The Do’s, Don’ts and Other Things to Consider When Shopping for Property and Casualty Insurance

dos and don'ts of property and casualty insurance

As a business owner, you need to ensure that you get the most benefit out of your property and casualty insurance. Here are a couple of do’s and don’ts that will help.

1. Only insure property that your business owns.

This sounds obvious, but sometimes “possession” does not mean “ownership” on paper. Should any damage occur to property that you have listed as yours, but ownership legally falls on another party, your insurance will not provide coverage in the event of a claim. We recommend buying coverage only for your business’s verified possessions.

2. Get all your ownership documents in order.

In relation to the first point, documentation is crucial when you need to file a claim with your insurance. This means not only verifying ownership, but also value as the value of your property insurance claim can only be advanced after your asset’s values are calculated.

3. Have all your facts with you when shopping for property and casualty insurance.

Accuracy is a must when it comes to insurance and any errors or omission of facts could result in overstated or understated coverage. Before signing that dotted line for property and casualty insurance, double check all descriptions of your property and any asset details to help your agent understand your needs.

4. Ask as many questions as you can and do your due diligence.

Do not rely solely on your agent. Read and reread all details of your insurance plan. Check for elements like the market value of your property and the reinstatement value of your equipment. Use what you see there to determine whether your property and casualty insurance coverage realistically matches your assets.

Pro Tip: Be on the lookout for coverage that also allows for add-ons even after you sign up for your insurance. It will come in handy in helping you include any additional assets that you acquire during your cover.


5. Check the limit and specific items covered by your property and casualty insurance.

You need to understand how far your insurance can stretch and if all your desired items can be covered. Every cover has a limit, so you will need to you decide whether to increase your premium or prioritize the assets covered based on their value.

Often overlooked terms of property insurance coverage include water damage, breakage of glass, and property damage due to snow weight. Check for these! The more the diverse the cover, the more benefit you are likely to get.

6. Only go for what you need.

Property and casualty insurance often come as an umbrella cover, but you can still tailor the insurance plan to fit your needs. There is no need to incur more costs than you ought to by insuring everything, especially if you really only need specific coverage for specific items. Don’t get carried away with cuts, of course. It is often in a business owner’s best interest long-term to have diverse property and casualty insurance.

Insurance planning is all about taking calculated steps and expecting the unfortunate reality that at some point misfortune will arise and you will need to be ready to file a claim to protect and/or save your business. Property and casualty insurance is just one of the coverage options that will allow you to take charge of your business’s financial path. If you are searching for commercial insurance and looking to get more information on the different types of options tailored to your needs, get in touch with us today.

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