Adrian Cisneros, the CEO of Cisneros Insurance Agency, shares his expertise on navigating the complexities of insurance coverage in a recent article. With 20 years of experience in the field, he emphasizes the importance of seeking out specialist knowledge when looking for insurance. Specialist brokers can offer tailored advice based on their extensive knowledge and help businesses choose the most suitable policies for their needs by familiarizing them with the specific language used in policies.
Not all insurers and policies are the same, and it is crucial to understand the differences and implications for your business. Admitted insurers are regulated by state insurance departments, offering an extra layer of protection to policyholders. On the other hand, non-admitted insurers provide coverage for high-risk scenarios but are not bound by state regulations, which could leave businesses vulnerable in case of disputes. Insurance policies also vary, with packaged policies bundling essential coverages at lower premiums and unpackaged policies customized to specific needs.
An important aspect often overlooked in business insurance is undervaluing assets. It is crucial to insure assets for their replacement value, as opposed to their current market value, to ensure adequate coverage in case of damage or loss. The recent shift towards remote work has introduced new variables in business insurance, with employees working from home requiring additional coverage for their work-related activities, including non-owned auto coverage for using personal vehicles. Cyber liability insurance is also essential to protect against cybersecurity risks associated with remote work.
Effectively managing business insurance requires understanding policy differences, accurately valuing assets, and adapting to new work trends. Consulting with specialists and staying up to date on industry changes can help businesses ensure they have comprehensive protection. The Forbes Business Council, a growth and networking organization for business owners and leaders, offers valuable insights and resources to support businesses in navigating the complexities of insurance coverage.
