Do you have enough insurance? Are you over insured?
Here are a few tips:
Assess your needs. Property. Inventory and Casualty coverage is only the start. Think beyond this limitation. What about Business Interruption coverage? When a storm shuts your business down, you still need to keep the revenue flowing. Product Liability coverage, particularly if it is your product? Are you covered for employee related issues?
Check with a number of Insurance Agents and ask for a risk evaluation. They can help you decide on the appropriate coverage.
Check on the viability of any potential insurance provider. You want to be sure they will be around to help when needed. Ask others about experiences. Check for ratings with A. M. Best, they rate insurers. And recheck this periodically.
As your business grows, be sure to keep your insurance coverage current.
Steve Koenig, SCORE Counselor
Visit us at: www.scoresouthflorida.net