You’ve got a lot on your plate, but you need to add one more item to your list, otherwise, it may end up costing you a whole lot more than you’d like to think about: an annual review of your business insurance! Recently we did a blog on having a personal annual review and both are equally important!
Here's why a business annual review is important
Get up to date on risks, rates, services, premiums, etc
In a single calendar year, your insurance possibilities can change both from the perspective of the agent and your business needs. A review is going to help you stay up to date when it comes to your potential for everything from uncovered risks, to rates and premiums, to potential services you could be missing out on.
A review is like a check-up
That’s a little overwhelming, of course, which is why an annual review is going to help you make sense of it all for accuracy.
For example, your insurance agent will ask you to think about your business’s current needs when it comes to variables such as your coverage amounts and whether it’s enough to replace your business merchandise and property. Or, do you have the right amount (and type) of insurance to cover you in case of a lawsuit?
There are various types of business insurance and different industries require different things. Not to mention, sometimes you don't know what you don't know with respect to having the right coverage. Harbour Insurance Services gets it and can help iron out the details for and with you.
Emergencies come every year
Each year during your annual review, you’ll also have the potential to look at your emergency and disaster insurance coverage. When looking at something like that, you’ll need to make sure that you’re covered for all of those potential emergencies. For example:
Sometimes your potential risk or need for those may change from year to year. It’s one of those things you don’t want to realize you needed to have in place or tweaked, until...after the fact! So, be sure you have that conversation with your insurance agent and ensure you are properly covered before you need it!
General business changes
Then there are details such as your business insurance coverage for employees. If you grew your team, for insurance, does your payout amount need to change for earning replacement? Do you have extra furniture and office equipment to add in terms of dollar amounts, too? These small changes make a big difference in insurance coverage as a whole.
Time is money
From the point of view of your insurance agent, you’ll want to remember that sometimes the years you’ve been in business can help lower your premiums. If you review every year, you may end up qualifying for a time-related discount that you didn’t qualify for the year before. Or perhaps you are eligible to bundle together different kinds of business insurance where you couldn’t in previous years. Taking the time to sit down with your agent could potentially save you money and still give you great coverage, the right amount of coverage.
The perfect time for reviewing your business insurance policy is, well, now. The moment that you see it’s valuable, contact Harbour Insurance Services at (281) 520-4090! It’s one of those things that you don’t think you need to do, but when you see the advantages, both financially and in coverage, you’ll wonder why you ever waited so long to do it! You definitely want to be in that group, trust us!