As you work on and finalize your New Year’s Resolutions, it makes business sense to take a look at your risk management and insurance program as well. Here is a short insurance checklist from the Ramey King team that may be helpful in this endeavor.
- Have you put together a book to file for your insurance? Are you records centralized? Do you have copies of all your policies and files? This can be a hard copy or electronically stored. Mainly that you know where it is.
- Make sure you have copies of all the policies. If any policies are missing, request them from your agent at Ramey King.
- Do you have a good working understanding of your insurance? Most people are not experts on their insurance but you should have a working knowledge of what you carry. If not, contact Ramey King Insurance for a time to review the coverage.
- Do you have a central file of contracts or notes or legal documents that may affect your insurance exposure? In many of these contracts, there may be an insurance or indemnity section. Review these with Ramey King to make sure your insurance provides protection for any exposures you may have contractually assumed.
- Have you taken informal walk around your business with an eye for loss exposures? It always good to step back from the business that you see everyday and inspect your business from the perspective of an insurance loss control representative. Are there exposures that you may see in your business that can be improved or changed to limit a potential claim? Ramey King can also provide this service for you as well.
- There are flow charts and checks lists that can be obtained to help you review your claims exposure either on the web or from your insurance agent.
- Have you checked the driving history or activity for your drivers? The business owner is usually the last person to know if a driver have incurred tickets or license problems? Are your employees all licensed to drive your vehicles? Unfortunately this is not as crazy as it sounds.
- Are your liability limits high enough to cover the exposures from your work? What size projects do you handle? How large are your customers?
For more information on these subjects, contact Ramey King Insurance at 800-453-9691 or visit our office at 510 N. I35E, Denton, TX