Insurance Corner
How to survive an Insurance Inspection
by Martha Marton

You are at your busiestyour partner is on vacation, an expected shipment is going to be 24 hours late, an important client wants your product yesterday and the phone rings. Your insurance company is calling and wants to come out to do an inspection. Just what you need, right?

With a little advance planning, this call will hardly make a ripple in your day. In fact, with the right preparation, this inspection can be a real help for your business. You will not only pass this inspection, but you can use it as a vehicle to advance your relationship with your insurer, improve the safety of your premises and the management of potential risks.

Your broker can be an enormous benefit by helping you to identify potential areas of concern, so that they can be rectified prior to the visit. Even just a quick walk through the facility can turn up items such as excess debris, high stacking or dim lighting that can be easily remedied before the inspector arrives.

It is important that each person involved in the inspection process be brought into the loop. By alerting your personnel, your staff can be sure that that light bulb has finally been replaced in the stairwell and the hallways have been cleared of overstocked items. A floor supervisor understanding the importance of answering a quick question can save both time and money by addressing the concern right there and then, instead of waiting until a formal recommendation is made.

When the inspector arrives, it is a good idea to accompany him if possible. Taking the time to develop a good, working relationship with your insurer can serve you well in the years to come. If you cannot take the time, perhaps a senior member of your staff can go with him.

Your broker will also likely be present and can be an enormous asset in this process. Since your broker recommended this insurer, it is likely that they have an existing rapport with the insurance company and can serve as a mediator during the assessment. Often, an item can be explained or resolved before being written into the report and developed into a formal recommendation, which can affect your insurance placement.

Most inspections result in at least some recommendations. If recommendations have been made, be sure to react to them promptly, even if only to say you will respond in 30 days. If minor and can easily be done, go ahead get them out of the way. If more involved or costly, your broker will be able to discuss your options. The insurance underwriter may have some flexibility, depending on the urgency of the point. For example, he or she may be willing to give more time to complete an item, or may be willing to accept lower stacking heights in lieu of those costly in-rack sprinklers.

For more information on how to protect your business, contact Martha Marton at Tupling Insurance Brokers Limited. Direct Line 705.458.8111 marthamarton@tuplinginsur ance.com

Tupling Insurance Brokers, 1070 Innisfil Beach Road, Innisfil, ON L9S 4T9 705.431.5585