Skip to ContentSkip to Footer

Lapse of Coverage

Protecting Your Business from Gaps in Insurance Coverage

As a business owner, it’s important to have insurance coverage in place to protect your assets and operations. However, sometimes there may be gaps in coverage that can leave your business vulnerable. This is known as a lapse in coverage, and it can occur for a variety of reasons, such as missed payments, canceled policies, or failure to renew coverage.

At  Prime Insurance Group Inc, we understand the risks associated with a lapse in coverage, and we’re here to help you avoid them. Our team of experienced brokers can work with you to review your current insurance policies and identify any potential gaps in coverage. We can then help you find the right insurance solutions to fill those gaps and ensure that your business is fully protected.

However, it’s important to note that there may be penalties for a lapse in coverage. These penalties can vary depending on the type of insurance policy and the state in which your business operates. For example, if your business doesn’t have workers’ compensation insurance coverage, you may be subject to fines, penalties, or even legal action in some states.

To avoid penalties and protect your business, it’s essential to maintain continuous insurance coverage. This means paying your premiums on time, renewing your policies before they expire, and making sure that you have the right insurance coverage in place to meet your needs.

Our services include:

  1. Policy review – We’ll analyze your current insurance policies to determine whether there are any gaps in coverage that need to be addressed.
  2. Insurance placement – We’ll help you find the right insurance policies to fill any gaps in coverage, and we’ll negotiate the best possible rates on your behalf.
  3. Risk management – We’ll work with you to identify potential risks to your business and develop strategies to minimize those risks.
  4. Claims assistance – If you need to file an insurance claim, we’ll be there to provide support and guidance throughout the process.

Don’t let a lapse in coverage leave your business exposed to risk and potential penalties. Contact Prime Insurance Group Inc today to learn more about how we can help you protect your assets and operations.

Contact Us

* indicates required fields

This field is for validation purposes and should be left unchanged.