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Small Business Checkup: Make sure you have the insurance you need
You get physicals at the doctor’s office. Your car gets regular oil changes. What kind of checkups do you give your business?
One important aspect of your business to regularly review is your insurance policies. Annual insurance checkups help protect your business from unexpected events and can help you save money by making sure you are getting the best rates you can.
Consider these questions as you begin reviewing your business insurance:
Do my insurance policies give me the right amount of coverage at the right price?
Deciding on the right amount of coverage for your business ensures you have enough protection but aren’t paying for extra coverage you don’t need. While there are benefits to staying with the same insurance provider over time, you should regularly get quotes for similar coverage from other companies to make sure you are not overpaying for your insurance. You may be able to negotiate your price or the terms of your coverage if you are offered a better deal with another provider.
You should also review your deductible levels, which is the amount of money you are responsible for contributing before your insurance company begins to pay if you claim damages. Choosing the right deductible level for your business means finding the balance of how much you are willing and able to pay every month for your insurance premiums and how much you are willing and able to pay if something unexpected occurred.
Is my insurance up to date?
Make sure your insurance policies accurately reflect the state of your business. If you purchased new equipment, acreage, or livestock, you need to make sure your coverage protects these additions. If you have added employees to your operation, you need to make sure your insurance covers your new hires. If you have reduced your risk levels by adding safety equipment, updating your buildings, or making other changes, make sure your policies are updated so you are not overcharged.
Do I have all the kinds of insurance I need?
Small business owners often need several kinds of insurance policies. The insurance your business needs can range from common kinds of insurance, like property insurance, to more specialized coverages, like key-man insurance that help keep your business running in the event of the loss of an essential employee. To decide what insurance you need, consider what risks would be most damaging to your business and what assets are most important to protect. If you need several kinds of insurance, you may consider purchasing an insurance package, called a business owners’ policy.
Are there insurance trends I need to know about?
As with most things in business, the insurance marketplace is always changing. While you don’t need to stay on top of the latest insurance news, you need to make sure you’re hearing about the changes that matter to your business. Working with an insurance agent you trust is a good way to make sure your insurance is up to date. A locally-based insurance agent can give advice on insurance considerations that are important to your area. For example, they can advise on the importance of flood insurance to your area, or how changes to a state law will impact your insurance needs.
What is the state of my financial and insurance records?
An important part of your insurance checkup is making sure your financial and business records are safely and securely stored. Accurate and secure records makes it easier to prove damage claims to insurers, and makes it easier for someone to submit insurance claims on your behalf. Additionally, if you are working with an accountant or insurance agent to review your insurance policies, records that are easily shared with consultants help those consultants give you the best advice they can for your business. Using virtual desktops from an SaaS provider like AgCompass can help secure your business, financial, and insurance data, giving you the peace of mind that your data is protected. Schedule your free, no obligation consultation today to see if AgCompass is right for your business.