Businesses grow, change, and re-align. These changes often have a direct impact on the company’s insurance needs.
Insurance checklists help customers understand policy choices that might seem confusing in written form. Educated customers tell their friends and business networks about the great buying experience and generate new sales for the agency.
Review Your Policy
It’s a good idea to reassess your coverage regularly. This is especially important if you experience life changes that could impact your policy needs.
For example, moving your business to a new location, hiring or firing employees, or expanding your operations into a different market all have the potential to alter your insurance coverage. A great agent will want to hear from you about these types of events and be able to recommend the best policies to ensure you’re protected.
A good agent will welcome any client who takes the time to ask for a review. After all, they know that this type of client cares about their purchase and wants to be sure their policy is doing its job. They also understand the importance of explaining complex policies in an easy-to-understand way. Having that knowledge will make all the difference when protecting your business in the future.
Review Your Coverage
The risks and liabilities your business faces evolve as your company grows and changes. It is essential to take a close look at your business insurance policies and make sure you have the right coverage in place.
Whether it is a property policy that protects your building and equipment from fire or storm damage or a workers’ compensation policy to provide for medical expenses for injured employees, a review of your current coverage needs is essential. Consider a business interruption policy to help replace income when your company is out of commission due to a disaster.
Reviewing your business needs will include examining the different policy types and reviewing limits, exposures, and coverage terms. Depending on the complexity of your business, you will need to consult a knowledgeable and experienced insurance professional to help you assess your needs. Next offers a variety of industry-tailored packages to help entrepreneurs secure the business insurance they need.
Review Your Payments
Businesses change frequently, and an annual review helps ensure that a policy remains relevant. For example, a company might hire new employees or increase payroll and sales. These changes affect workers’ compensation coverage, general liability insurance, and more. Reviewing coverage levels also allows business owners to lower their rates or drop excess coverage, saving them money. Use a coverage checklist to guide the conversation and ensure all business insurance needs are addressed. Customers educated about their best coverage options will provide excellent word-of-mouth advertising and help your agency grow. Moreover, a well-guided buying experience can reduce the chance of costly audit surprises.
Review Your Claims
Suppose you have an office or other business space, furniture, and inventory. In that case, it’s important to consider property insurance to protect against the financial costs of any losses incurred because of a natural disaster or other unexpected events like fire. Liability insurance is a must-have in any comprehensive business package. It can help cover claims made by third parties due to injuries or damage caused by you or your employees.
It’s also a good idea to reassess your business insurance needs yearly, as liabilities and risks will change over time. For example, if you have recently added new equipment or expanded your operations, contact your insurance provider to determine how this may affect your coverage. It’s important to compare insurance quotes from multiple providers to find the best value. Additionally, you should review your paper denials and E-EOBs to see if any trends can be addressed.
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