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business meeting with teamEvery business recognizes the benefits of the end of the year. It is time to reconcile statements. It is time to look at profit and loss. It is also time to review business insurance. Prior to the start of the new year, companies need to ensure they have the proper level of coverage. Insurance needs change throughout the year. Adjusting policies becomes necessary on a routine basis. This time of the year makes the process more routine. Here is what to look for in a review.

What Claims Did the Company Make?

Organizations need to understand the specific claims they filed during the year. Use this as a guideline for what you may file going forward. Look back over several years. Notice the types of claims, the amount of those claims, and the costs of the coverage. Companies with numerous claims may need additional insurance. Those with few may need to reduce coverage.

Which Assets Did the Company Add This Year?

Many companies buy equipment during the year. Some companies do significant remodels. Others purchase vehicles. Changes to the business's physical address matter, too. Look at the value of each asset. Does it increase the company's risks? If that value is higher than coverage allows, increase insurance coverage. Some companies sell off equipment. Be sure to update business insurance to reflect this change, too.

Consider Deductibles

For all businesses, deductibles can play a role in the cost-effectiveness of any plan. Take a closer look at the plan. Increasing the deductible may reduce overall premium costs. Companies that can afford a higher deductible might actually save money by increasing it. Determine your most common claim. Is the value of that claim under the deductible limit? If so, it may be wise to drop the deductible to reduce out of pocket costs.

What New Policies Fit the Company's Needs?

Every company changes over the course of the year. Consider new insurance policies to minimize these new risks. Some examples include the following.
  • Professional liability insurance enhances coverage for any company providing guidance and advice to clients.
  • Cyber liability insurance is essential for any company to reduce data breach risks.
  • Umbrella insurance helps increase liability coverage significantly.
  • Workers' compensation insurance is necessary for most companies who employ individuals.
  • Errors and Omissions insurance is necessary as a company grows and gains upper management or make professional decisions.
Customize insurance to meet specific needs. A business insurance agent can help with this. Be sure policies remain updated. Make changes throughout the year as needed. This keeps risks low. It also minimizes out of pocket costs throughout the year. That boosts working capital. It also provides more peace of mind. If you have more questions about coverage, contact us today!
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