Have
you conducted a business insurance review lately? Changes in your business
equipment, real estate holdings, the amount of inventory, and the number of
employees are all good reasons to review your insurance. Here are a few policy
review tips to consider:
- Keep
in regular contact with your insurance company.
Keep your insurance agent apprised of what you are doing in your business.
Try to meet with your agent throughout the year, and conduct a detailed
annual review of your insurance needs.
- Understand
how business changes affect your policy. Figure out how
your policy covers common changes, as well as other changes you know are
happening soon. This involves understanding the limits and terms of your
policy. You can start by asking if you're properly insured for property
damage, liability coverage, health and disability, and life insurance.
- Conduct
a competitive review. Periodically conduct a competitive
review of your insurance needs. Bring in at least two other insurance
providers, as well as your current provider. The frequency of the review
will be driven by changes in your business, the stability of your current
insurance provider, and the need to understand the evolving landscape of
business liabilities. A review will keep your premiums competitive, as
well as help you learn about coverage holes in your current policy.
- Identify
evolving coverage risks. As the business climate
evolves, so should your insurance coverage. Think about what's on the
horizon. Who would have anticipated the need to cover cyber attacks and
identity theft 10 years ago?
- Review
safety plans and company policies. This goes hand-in-hand
with a business insurance review. Make sure your team is adhering to
established employment and operations policies. Getting an insurance claim
approved and maintaining reasonable premiums often depend on specific
factors you can reinforce through these policies.
Finding
the right level of coverage for the right price is possible, but it takes some
preparation and planning. Invest some time now to review your insurance
policies to save a lot of potential pain and money down the road.
