As a result of anti-terrorism laws that passed post-9/11, businesses operating in the insurance industry must not only adhere to standard business owner requirements, but also strict insurance industry regulations. Taking the time to research applicable federal insurance regulations helps prevent hefty noncompliance penalties and protects your business.
Knowing which regulations on the insurance industry affect your business operations is as important as knowing the ins and outs of your company. Insurance for business property, product/service liability and commercial vehicles is required by law. While additional coverage may make good business sense, all types of insurance are held to regulation insurance industry guidelines.
Consider the following tips to help you stay compliant with ever-changing insurance government regulations:
1. Maintain adequate business liability and property coverage.
2. Stay abreast of changes in insurance regulations.
3. Network with other insurance industry companies.
Get coverage compliant with insurance rulesThe first step in complying with insurance industry regulations is ensuring that your coverage limits and policy types comply with insurance rules. There are various insurance companies that offer commercial property, auto and liability products that meet insurance industry regulation requirements.
Consult with an agent or broker for advice on insurance rulesBy nature of their profession, insurance brokers and agents are required to stay informed about various types of commercial lines of insurance and corresponding insurance regulations. Rely on their knowledge and advice to choose the type of coverage best suited for your business.
Join industry associations to access updates on insurance industry regulationsNetworking with other companies operating in the insurance industry is a great way to stay connected and keep abreast of changing insurance rules. Many associations offer seminars and newsletters with expert-level guests and authors to help you stay informed about new state, federal and local legislation concerning regulations for insurance industry companies.
- Make sure you and your agent periodically review coverage limits and other policy information to stay compliant with insurance industry regulations.