Protect Your Club - Evaluate Your Broker and Insurance Coverage

Posted On: September 10, 2018

Insurance can be tricky. Ensuring the safety of your club’s property – buildings, equipment, and inventory – as well as those who frequent your facilities – employees, members, and guests – is an important consideration when reviewing your insurance coverage needs.

Without adequate coverage, reimbursement for claims following major losses could fall woefully short, leaving your entire business in serious jeopardy.

To help protect your business from being underinsured, review your operations and ask yourself the following questions:

Has it been longer than two years since I reviewed coverage with my agent or broker?
Does my agent or broker perform regular loss control site visits and make helpful recommendations?
Has my business increased in size or scope?
Have I added new equipment or business practices since purchasing my policy?
Have I taken on new risks since purchasing my policy?
Did I opt for less coverage to save money on premiums?

There are great advantages to selecting and working with highly trained experts whose industry focus most closely matches your needs. Brokers who specialize in hospitality risks can be effective advocates. They have the knowledge and expertise to guide you through good decisions that will benefit you and your club.

Look for insurance partners who offer industry advice and consultation through a wealth of resources, including:

Coverage reviews and policy archeology
Technical bulletins on a wide range of safety and risk management topics
Loss control visits throughout the year
Help in developing specific loss control programs
Interpreting, arranging, and completing insurance documents
Claims management services

When it comes to choosing an insurance broker, you should look for someone you can trust, who knows the hospitality industry, and who is competent and knowledgeable.

By David A. Harnois, CCM, CPL

David is a proud employee owner of VGM Insurance & Financial Solutions, specializing in commercial and group program business. David provides insurance solutions for hundreds of clubs and may be reached at 800-362-3363 or at david.harnois@vgm.com.

VGM Insurance