You Did Insure it Didn't You?

Shortly after we opened our office, there was a mishap. The floor above us flooded one night. The next morning, a portion of the ceiling was laying on the exam table and our exam room laptops were sitting in water. That incident brought home quickly that our business insurance was well worth the cost. Be it Mother Nature or Murphy's Law...you'll be glad you got that policy.

This past week, we acquired a few pieces of equipment that totaled more than our start up cost. Naturally, we wanted it covered. Before the shipment arrived, we were on the phone to update our policy and make sure the new equipment would be covered.

Here are some tips to consider when you purchase or upgrade your policy.

• What situations are covered? For example, we were covered for water damage, but had the problem been an earthquake, we would be on our own. Earthquake policies are an additional policy you can request (and pay for).

• What equipment is covered and is there a limit to replacement value? Often times, if it's a big ticket item, you'll only be covered for a certain amount.

• What does the fine print say? What are the exclusions?

• What additional fees would be assessed in order to make sure your coverage is 100%?

• Take still photos of everything in your office.

• Even better...videotape each and every room in your office. You can record yourself giving the details of the product.

• Consider discussing a major purchase with your agent beforehand and review your insurance options.

• Don't ever be afraid to shop around for insurance and/or agents. Prices, coverage and service vary widely.

Business equipment insurance is one of those necessary business costs. We just hope we never have to use it. However, we find peace of mind knowing it's keeping an eye open while we sleep.