Legal Guide

What You Should Know About Your Insurance Coverage

by: Mary Lou Delahanty

Read your policy in its entirety

If your company is buying insurance coverage without reading the policy, you may have just wasted money on the premium. Know and understand what you have purchased.

Get professional advice

Relying only on your insurance agent or broker to explain the scope of coverage is a mistake. That insurance agent or broker has a financial interest in selling the insurance, and the agent often has a contractual relationship with the insurance company.

The law in New Jersey is constantly changing. Have an independent lawyer, who handles insurance law, review your policies. Make sure your business is getting the coverage it needs for all of its business activities. When a claim is made against your business, it is too late to learn that you do not have the right insurance coverage.

Keep your policies

New Jersey law has provided extensive coverage in regard to environmental claims, even with the sudden and accidental pollution exclusion in some policies. Businesses have recouped millions of dollars for pollution coverage from insurance companies on policies dating back as far as the 1950's and 1960's. So, save those policies.

Szaferman, Lakind, Blumstein, & Blader, P.C.
Committed to Excellence