Your customers depend on you to install a fire sprinkler system that will protect them, their property and any injuries or property damage that impact a third party. Fair enough. However, that doesn’t mean it isn’t a good idea to shop around for a better insurance program when you renew every three or four years or so.
Whatever you decide, here are a few things to do to make the renewal process as accurate as possible.
Loss Data: Get annual loss runs from your insurance company that includes the last five years.
Review Claims: Take a look at all claims paying special attention to the following categories:
- Examine all claims over $10,000. Note the claim details with an eye toward loss prevention procedures and never allowing it to reoccur, if possible.
- General liability claims – Make sure you know what caused each one and stay on top of any open claims.
- Auto claims – Note any procedural changes that might cause a reoccurrence of these claims. Make sure your vehicles are safe and mechanically sound. Pull MVRs on the drivers if you can. Implement a fleet safety program. It may help reduce your auto premium.
- Workers Compensation – Compare the losses to the information on the experience mod report. You might find a claim that closed for less than the reserve.
Payroll: Estimate your payroll and gross revenues for the next year. Note any changes up or down in those numbers. Make sure the actual from the prior year matches the premium audit.
Coverages: Review your current coverage. Fill in any gaps. Do you need Umbrella, Errors and Omissions, Additional Name Insured’s, Contractors Equipment, Contractors Pollution or Mold Coverages?
Policy Contract Examination: Insurance policies contain exclusions. Also, be on the lookout for the use of the words “any and/or all” when it comes to assuming liabilities. You might be agreeing to something that is not covered by your policy. Broad contracts can even be illegal in some states.
Property Values: This includes knowing what is covered at replacement value and what is covered at actual cost (replacement cost less depreciation). Also, make sure all of your property is covered including computer equipment, specialized tools, items in transit and items warehoused.
USA Business Insurance
Contact USA Business Insurance today for a free, no obligation discussion about your fire sprinkler insurance. We’ll help make sure you have what you need to accomplish a smooth, affordable policy renewal.