Insurance provides essential cover for dire circumstances. But the peace of mind insurance gives you is misleading if you don’t know what your policies actually cover. It can sometimes lull people into complacency—with owners preferring to know that the policy is there rather than studying the specifics: out of sight, out of mind.
Insurance is unique in that you buy it but hope to never use it. But what if you did have to file a claim? Would you know what your policy covers, and, more importantly, what it excludes? When was the last time you actually reviewed your policy? Chances are you are overdue.
To avoid an unpleasant surprise in the form of a big financial loss not covered by your insurance policies, create an insurance file that contains all your commercial policies in one readily accessible location.
Regularly update your insurance file to reflect the addition of any new policies or changes to any existing ones. Keep a second copy of your insurance file in a separate, off-site location in case your primary file is destroyed—your insurance file will likely be your first recourse in the event of a big loss.
Make sure you know what your policies cover—Bollington Insurance Brokers is here to help. Rely on us for help with choosing the right policies for your business’ risks, and for ensuring you know exactly what your policies do and do not cover.