Top 10 Commercial Insurance Myths & Misconceptions

Commercial insurance is complicated, and decisions regarding what insurance to buy and whether to assert or pursue an insurance claim frequently are based on false assumptions about what risks are covered.  Below is a list of 10 of the most common misconceptions regarding commercial liability insurance.  In the coming days, I will examine each of these misconceptions individually, and explain why each should be considered busted.

     1.  Your Business Is “Fully Covered”.

     2.  Policy Forms Are “Standard” And Cannot Be Negotiated.

     3.  Fraud Claims Are Not Covered.

     4.  Deductibles And Self-Insured Retentions (“SIRs”) Are The Same Thing.

     5.  Certificates Of Insurance Add Additional Insureds.

     6.  Your Insurance Company Selects Your Defense Counsel.

     7.  You Need Only Tell Your Insurer About Lawsuits.

     8.  Punitive Damages Are Not Covered.

     9.  Excess Insurance And Umbrella Insurance Are The Same Thing.

    10.  Insurance Policies “Expire”.

Tune in next week, as I start to unravel these common misconceptions.