The letter from your agent has come in the mail…..”Time to set up an account review”, what is your first thought? “Yippee, I can’t wait to pay my insurance bill”. Even insurance agents know that isn’t the case. I’m going to let you in on a little secret, even agents dislike paying their bills. However, we do love commercial reviews. Why? Because it gives a reason to talk to our clients about what they are passionate about….their businesses! Over the years I have had the opportunity to learn about really awesome people in my community operating really awesome businesses. But what is the most important thing for you to know as a business owner in regards to reviewing your policy?
It is important for a business owner to review their policy EVERY YEAR prior to the renewal. Many things can change during the year that can affect coverage, for example, purchasing a vehicle or equipment, adding a location, or even adding employees. Also, as a business evolves, they may need different types of coverage. We had a contractor who began cleaning chimneys – eek – that was a totally different scope of business than we had him insured for! As your business changes your agent needs to make sure that the insurance policy changes as well. Gaps in coverage can be very costly as they may result in claims going unpaid. Changing your policy doesn’t always mean an increase in your premium either, a lot of times we can actually save policyholders money by finding discounts or decreasing coverages that are no longer needed.
Another important item that we at American Insurance & Financial Services, like to remind our clients about is that small business owners are just as vulnerable to cyber crimes as large corporations. As a business owner you need to prepare and protect your data. As soon as you think you know how to protect your data resources and identities, there is a new way to attack, steal or use them. Be sure to ask your current agent about cyber liability insurance; it makes a lot of sense for small companies and it’s more affordable than you may think.