Business Review of Policy
As businesses continue to edge closer to emerging from the pandemic fog, now is an excellent opportunity to review Insurance Policies. Whether you’ve managed to grow, or had to scale back for sustainability reasons, it is crucial to review these policies at least once during the year prior to renewing.
Tip: The most effective way to review your policies is to create a page-long summary with the most pertinent information including: carrier, date issued, deductible, premium, insured, beneficiary, etc.
When Should You Review
- New service/products added
- Purchased or leased equipment
- Hired new employees
- Increased sales
- Change in laws/regulations
How to Assess Your Business Needs
The purpose of a business review is to ensure you’re getting enough coverage throughout the year. One crucial insight to note is the number and cost of claims your company made in recent years. It is possible your employees may not come close to their current deductibles, in which case, reducing this cost could save thousands in wasted dollars. It is also extremely important to review business assets, such as office remodels or company vehicles, as they can fluctuate more often and significantly impact risk.
Questions to Consider During a Review
- How does your business currently manage risk?
- Has your payroll increased?
- Have you added company vehicles?
- Do you have remote employees?
- Do you employ subcontractors or third-party agencies?
When operating a business, proper insurance policies require more than a set it and forget it attitude. Before automatically renewing, take the time to ensure your insurance policy sufficiently protects your most recent business exposures. For tailored recommendations specific to your company, contact BMPG for a discovery call.