Insurance audit advice

|  November 22, 2019

I called my insurance agent, Steve Quist, who is with Mangold Insurance out of Burlington, Wis. for some advice about insurance audits. Steve said, “You should like your agent.” Your agent should be an expert at what he or she is selling.

He told me that when hiring an insurance company, you should be comfortable with your agent. He also said, “You need to understand what you are buying.” Steve always gives me an annual breakdown of costs in my office. His coverage book for my company is longer than John Galt’s speech in “Atlas Shrugged.” But Steve is always very good about taking his time with me and explaining Schopen Pest Solutions’ coverage.

Steve continued by telling me the following advice:

  • Make sure you have adequate liability limits for general and auto insurance. In other words, make sure you have enough insurance so that you aren’t exposed.
  • Make sure you have an umbrella insurance policy for coverage if your current policy is not enough.
  • In today’s world, it is important to consider having employment practices liability insurance, which covers you against harassment lawsuits.
  • Make sure to hold safety classes at your office, and document them.
  • Up to three company executives can be excluded from the plan, but everyone should be covered. Company executives only pay the less-expensive “clerical” rate and not the “technician” rate, which is much higher. Also, in most states the executive salaries are capped at $80,000. Thus, a large company can cover its execs while paying a smaller percentage.

Schopen is owner and founder of Schopen Pest Solutions, McHenry, Ill. You can email him at pete@schopenpest.com or reach him via Twitter: @schopenpest; Instagram: @peteschopen; or Facebook: Schopen Pest Solutions, Inc.

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