The New Year is well under way and many people have made New Year’s resolutions to improve their life in the next 12 months. Some vowed to be more fit, some to travel more and others to get a better job. There are a few key resolutions that business owners could be making in this New Year and it has to do ultimately with saving money. These things are:
- Insurance Coverage
- Insurance Claims
- Insurance Cost
- Insurance Agents
These are the things that as a business owner should be at the top of your mind as 2017 gets into full swing because they directly affect your bottom line expenses. Let’s tackle them one at a time.
- First, review your existing insurance coverages with your insurance agent. Verify that you have coverage for all of your properties. Remember that sometimes throughout the course of a year things change and life keeps you so busy that you might have forgotten to notify your agent that you sold a property, or that you purchased some new equipment, or hired four new employees. Situations change which is why FBinsure does a 6 month review every year, mid-policy to ensure that nothing is missed.
- Once you have determined that you are fully covered, look at your claim history. Reviewing your claims will help you determine areas of your organization that could use some improvements like refreshers on safety guidelines. Your agent should be helping you close any pending claims that you may have.Having open claims deters new carriers from quoting you for coverages that you may need. This will also affect your insurance pricing.
- When looking at overall Insurance cost, you could be with the right carrier but have the wrong coverages. Costs fluctuate for many reasons that would take too long to list. Sometimes when your rates are going in the wrong direction, it might be time to look for a new carrier with a lower rate for your industry.
- Lastly and quite importantly, you should be looking at your insurance agent. Ask yourself these questions:
- Do you have a good relationship with them?
- Have they done all they can do for you?
- Have they been there for you in times of need (Certificates, claims, new purchases)?
If you answered yes to these questions then congratulations on your choice of agent. There’s no better feeling than knowing there is someone looking out for your best interest.
If you answered no to the above questions, then I urge you to reach out to me at FBinsure to get the relationship and peace of mind that you deserve. I would be happy to meet with you and review all your insurance needs.
Let’s make it a great year together!