Risk is certainly expected when owning a business. Many risks will be beyond your control, like market forces and changes in consumer demand, but some can be mitigated with proper planning. Establishing the right level of business insurance is one way to minimize financial and operational exposure should you ever face damage or catastrophe.
Why Business Insurance is Important
Studies show that the majority of U.S. businesses (around 75 percent) are underinsured by 40 percent or more. Even worse, it’s estimated that roughly 40 percent of businesses have no insurance at all.
Regardless of the reasons driving underinsurance, the results if/when disaster strikes can be devastating. According to the U.S. Small Business Administration, the unfortunate reality is that 25 percent of small businesses are forced to close permanently after being hit with any type of catastrophe.
Right-Sizing Your Business Insurance
As nice as it would be to provide a secret formula for determining the exact insurance coverage you need, there’s no one-size-fits-all approach. Instead, you’ll want to follow a few important steps for understanding your specific needs when it comes to protecting your business.
Step 1: Have Your Business Properly Assessed
Not all businesses are created equal, even if from the same industry. The key is knowing where you’re most at risk. When potential exposures are identified, you can select a customized insurance policy that represents the most cost-effective and comprehensive option available.
Step 2: Update Your Coverage Regularly
Your needs will undoubtedly change over time. The policy you secured when opening your business likely doesn’t provide the best coverage for your business today. Conducting a periodic review of your policy is the best way to ensure your insurance plan is accurate and adequate for your current circumstances.
Step 3: Don’t Overlook the Intangible Risks
It’s common for business owners to focus solely on a physical property (vehicles, buildings, equipment, etc.) but forget to consider the intangible impacts that can also accompany damage (cyber, employee claims, etc.). Make sure that you explore both property and liability coverages. Each state has different requirements, so you’ll want to look into what type of liability insurance your state requires.
Step 4: Establish a Relationship with a Qualified Public Adjuster
Even with the best policy and advance planning, an incident requiring a damage claim can be confusing and stressful. Before that happens, you should reach out to an experienced public adjuster like SunPoint Public Adjusters, Inc. Having an adjuster on your side can make all the difference in receiving the best recovery outcome. Your public adjuster will dive deep into your policy coverage, navigate the adjustment process, and dispute/resolve claim payments on your behalf. It’s recommended to get in touch with an adjuster before you’re ever faced with a loss.
SunPoint Public Adjusters, Inc. Advocates Only for the Insured’s Benefit
SunPoint Public Adjusters, Inc. (“SunPoint”) is the “Gold Standard” of the Public Adjusting industry. We comprehensively review and evaluate your insurance settlement, immediately deploy a team of specialists to assess and quantify your damages, and customize a strategy around your personal recovery to promptly and properly maximize the resolution of your claim.
Our in-house experts and external veteran professionals are experienced in quantifying and negotiating building, personal property, inventory, or other additional coverages. We work solely on your behalf to favorably resolve your claim. Our team ensures your insurance company does not delay, diminish, or deny benefits that are rightfully owed to you. Industry authorities agree that having a public adjuster like SunPoint on your side early in the process expedites and maximizes your recovery.
Policyholders have been benefiting from our knowledge and advocacy for decades. We have handled, managed, and successfully navigated claims ranging from homeowner losses; corporate losses in the hundreds of millions of dollars; disaster losses involving government entities and entire municipalities; agricultural and recall losses, and virtually any type of disaster claim that could be imagined.
Our team of Public Adjusters, building cost consultants, inventory specialists, forensic accountants, and equipment consultants are unmatched in our industry. It is easy to be big. But it takes dedication every day to be the best – we have that dedication. Our goal is aligned with yours. To obtain a free insurance settlement assessment of your specific circumstances and recovery please contact us and strategize your optimal means of recovery.