Don’t get left in the dark when it comes to your business insurance.

While the world of business is often unpredictable, your business insurance shouldn’t be.  Unfortunately, many business owners do not take the time to read through and truly understand their policies.  This leaves them confused and frustrated when they find out that their policy will not cover a claim as they thought.  To save you from this bad situation, here are some of the things that you need to know about your commercial coverage.

• Do I have the right coverage?

Insurance requirements differ depending on the industry that you work in.  For instance, the coverage needed by a restaurant is wildly different from the insurance needed by a construction firm.  Your insurance provider should understand the specific coverage requirements for your industry.  They should also be familiar with the types of risks that your company faces and be able to create a multi-faceted insurance solution that addresses all your needs.

• Do I have enough coverage?

Truthfully, no business is every fully covered against all the risks and perils that it faces.  The best that you can do is set your coverage limits high enough so that your business has a chance of recovering after a catastrophic disaster.  Taking steps like calculating your business’s assets and totaling the cost of equipment, supplies, inventory, and other property can help you determine how much coverage you need to protect your business.  If you own your commercial building, then you should also account for the cost of completely rebuilding the property should it be destroyed in an accident.

• What does my policy not cover?

Before signing off on a commercial insurance policy, you need to know what types of perils are excluded from coverage.  Once you know about your policy exclusions, you need to consider how likely you are to face these risks.  If your business stands a good chance of encountering an excluded peril, then speak to your insurance provider and see if you can secure a policy endorsement or separate insurance policy to get the coverage that you need.

These are some of the questions that you should ask about your business insurance.  Do you have more questions about your commercial coverage?  If so, then contact the experts at Steve Wilk Insurance.  Check out our new office today at 310 S Main Street, Suite C, Lombard, IL 60148.