2. 1-800-ASK-CBIZ • cbiz.com/commercialrealestate @CBZ
CBIZ BizTipsVideos
(Continued from page 1)
■ Analyze your business owner policy’s limitations
regarding business income and extra expense
insurance.
■ Appraise your current disaster recovery plan.
Make adjustments and apply necessary
contingencies as construction could take much
longer. Include additional backup plans to continue
operations through a longer recovery period.
■ Consult a trusted insurance expert to help you
determine if your policy has sufficient coverage
in the event of a loss. This may require you to
change your policy’s valuation method, increase
your current limits, obtain specialized coverage
or implement a policy endorsement.
■ Inform your insurance carrier whenever you
conduct renovations or implement other
improvements to your property.
■ Review your current policy and contact your risk
management advisor to make sure your business
is covered.
Make Adjustments
■ Remove coinsurance provisions. Request an
agreed value on your property and never accept
a 100% coinsurance as it increases your risk for
an errors & omissions (E&O) claim.
■ Analyze and make adjustments to your business
income and extra expense insurance. This
coverage provides for your income and covered
expenses while your property is repaired.
Recent construction interruptions may require
alterations to your policy.
■ As construction delays could cost you money,
modify any business owner policy limitations
from a 12-month option to a 24-month option.
Communicate
■ Inform your insurance carrier whenever you
conduct renovations or implement other
improvements to your property.
■ Review your current policy and contact your risk
management advisor to make sure your business
is covered.
We’re Here to Help
This rise in construction costs could affect your business.
Your current policy may not provide adequate coverage to
repair/replace in a case of a loss and leave you financially
vulnerable. Connect with a member of our team to learn
how to make sure your business is covered.