A Closer Look
Will your agent need to visit your business before writing a policy?
Insuring your personal car? Getting a quote is easy. Insuring
your business? Not so simple. Don't be surprised if the insurer
wants to take a look at your facilities before making a quote.
Carriers conduct pre-quote loss-control inspections to be sure they
understand a prospective client's operation and potential
risks, as well as to offer the most accurate, competitive quote,
says Dick Vaughan, executive technical consultant with investment
and insurance firm The Hartford in Hartford, Connecticut.
Typically, after you've applied for coverage, a loss-control
consultant will set up an appointment for an inspection, which may
include:
- Interviews with key
staffers to verify the information the carrier has and
to get other details about the company that may affect
coverage
- A physical tour of the
facility, accompanied by someone qualified to answer
questions
- A review of pertinent
records like a written safety program, OSHA logs, fleet
records and accident reports
If the consultant doesn't specify, ask whom he or she wants
to speak with and what documents you should have ready. The better
prepared you are, the more efficient and accurate the inspection
process will be. A bonus, says Vaughan, is that consultants may
make recommendations on safety and risk management issues during
the inspection.
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This type of inspection may also take place after a policy has
been issued so the carrier can be sure the policy has been issued
correctly.
Jacquelyn Lynn is a freelance business writer in Orlando,
Florida.