Attorneys Allen Trask and Amy Wooten of Ward and Smith’s Insurance Counseling and Recovery Practice recently shared crucial insights about business insurance in their Business North Carolina article, ‘Risky Business: What Lawyers Who Fight Insurance Companies Want You to Know About Your Business Insurance Portfolio.’ The key takeaway is that business owners must regularly review and update their insurance policies to avoid coverage gaps.
As businesses grow and change, their insurance needs often shift. This evolution can create vulnerabilities if not addressed. Trask and Wooten recommend close collaboration between business owners and insurance professionals to assess current policies and make necessary adjustments. This proactive strategy helps identify and mitigate potential risks effectively.
The attorneys emphasize that reviewing business insurance isn’t just about protecting your own company. It’s also crucial when considering contractors and contract terms to further safeguard your business. As they note, ‘This isn’t just an important consideration for your business, though; it should also factor into your thought process when considering businesses you are contracting with and how, through contract terms, you can further protect and mitigate risks for your company.’
For a deeper understanding of managing your business insurance portfolio effectively, readers can access the full article on Business North Carolina’s website.
