Streetsmart insurance Blog
When you sign up for a general liability insurance policy, you submit information about your business that determines the amount of coverage you receive and the price you pay for your policy. Without an inspection, your insurance company would have no way to verify that information or confirm that your business is run in the way that you say it is.
Insurance companies perform inspections on general liability insurance policies to make sure that their clients submit accurate information and that their policies are priced appropriately. To verify that information, your insurance company will send an inspector to your place of business to review your business records, locations, employees, and equipment. Their main goal is to confirm that your policy is tailored to the size and scope of your contracting business, and if their inspection is unsuccessful your insurance company can cancel your policy.
How Can I Prepare For An Inspection Of My General Liability Insurance Policy?
Maintain Good Records:
After you sign up for a general liability insurance policy, maintain accurate records of your current and former employees, business locations, and accounting books. Work with a CPA, accounting firm, or bookkeeper to update your financial records and hold yourself accountable for submitting documentation to your insurance company when it is requested.
Get An Annual Review Of Your Policy:
Your business is constantly changing, and you need to make sure that your insurance policy reflects your current operations. Get an annual review of your policy to update your insurance coverage as needed, and make sure that all of your records and policies are accurate for your inspector and your insurance company.
Work With Your Insurance Agent: As you manage your general liability insurance policy, work with your insurance agent to plan for an inspection. Figure out the right coverages, premiums, and records that you need to keep to have a successful relationship with your insurance company.
Street Smart Insurance is committed to providing affordable coverage. Whether you are looking for your first general liability insurance policy or you are shopping for a better price, our agents are ready to help. Call us at 732-462-8343 for a free quote!