|
|
|
Are you Covered?
Considering your Insurance Options is Key if You’re in the Sign Industry
The sign industry is becoming more diverse with each year, and the evidence of this is clearly shown by the variety of 2007 CONSAC exhibitors. It’s not just the large businesses that are involved in many different elements of sign manufacturing. These days, it is quite common for even a small sign shop to be involved with everything from vinyl adhesive graphics to engraving to vehicle wraps. How does this effect purchasing insurance or, more accurately, the correct insurance? Jason Wiesner, the president of Wiesner Insurance, answers this and other insurance concerns relating to the sign industry.
|
|
|
|
Wiesner Insurance, located in Brampton, ON, has designed a specialized insurance program for the sign industry that has been endorsed by the Sign Association of Canada. This custom-tailored insurance product addresses the many different operations of a sign manufacturer and installer, who, if improperly insured under conventional “package policies,” can be left uninsured in the event of a loss. “I speak with sign industry business owners every day to review their requirements and provide a proposal under our program,” says Mr. Wiesner. “Nearly every policy that I review incorrectly reflects the operations and needs of the business owner.”
“It’s important for business owners to realize that just having insurance does not mean you have properly addressed this issue. It has to be the correct form of insurance in order to have coverage respond when you need it,” says Mr. Wiesner. When reviewing your business insurance requirements, dealing with someone who understands the sign industry is a great advantage.
|
|
|
|
|
|
|
Additionally, property values need to reflect their accurate replacement cost. Without a regular review of policy limits and coverages, insured values can become outdated over time. New equipment acquisitions, changes in stock values, and owner or leasehold improvements require adjustments in insured values. According to Jason, the most common flaw, when reviewing the policies of potential clients, is under the liability section. “It is incredibly important that the insurer knows all operations of its client and the sales figures derived from that client’s various operations. For example, coverage for a lawsuit caused by a sign falling from a building and causing personal injury to a pedestrian can be declined if the insuring company believes its client manufactures signs and is not aware that installation is also performed.”
This example clearly shows the importance of the insurer and the broker understanding the complexities of even a conventional sign business. Larger companies with specialized operations can magnify this importance.
Insurance companies classify businesses they insure into several categories: retail, wholesale, manufacturing or contracting (installation or off-premise work). Most industries can be easily slotted into one of these areas but even a small business within the sign industry typically falls into more than one if not all of these categories.
Wiesner Insurance has a high level of commitment to the sign industry. Jason says, “Business owners spend a lot of money on insurance. It is absolutely imperative that they get value for those dollars. The only way that is achieved is if the correct coverage is in place in time of need. Merely having insurance is not quite enough.” Enough said?
|
|
 |
| |
|
|
| |
| < Back |
|
|
|
| Copyright © ImageMakers. All rights reserved. |
|
|
|
|
|
|