INSURANCE, continued;  A glimpse at what an insurance “policy” really is. 

Insurance companies like to refer to their contracts as “policies” What an insurance contract (policy) actually reads like is a “take it back promise.”  (They will provide coverage on one page and then tell you their exceptions/exclusions for the remaining four pages.)  Be careful and understand what they say.

As painful as it actually is, read and review your “insurance” (coverage) contracts (“policies”). Walk through them with an experienced agent you trust. (Yes you can review them with your hated lawyer.)

Many business insurance and life/health agents know the different kinds of “insurance” contracts (“policies”) you can consider including

1) workers compensation,
2) health,
3) life (key man)
4) liability, (remember, we talked about “liability” last time)
5) employee claims against your company,
6) business loss,
7) director liability,
8) employee benefits liability,
9)  electronic data loss and

  (you gotta be kidding!) many others.

You want to focus on which of your legal fictions is the named insured per insurance contract. 

Also, sometimes, there are simply eventualities that local/regional “insurance” companies simply will not cover even if you are willing to pay extra premiums.


NEXT TIME, Employment policies