Make a resolution to review your policies and coverage.
As we begin a New Year, many of you have put together some New Year’s resolutions. Of course this makes going into a New Year fun and helps a person develop some goals. This is also an excellent time to re-evaluate your insurance solution… check out our insurance checklist to get you started!
Here is a 10 question checklist to ask yourself that will help you and your insurance broker put your insurance in order for the year ahead.
- Did you have a change in your personal circumstances? Did you have a baby? Get married? Purchase a new home or car?
- Are you interested in increasing your liability limits if available? Are your limits high enough? This includes general liability and commercial auto liability.
- Are all of the cars and licensed drivers at your business listed with your insurance provider? Delete drivers who are no longer part of your business.
- Do any of the vehicles on the policy have custom equipment attached? This may not be covered on your policy unless declared.
- Do you own any specialty equipment that may need special cover?
- Have you added to, updated, and/or remodeled your business in the past 12 months? (ex: replaced roof, added on, updated wiring, heating, plumbing)? This may impact your insurance profile.
- Has your business changed in type of operation or size of operation in the last 12 months? This may affect your premium up or down.
- You may have an exposure to damage from flood, which may not be covered by your property policy. Would you like to receive more information about flood insurance coverage?
- Have you acquired or disposed of any assets or equipment during the past 12 months? There may be limitation on equipment not housed at your place of business.
- Do you understand your cyber/data related risks and have appropriate security and cover in place? This is one of the biggest gaps we see with many businesses.
Even if you haven’t experienced significant personal or business changes, you could be eligible for better pricing or new insurance solutions that may better serve your needs, so it’s worth a conversation.
This is certainly not all inclusive of insurance questions and perils but may help to spur some thoughts for updates in 2018. Take some time to talk with your insurance broker and review your policies and see if they meet your current needs. Your broker can help determine whether your current insurance solution provides adequate coverage or if you might need more or less.
We can help you evaluate what’s changed this year and make sure you are in great shape for 2018. If you need help with some of the lingo, want to verify what your current insurance provider tells you or just want to have a better understanding of the world of insurance, contact Managed Insurance Solutions on (08) 8582 1277.
We look forward to working with you this year, next year, and beyond!