It’s never been more important to partner with a broker that specializes in your business, understanding your unique exposures, with risk services capabilities and strong carrier relationships.
Why Complete a Business Insurance Review?
- Your exposures may have changed.
- COVID-19 has created the need to evaluate everything you do.
- Laws and regulations may have created new liabilities.
- Your policy may have had small changes that require consideration and adjustment.
- You may have too much coverage or to little coverage.
- Do you have remote work policies and procedures?
- Make sure you have a cleaning protocol in place.
- Check your business interruption coverage; it may need to be adjusted and increased.
- Make sure your business follows OSHA guidelines.
- During an infectious disease outbreak, such as the current outbreak of COVID-19, small business owners must prepare for disruption in their business as well as prepare to protect their employees’ health and safety in the workplace.
- Do you have the right kind of insurance to cover business equipment off-premises?
Items to Consider When Completing a Business Insurance Review
- Review sales and revenue- Have your company’s annual sales increased or decreased? The more business you do, the greater the potential liability you face.
- Property Values- Have you added any new equipment, purchased or leased a new building?
- Did you purchase any new vehicles?
- Do you sell any of your products in foreign countries?
- Is your safety and loss control program up to date?
- When was the last time someone reviewed your SIC codes for accuracy?
- Are you serving any new industries? This might increase your liability.
Have you added any new partners? There might be a need for life insurance.
As a business owner, you can ensure that your company is protected by keeping your general liability insurance, workers’ compensation insurance, and commercial auto policies updated to reflect changes in your business.