You can expect the insurance company to perform an inspection if you have a business insurance policy, such as general liability or commercial property.
You can guarantee that the business insurance company inspects if you have contractors’ insurance. And when the time comes, we know that it will create some anxiety and worry (although it should not).
When your business insurance company inspects – what should you expect?
Mike Fusco takes time in the above video to prepare you.
He takes the time to explain everything you need to know and what you should expect from your business insurance inspection.
WHY DOES THE INSURANCE COMPANY INSPECT?
The insurance company will inspect for several reasons, including, but not limited to, the following:
1) To verify the information placed on your insurance application.
2) To ensure that your policy lists proper class codes and business operations.
3) To verify your business activity, such as gross sales, gross payrolls, and the subcontractor or independent contractors’ costs.
4) To check your property location for proper protective safeguards.
5) To review your property for increased hazards and risks.
5) To check a job site for proper safety and loss control measures (contractors’ insurance).
6) To provide recommendations to decrease the chances of a loss.
CONSIDER YOUR INSURANCE INSPECTION AS A VALUE-ADDED BENEFIT
As Mike explains in his video, we think it’s vital that you change your mindset and the way you view an insurance inspection.
The insurance carrier does not inspect to collect an additional premium or waste your time. In many cases, you pay your insurance company to provide an inspection. You can check by looking over your insurance proposal or policy declarations page.
Instead of viewing the insurance inspection as a hindrance, we recommend considering it a value-added benefit.
HOW CAN I BENEFIT FROM AN INSURANCE INSPECTION?
Let’s say you’re a contractor, and the insurance company visits your job site to inspect your general liability policy (contractors’ insurance).
While visiting, they notice you don’t have proper safeguards in place to lessen the risk of causing 3rd party property damage or bodily injury.
The inspector leaves the site and reports the findings to your inspection to the insurance underwriter.
The inspector also provides several recommendations, and the underwriter sends them to your agent.
In turn, your agent will notify you of the advice and ask that you comply. You have now received a valuable benefit to improve your safety culture while ensuring that your insurance company placed a set of eyes on your operations.
You can sleep well knowing you’re protected.
WHAT IF I DISAGREE WITH THE FINDINGS OF MY INSPECTION?
No problem!
We deal with inspection discrepancies regularly at Fusco Orsini & Associates. If an inspector reports inaccurate information on your inspection, we will consult with you and fix it.
It is part of the service that earns FOA 5 star reviews from thousands of clients in all industries.
HOW DO WE START WORKING TOGETHER?
If you are a current client, feel free to reach your broker or your broker’s dedicated team for help with your insurance inspection.
If you seek professional assistance from a top-rated agency, complete the form below. We will get you in touch with a broker to help meet your needs.
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