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THE BEST INSURANCE PROGRAM FOR THE BUSINESS

Ask your broker if all insurance companies used are legally able to do business in the state where the property or risk insured is located, and if they are so sound financially that there can be no doubt about their ability to pay any and all losses in full. You can check with your state insurance commissioner or your lawyer. You can check the insurance company's rating in books such as those published by Best and Company. Find particularly what the reputation of the company is in regard to settling losses fairly and promptly. Be sure you divulge all material facts when the policy is negotiated. Then the policy cannot ever be voided on the grounds of fraud or misrepresentation. Be sure you get a binder or acknowledgment as evidence that you are insured between your order and delivery of the policy. And do the same with renewal policies. Examine your policies when they are issued. Do it from time to time thereafter to see if insurance company and form of policy are approved by your state's insurance department. You ought also to get your broker to take these steps: Check the terms, conditions and rates of new and renewal policies, especially those which are directly negotiated mutual policies. Read the policy exclusions for things not covered or not permitted under each kind of policy. Your broker or agent can readily point these out to you. Review the forbidden actions, etc., from time to time. Changes in your business since the policies were issued may have technically voided some policies.

Get a permit for you if one is necessary. He can obtain the necessary indorsement from  the  insurance company. Avoid paying larger premiums than necessary because of overlapping coverage of policies providing similar protection. Take advantage of changes in rules, rates and classifications to reduce your premium cost or obtain broader coverage at the same cost. Keep adequate records of all data necessary to comply with the requirements of your policies and a record of the policies themselves. Do that this way: Include a tickler or some follow-up system that will notify you well in advance of each policy expiration. This should include a second reminder on the expiration date in case the policy or a binder acknowledgment has not yet been received. Include a record of each policy, showing the name of the company, number, coverage, rate, premium, expiration, and changes, if any, during the policy term. Have books of account showing the original cost of buildings, machinery, equipment, furniture, and fixtures, and the date and cost of additions or disposals. Have a record to help in proving a merchandise loss, showing insurable value of inventories, monthly if possible, so that the amount of insurance may be adjusted if necessary. Remember that many kinds of insurance specifically require that adequate records and books of account be maintained to prove and collect for a loss under the policy.

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