. You need a separate policy to contemplate this exposure.

3. Are your employer's liability limits on your workers' compensation policy limits high enough? It is typically not cost prohibitive to increase your limits of liability for this coverage. Many businesses carry only the minimum state limits, not knowing how affordable it is to adequately protect themselves with higher limits.

4. Have you purchased equipment or made significant improvements to your building during the last year? If so, make sure they are covered. We understand that we are the last people you might think of calling when you add or improve, but the limit on your policy is the coverage that you purchased. Take time to review your limits and make adjustments if necessary.