Most of us are familiar with insurance. Periodically, you pay a premium in return for a promise by a company to pay for a loss you may incur that the policy covers, up to a specific total amount. Almost anything can be insured. We are all aware of automobile policies, and coverage for our homes. And of course, we have various insurance policies that cover our business.
But the key point to remember is that insurance is a contract. As such, it behooves you as the policyholder to understand exactly what the contract covers.
A key first step is to read and understand all of the definitions contained within the policy. From there, you will see provisions regarding losses covered, requirements to provide your defense, and matters regarding the insurance company acting as fiduciary for you.
No, unless you are a large multinational corporation, you are not going to get the insurance company to change the policy. But you need to know what it contains, and if there are additional coverages you wish, sometimes endorsements may be added. Finally, there may be certain acts that insurers will not cover; these may be listed as exclusions under the contract of insurance.