As a small business owner, an annual review of your insurance with your agent exposures is critical. Exposures can change quickly in your business and it's easy to forget that your insurance must adapt to these changes. Let's look at a few areas to consider:
New Exposures
- Have you add locations during the year?
- Have you add buildings to your current location?
- All new vehicles or drivers?
- new equipment to be covered by internal float marine land?
- New products manufactured / sold? This is important because it could change the rating base for your general liability.
Exposure Change
- sold vehicles
- Equipment sold
- sold Places
- inventory reduction
- sales reduction
new hedges
as your operation grows, you should consider purchasing extra blankets to protect your business. Here are a few to discuss with your agent:
- equipment failure - especially important if you are a manufacturing operation / treatment
- Crime - which includes money and securities, employee theft, including employee Retirement Income Security Act (ERISA), Forgery and computer fraud
- employment practices liability
- compromise Identity & data Recovery
- Blanket personal property if you now have several places
- as reports on personal property if the values fluctuate
drop or more blankets
Sometimes it makes more financial sense to reduce your insurance or self-insure certain exposures. Examples:
- Fall and complete collision on vehicles over 10 years.
- Reducing the expected contractors equipment value that is covered on the basis of the real value of money.
- If you own an older building and probably would not replace it as big of a building in the event of total loss, consider providing a basis for functional replacement cost.
- higher deductibles on your home and auto. Consider adding a damage deductible on your liability.
- If you are comfortable with your financial reserves and loss control measures, consider some self-assurance of your exhibitions.
An annual review is also important to assess your operator and agent. Are you getting a personalized, responsive service at a time? Ask your claims processed quickly and fairly? Does losing your operator Control Department was reasonable and useful? Is this your financially stable carrier? Does your agent brings value to your risk management process?
This list is a good start when considering your insurance exhibitions, but make sure you take into account the unique needs of your business as well. If you decide to start each new year with an insurance examination, it can lead to a productive and profitable year!
0 Komentar