Is Your Business Insurance Due for a Check-Up?

If you have a variety of insurance plans, or are offering coverage to your employees, you need to make sure your coverage is always as healthy as it possibly can be.

Set Annual Performance Reviews

Meet with your agent and discuss your coverage. Look at what has happened over the last year as far as payments, claims, fees, processing and reimbursements. Look at the coverage plans you have in place, making sure they are still applicable and comprehensive to your needs. Discuss any changes in the business that may have an effect on your insurance, such as growing or shrinking sales patterns, adding or losing vendors, growth, new competition or other concerns. Look at market indicators to make sure your current coverage will be adequate to handle predicted changes. Ask your agent for insight into the industry to see if there is anything you can do to better protect your interests and provide for your business.

You’d Better Shop Around

There are a wide range of insurance providers and even more possible plans to explore for coverage. To make sure you are not getting too comfortable and complacent with your agent and provider, once or twice a year it pays to let another agent pitch you. See what they can offer, and how their track record compares. You may find that you are well suited with the agent you are currently using, but you may also be surprised to learn about new options that were otherwise unknown. If you have a sizable account most agents will be eager to show you how they can help, and you can benefit by finding the best possible deal for your continued investment.

Even though you should do an annual review of all insurance policies in your business, there is no reason you must do them all at the same time. Schedule out the reviews over the course of a quarter or a year, but do make sure that each policy and what it means gets some of your undivided attention. By occasionally reviewing and reassessing your insurance plans and performance, you can make sure that your employees (and your business) are receiving the full extent of their benefits.

THIS IS NOT INVESTMENT, TAX OR LEGAL ADVICE. Consult with a financial advisor, accountant or attorney before making important decisions in these areas.