insurance carrier when you add a new service, so the proper coverage can be added. • Make sure all insurance bills are paid on time, so you don’t have a lapse in coverage. Don’t: • Neglect to inform your insurance carrier of a new service provided by your company, as a claim could be declined. • Expect to have no coverage issues if an underwriter gets your submission and your loss runs show your insurance has been canceled two or three times throughout the year. This will throw up a red flag. • Get insurance from multiple companies. If possible, try and have all your coverages with one insurance carrier. (Otherwise, having multiple insurance carriers might create a “crack” in coverage, due to a lack of consistency
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between various policies. You don’t want to be wondering on 3:00 a.m. job, “Am I covered here?”)
SHOPPING INSURANCE CARRIERS
Do: • Stick with the same insurance company if it is financially possible and you are getting the correct insurance coverages. • Let underwriters see that you have been with another carrier for several years. This history could make them want to be more accommodating about getting your business. • Show loyalty to your insurance carrier, as this fact could also make underwriters drop their rates to keep your business. •Ask for loss runs every so often to make sure any unknown claim hasn’t slipped onto the loss runs.