What is a Coverage Review?

coverage review

WHat is a business insurance review? How do you know if your business insurance is right? Meaning, is it correct? is it accurate? Does it fit your needs? Have you had a coverage review? In the event of a catastrophic loss, would your business insurance respond and keep you afloat?

Maybe these issues are on your mind, or maybe they’re not. Unfortunately, too many business owners find out at the wrong moment that the policy they bought several years ago and stuck in a draw and never reviewed isn’t going to respond to a serious claim and they find out they’re not covered.

In this video and post, I’ll briefly describe what an insurance coverage review is, why it’s important, and how we do it here at The Coyle Group.

The first thing I’ll tell you is that a coverage “review” is not a shopping exercise.

Too often when I speak with a decision maker and mention a “review”, the first thing they think of is the typical process of an agent going out to market for quotes.

This is not a review, at least not the way we do it.

For us, a review takes a deep dive into your policy coverages and asks questions about things like

  • how you determine the limits of property insurance.
  • when was the last time you took an inventory of contents, work in progress, business interruption values, and so forth
  • what policy exclusions exist that could be problematic?
  • What key coverage elements are missing for a company in your particular industry?
  • What options, endorsements, and enhancements are in the policy that typically should be.
  • Have you researched coverage for professional errors or mistakes, employment-related claims, and so forth
  • and much more.

We then take that information and summarize it in a report that highlights potential gaps; what overlaps exist, and an overall opinion of how well your protection is structured.

We’ll also give you an opinion on pricing, whether we feel there are opportunities for price improvement or not.

The coverage review process is confidential and does not go out to the market for quotes. That can come later, if necessary.

Here’s the deal.

Business insurance is complex, and your business changes over time.

What worked a few years ago may not be today. Insurance is also confusing – not just for you, but also for a lot of insurance agents and brokers.

That’s probably why 90% of the time that we do reviews we find serious problems.

Compounding this problem is that insurance agents can be notoriously complacent, and if you bought your insurance online from a human-less website that uses AI then you’re almost definitely not protected correctly.

The ideal situation is that YOU are confident in your protection and you’re informed about what you have.

Your business is your biggest asset.

Protecting it properly should be a priority.

But many business owners don’t know who to turn to or who to trust. They think that when they bought their insurance, the agent knew what they were doing and got them everything they needed.

You may have the right protection. But chances are good that you don’t.

Wouldn’t you want to know, either way? Meaning that your coverage is great and you’re all set.

or, that you don’t have the right coverage, but you get a strategy to fix that?

The Coyle Group Coverage Review Process can help you identify problems before they become a disaster.

What does it cost?

There’s no cost for us to do a review.

Chances are good that if we do a review for you, you’ll become a client. If not, that’s okay too.

I’m not a high-pressure sort of guy – if you see value in working with someone like us that’s great. If not, no worries.

Here’s the bottom line.

If you’re not sure you’ve got what you need, or you want a second opinion, then let’s chat.

I’d love an opportunity to speak with you and see if we’re a good fit for you and your business.

Thanks!

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