Unusual Commercial Insurance Risks
Insurance companies prefer the safety of covering round pegs in round holes or square pegs in square holes.
But what if your business is a triangular peg? Having a professional in your corner to help manage your business risk to help determine what coverage, if any, your specific organization should consider covering can be invaluable.
One circumstance that is commonly overlooked is whether your business ever holds client material in your care, custody, or control. Dry cleaners, furriers, auto repair, lube & oil, delivery services, wineries, jewelers, remodeling contractors, printers, PC repair, restaurants with consignment art on display, gun shops, sawmills, etc. are all examples of main street businesses that have exposure to financial risk due to holding property of others. Many policies never consider this exposure, but what if your #1 VIP client lost their property on your premises due to some unexpected situation? Fire, theft, lightning, wind, hail, falling objects, riot, vehicle damage, smoke, explosion, vandalism, malicious mischief, collapse of a roof due to the weight of snow or ice, and water damage from a burst pressurized pipe are all perils that can be considered. Earthquake? Possible. Flood? Perhaps. Landslide? Maybe. Mudslide? It depends! Take advantage of our experience to make informed business decisions of what you should cover by insurance and what you can self-insure. There are no “right answers,” but one definite “wrong answer” is ignoring coverage due to making assumptions that covering situations may be too expensive or troublesome.
Bottom line: don’t be hasty.
If you are new in business, or if you are starting some sort of new venture, one of our experienced agents would love to help you hope for the best, but plan for the worst. Our 10 commercial agents have a combined 312 years of experience, take advantage of our longevity and make smart decisions regarding what risks to self-insure for and what risks could be transferred to an insurance company. One size does not fit all.
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