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Insurance can be an afterthought that becomes relevant only when something goes wrong. However, operating a business carries with it inherent liability risks, and a single lawsuit can permanently shutter an uninsured or underinsured business. It is imperative that businesses of all sizes pay careful attention to procuring and renewing their insurance policies. Giving the insurance procurement process the proper attention now increases the likelihood that businesses have the appropriate coverage when it is needed. Given the thicket of insurance products from which to choose, it may be difficult for policyholders to determine what types of insurance to buy and how much of it they need. This is where Payne & Fears’ insurance coverage attorneys can help. With our decades of insurance coverage experience, we routinely counsel business clients, risk managers, and brokers on how to obtain appropriate coverage and mitigate their risk.
How to Approach Procuring and Renewing Insurance Policies
No one insurance policy covers all the risks facing businesses. Insurance companies design policies that offer different protections and include potential gaps. Understanding the nuanced coverage boundaries provided by various kinds of policies and the inevitable coverage gaps is crucial to creating insurance portfolios that adequately protect businesses of all sizes. Payne & Fears assists individuals and businesses from a wide variety of industries in reviewing, analyzing, and comparing insurance provisions, programs, and endorsements across multiple policy types. We work alongside clients to navigate the available coverages for your business, including commercial general liability policies, directors and officers liability policies, professional liability policies, employment practices liability policies, owner-controlled insurance programs (OCIP), and risk-specific insurance products.
Procuring and Renewing Insurance Policy Towers
One way we assist individuals and businesses in creating a robust coverage portfolio is by assisting them in combining layers of coverage from different insurance companies into an insurance coverage tower made up of primary, excess, and umbrella insurance policies. For example, companies whose liability exposures are greater than the insurance limits available under a typical general liability policy may be able to insure against that exposure by assembling a tower using layers of “excess” insurance that covers losses above the limits of the primary coverage layer. These coverage towers may be built with admitted insurers, surplus lines insurers, or owner-controlled insurance programs (sometimes called captive insurance programs).
We work hand in hand with businesses to ensure they are procuring the correct types and amounts of insurance. This involves working with clients to understand their businesses, processes, and potential liabilities so they can avoid, minimize, and transfer risk through appropriate policy terms and endorsements. Once a coverage portfolio is created, we continue working with our clients to renew, adjust, and supplement coverage portfolios as their businesses continue to grow.
As a business grows, its insurance needs change. We work with clients to review and understand their existing coverage portfolio and identify potential gaps in coverage. We also assist clients in filling those gaps by adding endorsements to existing policies or through the procurement of additional insurance policies. This allows businesses to adjust their insurance portfolio as necessary to further reduce, avoid, and transfer their risk.
The insurance coverage attorneys at Payne & Fears can help businesses procure and renew the correct insurance policies to ensure they are adequately protected. We routinely help clients understand and identify appropriate types of insurance for their businesses and then assist them in procuring and assembling this coverage. Finally, as businesses grow, we work with clients to identify potential gaps in their coverage portfolios and help identify options for filling these gaps.