WORKplace Blog

Meghan Stickney

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Notify your broker when something has changed with your business!

Posted by Meghan Stickney on Mar 7, 2018 12:09:33 PM

NOTIFY YOUR BROKER WHEN SOMETHING HAS CHANGED WITH YOUR BUSINESS!

Your Business is expanding rapidly, new employees being hired, and your office is starting to run out of space. You decide to relocate to a bigger office two blocks down the road. During all of the chaos from the moving, it becomes very easy to forget to notify the insurance company of the move, so they can update your office’s policy. Although this may seem like a small or insignificant mistake, it could prove to be more serious.

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Tags: changes, workplace insurance

Why does my landlord want to be listed as an additional insured?

Posted by Meghan Stickney on Mar 7, 2018 12:07:44 PM

Do you know why your landlord keeps asking to be added as an additional insured on your insurance policy?

An additional insured is someone who is entitled to coverage under your policy as a result of claims arising out of your use of your premises or operations at your business premise. This means that instead of having to collect under their own policy, an additional insured can first collect under your policy, leaving their policy as a backup. Landlords will generally want to be added as an additional insured on your policy so that any claims that arise out of your operations and/or general use of your premises, especially liability claims, will be covered under your policy first. In the event of a lawsuit many parties can be named as defendants, including the landlord. This can end up becoming a very expensive and time consuming process. This issue can be mitigated by adding your landlord as an additional insured on your policy, since they will be able to use your insurance company’s lawyer, rather than have their insurance company hire a separate lawyer to defend them. More importantly as they are only an additional insured, your policy will only cover them if a claim is made against your business or its operations.

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Tags: Additional Insured

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