Insurance policies are usually very low on our list of priorities. Reading them and understanding what is and isn’t covered is many times as exciting as watching paint dry.
We’re all busy — our work week usually starts and finishes with a sigh.
But as an experienced professional agent for many years, I am truly amazed at what I find when I review a potential client’s insurance coverage when I first meet with a prospect, usually a referral.
A business usually trusts the existing agent understands coverages, and business owners trust they are adequately covered. Many times the agent or agency has been the client’s trusted advisor for many years, even decades. Then I meet with them, and my potential client is aghast when I point out that they don’t have coverage for a possible loss.
This past week, I called on a very large wholesale distributor of nationally known products. They have been with a larger agency in the Chicagoland area for a long time; my prospect was upset that every time she had a question, she had to relay the information to an assistant of the agent – not the agent himself — and wait for a call back. I reviewed the current coverage and found several gaps in coverage, including Employee Practices Liability, a common type of insurance especially necessary for larger entities. This particular prospect had no coverage in that arena. I was shocked. This company has approximately 200 employees and no coverage for a potential discrimination lawsuit.
The average cost to defend against a discrimination claim – even a frivolous one — is $55,000 just for attorney’s fees.
The lesson here: Just because you’ve known your agent, played golf together or have lunch a couple of times a year and supposedly trust him is just not a good reason to let that paint dry on your insurance policy. Litigation is rampant; in the current economic conditions, many people are looking for a quick buck.
Have your insurance policy reviewed, get a quote, be ready for a change. Your agent maybe playing too much golf or vacationing in Timbuktu. Call Axcess Insurance for a free review. And I answer my own phone: (847) 683-2525.