Before your business insurance coverage renews, there are a few things you should think about that could help you make sure you have the appropriate plans for your business. Here are 10 items you should pay particular attention to.
Start reviewing these items with your agent 90 days prior to your policy renewal date:
Until Sara Shifrin sought to insure her new fitness center, she’d never heard of business interruption coverage. But, when the center burned to the ground after just six months in business, she was glad her agent recommended it. “It allowed me to get back into business in a temporary location within a week and a half,” Sara recalls. “Otherwise, people would have been demanding their membership money back, and I’d be starting all over again.”
Did you know that your company could be liable for accidents and injuries caused by your employees while driving their own vehicles? It’s very important for you to understand the risks and what you can do about them.
Consider these examples:
Many businesses today spend time, money, and resources to help prevent losses.
Unfortunately, some losses, especially those related to disasters and emergency situations, are unpreventable. Business continuity planning is a comprehensive approach to ensuring businesses continue to function efficiently in the event of a loss.
Year after year, the needs of your business change. And with those changes, your insurance needs may change as well. Whether you run a restaurant, a law firm, or a manufacturing company, there are common pieces of information every business should have on hand when meeting with your independent agent or broker.
From more efficient record keeping to websites that bring the world to your door, technology has radically changed the way businesses are run. Unfortunately, many business owners have been slow to change the way they approach risk management, discounting potential dangers posed by those who would use technology to harm their companies.
Are you the kind of business owner who believes computer hackers have no interest in your company because they’re busy trying to crack security at large financial institutions? Are you confident that the system security measures you’ve taken are protecting your data effectively? You may want to reconsider.