It’s important to keep track of your finances, and that includes your insurance. Every year, you should be getting an “insurance check-up” with your provider. Similar to going to the doctor for an annual wellness checkup, these checkups are intended to make sure that your insurance is healthy and still working for you.
Many business owners purchase an insurance policy when they first begin their business venture. They may not understand the importance of reviewing it periodically, to revise and reassess their needs. This oversight can ultimately lead to a gap in coverage, which potentially costs the business owners money. Check out these reasons it’s crucial to do an annual business insurance review from the experts at Staples & Associates!
Top 5 Reasons to Annually Review Your Insurance
- Businesses Change and Grow
The goal of having a business is to grow- right? If you’re growing your business, you’ll need to make adjustments to your insurance coverage. Subsequently, you may also need to adjust your insurance in the unfortunate event that you have to lay-off your employees. Changes matter when it comes to your insurance and you cannot overlook them. Changes include, but are not limited to;
- Fluctuation in employees
- Increase or decrease in payroll
- New equipment
- If you’ve expanded the type of work you do
- Your Coverage Needs May Change
Your business goes through changes throughout the years, which means that your coverage needs might have changed also. It may be time for you to increase your limits of coverage, or even add different coverages to close any potential gaps. When you do an annual review of your coverage, it can help you make sure that your insurance is still fully protecting your businesses.
- Locate Potential Areas of Vulnerability
Conducting an annual business insurance review gives you the chance to evaluate the changes to your business, to see if these have resulted in any vulnerabilities. Take this opportunity to do some risk management for your business, how can you improve the safety at your business to reduce the chance of a loss? What risks do you face, and how can you mitigate those risks? This also provides an opportunity to review any claims that you’ve had in the last year. Is there anything you can do to lower the risk of something happening again?
- Insurance Is Not a One-Time Buy
Insurance is not something that you can purchase once and forget about, it’s an ongoing process. Just like you go to the doctor for a yearly check-up, you should be checking up on your insurance to monitor and keep an eye on everything. Catching problems or gaps early is better than finding out later one. It’s best to find and correct a problem before it turns into a disaster and major loss for your business.
- Qualifying for Discounts
An annual insurance review can also be an important opportunity to make sure that you are receiving all possible discounts on your policy. Contact your insurance provider to see if your eligable for the following;
- Safety Discounts: Preventative measures to lower risk.
- Bundling Discounts: Combining multiple insurance policies with one carrier.
- Group Discounts: Part of a group, profession or class.
- Loyalty Discounts: Continued business with one carrier.
Have questions or ready to schedule your annual insurance review? Contact an agent at Staples & Associates to get started today!