Business hires its first employee
Action:Immediately review Workers’ Compensation requirements.
In Illinois, even one part-time employee generally triggers the Workers’ Compensation requirement.
Business moved to a new location
Action:Notify your insurance agent.
Update:
- Address
- Square footage
- Building information
- Business Personal Property
- Occupancy
- Lease requirements
Business added a new service
Action:Tell the insurance company.
A new service can change the business classification and coverage needs.
Customer asks for Certificate of Insurance
Action:Send the exact insurance requirements to your agent.
Do not send only a customer name if the contract requires special endorsements.
Landlord asks for insurance
Action:Review the lease requirements.
Commercial leases may require:
- General Liability
- Property coverage
- Additional Insured
- Waiver of Subrogation
- Umbrella
- Business Income
Payroll increased significantly
Action:Notify your agent, especially for Workers’ Compensation.
Updating estimated payroll during the policy year may reduce a large year-end audit surprise.
Received an audit bill
Action:Request the audit worksheet.
Review:
- Payroll
- Sales
- Classifications
- Subcontractor costs
- Certificates
- Officer information
Dispute incorrect information promptly.
Business had several claims
Action:Request current loss runs and review the causes of loss.
Underwriters may want to see corrective action such as:
- Safety procedures
- Property repairs
- Employee training
- Security improvements
- Driver controls
Insurance company nonrenewed the business
Action:Start looking for replacement coverage immediately.
Provide your agent with:
- Nonrenewal notice
- Current policies
- Loss runs
- Updated business information
Do not wait until the expiration date.
Business purchased expensive equipment
Action:Notify your insurance agent.
Make sure the Business Personal Property or equipment limit is sufficient.
Business begins storing customer information electronically
Action:Review Cyber Liability coverage.
General Liability should not automatically be assumed to cover cyber or privacy losses.