Insurance Overview

Securing the right insurance can help reduce operating risks and guard your assets. That’s why you need to evaluate your exposures and work with an agent to choose the coverage needed to protect yourself in the event of a loss. You need to choose the right insurance company to get the best defense.

If you fail to do your homework, you won’t know how a particular company will perform until you have a loss—and by then it may be too late. You don’t want to discover—after a disaster—that your carrier has a history of poor claims handling or its financial standing is in jeopardy. There are other advantages to choosing the right company that can save you money and get you the required specialized coverage.

Choosing the best insurance provider is easy when you have the right information. The following should be considered when choosing your provider.

An insurance company’s financial strength reflects its ability to meet obligations to its policyholders. In fact, financial strength is the very cornerstone of the promises on which insurance companies are built. To determine if a company will be able to meet your claims, make sure it has a solid balance sheet. The easiest way to do this is check the rating report of an independent industry analyst such as the A.M. Best Co. Best. Ratings range from A++ (superior) all the way down to F (in liquidation).

Although a solid rating is not an actual guarantee of a company’s financial strength, it is a strong indicator that you will receive prompt and fair claims handling today and in the future.

Every year, millions of business owners file insurance claims that may be subject to careless handling and needless delays. As anyone who has ever suffered a loss can tell you, the trauma of a fire or theft is stressful enough without having to worry about the insurance company’s performance.

What should you expect from a reputable insurance company? Fast, fair claims handling and courteous service. First, a responsive company should contact you within 24 hours of receiving your report to begin the settlement process. Second, the company should make every attempt to dispatch a claims adjuster to inspect any property damage if necessary.

Third, and most important, the company should attempt to make the claim-settling process as smooth as possible, avoiding unnecessary questions and issuing payment without delay once coverage has been confirmed.

To protect your assets, an insurance company (and its brokers and agents) should have specialized knowledge of the tanning salon industry, as well as a commitment to stay abreast of industry changes through education and training.

Accidents can and do occur. If someone on your premises should suffer an injury, take immediate action by calling an ambulance. Next, document all known facts surrounding the accident to accurately reconstruct the events in case of a lawsuit. For safety’s sake, be sure to get all of the following information in writing:

• Name, address and phone number of the injured party.
• Date and time of the accident.
• Names of employees on duty and the names of any witnesses.
• Details about what caused the accident.

It’s also a good idea to take a pictures or video of the site where the accident occurred. Also, try to get a written statement from the injured party. If a trip to the hospital is necessary, call an ambulance; don’t use a personal or company vehicle. You may expose yourself to a whole new set of liabilities that is much better avoided.

Notify your insurance company immediately in the event of an accident. Give your agent all of the information outlined above. If you are served with a lawsuit, the number and nature of available defenses depends on the specifics of the individual suit. In an injury-related action, the underlying claims must be analyzed to determine available defense. In a negligence case, the owner may be able to assert the claimant’s degree of fault, which could reduce or even eliminate his or her right to recover damages. Assuming the circumstance is covered, your insurance company will come to your defense. 

For more information or to get a quick, no-obligation quote, call (800) 844-2101 or visit www.universalinsuranceltd.com.