Many business owners just pay their insurance premiums without really looking at whether the business needs have changed or not. An annual review of your insurance can benefit your business and give you peace of mind. You should make it part of your risk management plan. Whether you have general liability, professional liability or a business owner policy, you should understand what is covered, what is excluded and what your risks are.
Think About These Things When Reviewing Your Policies
By talking to your agent about the scope of your business, you can create an insurance portfolio that manages your business liabilities. Here are some questions to consider:
- Has your business added or lost new divisions or programs? You may need more insurance or may be able to drop coverage.
- Have you added many new employees or lost staff? Check your workers’ compensation policy to make sure everyone is categorized correctly.
- What are your concerns about loss and risk? You may find that the insurance company has a product that fits your worries.
- What steps can you take to be proactive in risk management? Your insurance agent has resources to help you prevent claims, which will save you money in the long run.
Talk to Your Insurance Company
Today’s insurance portfolios include a business owner policy, which can protect your property against damage and cover losses if you have to shut down. Ask your insurance agent what policies may fit into your business plan.