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Need to Know Which Car Insurance is Right for You?
Insurance Considerations for Private Companies
By: Christopher R. Rourke
Here are examples of just five common situations we often see that could significantly impact your business and the adequacy and cost of your insurance coverage:
- Does your property insurance carry a "coinsurance" clause without an "agreed amount" waiver from the insurance company?
If so, you may be subject to a severe penalty or "co-participation" in the event of a loss. - Does your company use independent contractors and not obtain certificates of insurance from them?
If so, you may be subject to additional workers' compensation costs at audit and also be responsible for injuries that occur to these individuals while they are working for you. Both will increase your insurance premiums. - Does your company provide professional services in addition to or in lieu of actual products?
If so, your General Liability policy will likely not extend to provide coverage for "errors and omissions" claims brought against your company. - Is Employment Practices Liability coverage not currently purchased by your company?
If so, you should evaluate this coverage further with your broker to understand the risks and possible protection alternatives. - Are you using the same customer and/or vendor agreements that you first put into place years ago?
If so, are these agreements providing the right levels of protection for you to help avoid of minimize potential future loss? Do they contain limitation of liability and limitation of warranty provisions?
It is critical to partner with a broker that actively engages and assists you and your company in assessing these and other risks particular to your business. At Aronson Insurance, we partner with our clients to help them address their on-going and changing insurance risk management needs.
Christopher R. Rourke is a Senior Vice President with Aronson Insurance. Chris focuses on providing insurance brokerage and risk management services to firms in the technology and business/professional services industries. Prior to joining Aronson in 2006, Chris spent almost five years as a CFO for a large regional insurance broker and ten years with a fortune 100 insurance company. Chris can be reached at (781) 444-3050 (x121) or at Chris@AronsonInsurance.com.
Aronson Insurance is a leading provider of insurance and risk management services. We are headquartered in Needham, MA, and offer a full array of property/casualty and employee benefits products and services. Founded in 1919, we are a regionally focused firm with international capabilities, having over 1,000 business customers from varying