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The secret to insurance

We in the insurance industry always wonder if our clients actually read their insurance policies. I realize this is not something that appeals to most normal people, but for most of us it is a necessity, whether it is in our personal or professional lives. With our personal lives, it’s fairly straight forward. We have property and car insurance for our belongings and liability insurance in the event a third party is injured on our property. However, within an organization, there can literally be hundreds of different risk exposures. As your insurance broker we spend an incredible amount of time examining the possible exposures you face and offer insurance and other risk transfer solutions that meet your individual financial and risk tolerance requirements. But in today’s economy it is not all that uncommon for a business to move into new markets and even entirely different businesses that add a completely new set of exposures. Such decisions are often time sensitive and your broker may not be notified in time or simply overlooked, so we are unable to do a full review of the new exposures. The secret I always tell my clients’ is that if they don’t do anything with your insurance policies, at least read the exclusions. A simple review of the exclusions can often surface any unknown exposures or raise questions about if you are covered for a certain type of event. So before moving into new markets or businesses spend a few minutes and read over the exclusions in your policies and then communicate with your insurance broker/partner.

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