Life consists of actions….activities, in both one’s personal and business worlds. Making products, selling goods, owning property, transporting goods, storing property; regardless the type of activities, they all create the possibility of losses.
Insurance is one of the ways to handle the, often, serious financial consequences of losses. However, it’s ineffective unless it is the right insurance. Depending upon your circumstances, it may be difficult to be confident that you have identified your exposures to loss accurately enough to select the insurance you need.
There is an excellent tool for ferreting out loss exposures, called insurance surveys. Surveys may range from simple, one-page versions to complex versions. Insurance surveys consist of a list of questions about your personal and business circumstances that are designed to discover as many significant sources of loss as possible. The survey answers then act as a guide for assembling a proper insurance program. At a minimum, surveys create a greater awareness of the loss exposures faced and, even if not handled by insurance, still provide valuable information that can help in seeking other methods of minimizing the possibility of loss.
Personal surveys can become more detailed as the assets owned by an individual rises. High income households have more property to protect and also tend to have a greater risk of being sued for damage or injury that arises from their activities. With regard to businesses, surveys become more detailed due to both an operation’s size as well as its type. For instance a small office survey would not be as detailed as one for a large office. However, any size retailer survey would likely be more complex than one for any size office.
Surveys are invaluable tools for getting crucial information to help protect one’s self or one’s business from the world of losses. Contact an insurance professional and arrange to complete one.
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