As a billboard owner and lender I know the importance of insurance. I had a lending client who’s digital billboard was wrecked by a fire in the building next door. My client replaced the board quickly thanks to insurance. Scott Spector of the Libsco Financial Group has been meeting the insurance needs of billboard companies for more than years. He is an associate member of the Independent Billboard Operators Association. You can find out more about Scott Spector’s services at www.libsco.com or by contacting him (847-763-5324 or [email protected]).
1. How did you start insuring billboards? 20 years ago I had a client who needed insurance for his billboards to get a bank loan. There was no one out there helping the small business owner with billboard insurance.
2. Why is insurance important for a billboard company? A company or individual should always carry liability insurance just in case something happens. In regards to billboards I am sure you would want to protect your investment if something happened to them. We also insure for the monthly rental value if somethings happens to the billboard. If companies have employees or independent contractors it is the law that you have to carry workers compensation. We also work with companies to make sure they obtain correct certificates of insurance from companies that work on their billboards.
3. How are billboard companies unique from other companies when it comes to underwriting insurance? Location, location, location.
4. What info will an insurance company want to see to underwrite insurance? Location, the value of the billboard and rental value.
5. What is the most common mistake small companies make when it comes to insurance? Companies or individuals don’t think that they can obtain insurance for their billboards for the monthly rental value if something happens to the billboard.
