Insurance policies, you need to read yours and stay in touch with your agent to make sure your insurance is covering you

Several examples of popped up recently where insurance companies have altered their policies leaving the OR industry in the rain

Insurance companies do not change their policies mid-term. However they do make changes to policies and as the policies renew, those new policies incorporate the new changes.

Here is an example.

Traveler’s issues worker’s compensation policies for the cycling industry. Recently the Traveler’s worker’s compensation policy excludes from the policy employees who participate in employer (retailer) sanctioned rides.

In this case, that means that you may get a new question before your renewal or just a denial in the mail leaving you hunting for a new worker’s comp carrier.

Obviously, this is a problem for those retailers that have Travelers.    Most insurance carriers do NOT “willingly” insure the general liability for shops that have shop/group rides.

Shop rides are one of the best ways to attract new customers and retain current ones. Having your employees on these rides is super important as it is the easy way to “soft-sell” new product. Likely, your shop employee will be riding the latest-greatest bike and will be able to address any question about your product line. If the prospective customer has a good time on the ride, they will come back. The more a rider on a shop ride shows up, the more likely that rider will end up being a customer.

So, the insurance industry must feel this is a risky activity.  Yes, there are some increased risks. Making sure your employees do not take any unnecessary risks is important to mitigating the workers compensation exposure.

Do Something

Like attorneys, you need to find a good insurance broker who understands your industry. Your friend down the street maybe great, however it is the little things that can leave you hanging. The more advanced notice you have about possible non-renewals the better chance you will have at getting a good policy if that happens.

Better still is to find an agent who works in your industry and is ahead of the problems finding solutions and letting you know about the issues before you receive the letter in the mail.

Thanks to Scott Chapin who provided this tip. Scott is a broker that specializes in insuring bicycle retailers.  Scott can be reached at: chapins@rjfagencies.com or through his website.

What do you think? Leave a comment.

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