As a small business owner, you have a lot on your plate. Obviously, make a profit and keep your company culture are of paramount importance. In addition, there are taking pay, stay competitive, stay on top of new laws on health and tax, comply with national and local regulations, etc., etc. It's easy to forget the important changes that have occurred in your business and should be considered in your insurance policy. Your annual renewal of the policy is a great time to consult your independent agent and make sure you are properly protected and not to pay for coverage for exposures that you can not have.
Here are some areas to consider 60 to 0 days in advance of your renewal:
- is the name of your business changed or is there a new Doing business As (dba)?
- has changed the legal entity (eg a company incorporated or has been formed in an LLC?)
- the nature of the business basically the same? Are there operations or divisions that have been abandoned?
- Is your building insured to the value? This is very important if there is a coinsurance clause.
- was your total personal property has increased or decreased over the last year?
- Have you made improvements to your building as a new roof or installing a sprinkler system? These can qualify your property coverage for credit.
- Have your payroll or sales of books changed since last year? Overall responsibility is often evaluated on one or both of these exhibitions. Workers Compensation is assessed on the payroll.
- Have you removed or added vehicles and not advised your agent? Did you hire new drivers?
- How old are the vehicles in your fleet? If some of your vehicles are older than 10 years, you may want to consider dropping the physical damage coverage on them.
- Is this your business eligible for free a discount on the location of the drug on your workers compensation policy? If so, send documents to your agent.
- Finally, do you need extra blankets such as employment practices liability, cyber liability, employee theft, or professional liability?
Your independent agent is there to help you make the renewal process goes smoothly and that you are protected. They may even have a renewal checklist that will help you. Take some time before your next renewal to discuss these results of renewal issues.
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