Annual Review of Your Business Insurance

Once a year, most companies start thinking about what they’ve accomplished and start to set goals for the upcoming year. It is also important to review the insurance policies protecting your business. There are three simple steps business owners can take every year to ensure that their business is fully protected. 

 Where are your documents? Are they easy to find?

First, pull out your insurance documents! Can you find them easily? If not, find a better spot to put them. I recommend having one physical copy and keeping one copy online. Typically, wherever the first place you thought to look for them, is probably the best place to keep them physically. Online you could keep them in an email file for business or maybe you subscribe to a cloud service. Wherever you will have secured and quick access to them, is the best place for them. 

 Read the documents. 

Now is when most people will need a cup of coffee. Pour yourself your favorite cup and start reading. What is covered? Have there been any changes that you haven’t told your insurance agent about? That’s ok if you forgot, just plan to tell them immediately. Maybe you sold a vehicle and are paying for something you don’t have. Maybe you have new workers that aren’t covered if they are involved in an accident and would open yourself up to legal troubles. Write these changes down. 

How has your business itself changed? Are you offering more services? Have you changed services or restricted them? It’s important that your insurance agent knows any changes so they can ensure your business is properly covered. For instance, a painting business won’t have the same risks as a landscaper, and it’s important to address those risks. Are you doing anything for your own retention such as subscribing to Fleetr Fleet Management? If so, make sure you are sharing the correct mileage and operations of your business. 

Think about your experience

Next, review your carrier and think about your experience with them. Has anything occurred over the last year to change your comfort level with them? If you had a loss, how did they handle it? Think about your satisfaction with their communication throughout 2021 and COVID as well. Maybe they’ve added extra services or changed services. Write these down to bring up with your insurance agent.

Schedule an appointment with your insurance agent. 

Now it’s time to call, email, or text your insurance agent and request a yearly review. This doesn’t have to be done in person anymore and can be done online, on the phone, or even through email. Discuss these findings with your insurance agent so that they can make sure you are fully covered and have a great deal for that coverage from their carriers.