Details To Consider During Your Year-End Business Insurance Check-Up

Your business performs a year-end financial analysis, but when was the last time you updated your insurance policies? Insurance protects your company from liability, natural disasters and cyber threats. Make an appointment now to check, change or update your coverage as you prepare for a successful new year.

Purchase the Right Policies for your Business

Your insurance policies will cover the common risks your business faces. They also protect all aspects of your company, from product conception to customer service. Verify that you have the correct policies for your needs. Several business insurance policies available for purchase include:

  • General Liability

  • Property

  • Business Owner’s Policy

  • Business Interruption

  • Commercial Auto

  • Professional Liability

  • Workers’ Compensation

  • Directors and Officers

  • Data Breach

  • Health, Life and Disability

Look Ahead to the New Year

Maybe you want to expand the products you sell, hire more employees or move to online-only sales in the new year. These changes affect your insurance needs, so be sure your insurance policies accommodate your plans.

Insure Growing Assets

The equipment, inventory or other assets you own may appreciate in value. Additionally, you may have purchased machinery, technology and other items recently. If your insurance policies don’t reflect this appreciation or these added assets, you may not receive an adequate payout if you must file a claim. Update your insurance coverage to address your growing assets.

Catch Mistakes

Your annual insurance review can catch mistakes on your insurance policies. You may discover that you’ve overpaid for coverage or purchased coverage you no longer need. With your insurance agent’s help, you catch any coverage mistakes and ensure you only purchase the insurance you need and will use.

Ask for Discounts

While you need to ensure you have adequate insurance coverage, you also want to save money. Ask your insurance agent about possible discounts that make insurance coverage more affordable for your business.

  • Increase your deductible.

  • Install a security system with cameras.

  • Develop and implement a safety training program.

  • Strengthen your computer network.

  • Improve fraud awareness.

  • Reduce operational risks.

  • Purchase all your insurance from one company.

  • Pay annually or quarterly rather than monthly.

  • Remain a loyal customer.

Shop for a Better Rate

As your business changes, your insurance needs and coverage limits change. Make time to shop around for better policy rates. When you find a better rate, ask your current insurer if they can match it. Shopping around could reduce your insurance costs while ensuring you receive the quality insurance coverage your business needs.

Insurance protects your business, so take time this month to perform an update. Verify that you have the right coverage for your needs now and into the future.
Need insurance for You, Your Family or Your Business?
We can match you to a qualified, local insurance expert!
Further Reading
Most new business owners are concerned that everything is favorable for the success and safety of their business, which includes obtaining the protection of business insurance. However, longevity and success can cause complacency. Let's say you star...
Every company has one or more "key employees" (whether it's an outstanding manager, a superstar salesperson, or a technological whiz) whose contributions are essential to the business. If one of these key people were to die, the impact on your operat...
Your business insurance value has no relation to your policy premium or your policy premiums, the value of your insurance portfolio related directly to the risks you insure against. If you are not an insurance expert, it is important for you to meet ...
Business interruption insurance serves a valuable purpose for your company. It replaces lost income and pays extra expenses if a covered peril disrupts your business. Consider several factors as you evaluate business interruption insurance for your c...
When was the last time you did a home insurance policy checkup? This important update ensures you have adequate coverage that will cover thefts, loss or damages, and it verifies that you aren't paying for coverage you no longer need. Consider these q...