The New Year is finally here and there are many resolutions that people think about making. Some vow to be more fit, some to travel more and others to get a better job. There are a few key resolutions that business owners should be thinking about for the New Year and it ultimately has to do 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 forefront of your mind as we begin 2017 because they directly affect your bottom line expenses. Let’s tackle them one at a time.
- Insurance Coverage: First, review your existing insurance coverages with your insurance agent. Verify that you have coverage for all of your properties. Remember that sometimes things change throughout the course of a year 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.
- Insurance Claims: 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 your policies for coverages that you may need. This will also affect your insurance pricing.
- Insurance Cost: When looking at your 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.
- Insurance Agents: 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 interests.
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.
Thank you and Happy New Year!