In the world of small business, people are going farther and doing more than they used to. If you’re a contractor, have you had your insurance policy reviewed? Certain operations present greater exposures and may not be covered under your current policy. Roofing for instance, isn’t covered under most handyman policies. If you set up your policy as a framer or carpenter, and now find yourself doing flooring and drywall work, there will be different implications. If you’re welding, do you know the procedures required in your warranty for coverage to remain in force?
If your policy covers the liability for your new operations, there’s additional coverage you may want to know about or need. For instance, an installation floater – this coverage responds when an insured peril causes a loss before the job is complete. For example, if a water line split or failed on start up behind the shower wall you just tiled, the installation floater would cover the cost of any materials damaged in the loss. If you’re putting up a booth at a trade show, an exhibition floater covers your liability and stock on display at the show.
Did you know the average commercial auto radius is 40 kilometers, with a maximum of 80? If you’re going outside this radius, discuss it with your broker! Make sure the product you’re paying for is going to respond and work the way you expect it to if a loss occurs.
In business, things change on a daily basis – a working relationship with your broker will allow you peace of mind, and ensure your insurance works for you when you need it to.
Compliments of IBAO