Bob's Insurance Success Tip #8 – Consider Pollution Insurance

Almost all liability insurance policies exclude pollution claims.  Consider buying separate policies.

Oil leaks from a heating oil storage tank?  No coverage.

Stored chemicals contaminates a neighbor’s well?  No coverage.

Pollution is found at a vacant site you own?  No coverage.

You buy land and find it is contaminated?  No coverage.

Your property insurance provides extremely limited coverage for cleanup of pollution at your location when the cause of the loss is a peril covered by your building insurance.  The coverage is probably less than $15,000. 

Contact us for all your Insurance needs! (321)725-1620 

Bob Lancaster Insurance

Serving Florida since 1964

Bob's Insurance Success Tip #7 – Check Your Work Comp Payrolls

The payrolls declared on your workers’ compensation policy determines your estimated premium.

At the end of the policy year you are asked to report your actual payroll. The audit results in an adjustment to and the final settle-up of premium.

Review your payrolls to avoid a large audit additional premium or a large return premium. Think of it like your income tax – you pay estimated taxes and settle at the end of the year. You don’t want a big bill or a big return.

Contact us for all your Insurance needs! (321)725-1620 

Bob Lancaster Insurance

Serving Florida since 1964

Bob's Insurance Success Tip #6 – Review Your Business Interruption Insurance

Business interruption insurance protects your profits and pays those expenses that continue after an insured loss.

Your store burns. It will take 4 months to rebuild. Business interruption insurance (extra expense coverage) pays to rent a temporary location and to advertise that you are still open for business. It pays your lost profit and those expenses that continue beyond what you are able earn in your temporary location.

Meet with your insurance adviser to be sure you have enough business interruption insurance and that it is properly designed to meet your unique needs.

Contact us for all your Insurance needs! (321)725-1620 

Bob Lancaster Insurance

Serving Florida since 1964

Bob's Insurance Success Tip #5 – Buy Employee Dishonesty Insurance

Half of all theft in the US is perpetrated by employees. Don’t tell me how honest your employees are. Everyone who has been hurt by embezzlement said the same thing the week before they found that they had been taken.

$250,000 of coverage is a minimum for any business. More if your exposures warrant. The coverage is usually cheap too.

Contact us for all your Insurance needs! (321)725-1620 

Bob Lancaster Insurance

Serving Florida since 1964

Bob's Insurance Success Tip #4 – Work Only With Great Insurance Agents

The most important part of the insurance transaction is the relationship you have with your insurance agent. If you don’t have total confidence in your agent, find another agent – now.

Contact us for all your Insurance needs! (321)725-1620 

Bob Lancaster Insurance

Serving Florida since 1964

Bob's Insurance Success Tip #3 – Buy High Limits of Liability Insurance

Do not skimp on liability insurance limits.

A $1,000,000 umbrella liability policy is a “must-have” for all businesses.

For companies over ten employees, my recommendation is at least $3,000,000.

For most small businesses $5,000,000 is quite affordable.

Best approach: have your agent quote $1 million, $3 million, and $5 million. You will be surprised at how inexpensive the coverage is.

Make your decision based on the value of the coverage compared to the premium charged.

Contact us for all your Insurance needs! (321)725-1620 

Bob Lancaster Insurance

Serving Florida since 1964

Bob's Insurance Success Tip #2 – Use High Deductibles

Let the insurance company take the big risks. You pay for small losses.

$5,000 is the minimum deductible most businesses should have on property insurance. Same for crime insurance, machinery coverage, and the physical damage portion of your automobile insurance.

Most liability insurance policies do not have a deductible. When someone is hurt or you have damaged their property get your insurance company involved soon. The same day the accident occurred is the best approach.

Don’t play the dollar swapping game with your insurance company.

Contact us for all your Insurance needs! (321)725-1620 

Bob Lancaster Insurance

Serving Florida since 1964