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Why Risk Assessment Matters When Selecting Insurance

Picking out the perfect insurance policy is not always a straightforward experience. If you operate a company in a niche field, for example, you will find that the risks of your industry are much different than that of an organization in a traditional area of business. Failing to consider the unique exposures of your industry is an easy way to leave major gaps in your coverage. Thankfully, this can be resolved in advance when you take the time to conduct a bit of risk assessment

Understand the Unique Exposures

Reviewing the hazards of your industry is a crucial step in determining adequate insurance coverage. If you operate a maritime business, for example, you will have exposures that are unique to organizations that conduct operations on or near the water. By assessing your risks, you’ll learn more about professional liability insurance for marine surveyors and similar coverage options. Examples of important coverage points you will need to research include:

  • United States Longshore and Harbor Workers Compensation
  • D&O Liability
  • E&O Policies

Find the Right Plan

Though there are many angles to review when picking insurance, a little bit of preliminary effort can yield massive results in the long run. Take time to research your exposures and see how these can influence your final decision when selecting coverage to protect your company.