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2024-11-27
By: Advocate Brokerage
Although your focus is likely on decking the halls, the end of the year is the perfect time to reassess your business insurance coverage. Here are a few key coverage considerations to keep in mind as 2024 comes to a close.
Your insurance may have been ideal for 2024, but make sure your current policy provides enough coverage to accommodate your business’s growth in assets along with its liabilities and risks. You’ll also want to discuss policy exclusions and have your insurance Advocate identify any potential gaps in coverage.
Something else your insurance professional can do is take a look at your deductible to help you balance cost and coverage. You may be able to save on your premiums by increasing deductibles; your insurance Advocate can help you weigh the financial implications of its balancing act against potential claims.
If you have yet to add Cybersecurity, Business Interruption, Professional Liability, or D&O liability coverage, 2025 may be your year to expand your blanket of protection.
In today’s digital age, cybersecurity threats are always a risk. Business interruption insurance can help you bounce back after a fire, natural disaster, or other operational disruption. Professional liability insurance is crucial if you provide professional services while D&O protects your directors and key officers from personal liability for wrongful acts committed in their corporate roles.
It’s time to conduct a thorough inventory of your business’s assets to make sure that you have an accurate valuation and coverage. This is also an opportune time to identify potential risks and vulnerabilities and to make sure that you are fully compliant with state, local, and national insurance regulations and requirements in your industry.
Your insurance Advocate can help you go over risk management strategies, policy updates, and ways to optimize your premium. By taking the time to review your business coverage before the close of 2024, you’ll start 2025 off on the right foot so that you’re poised for growth, expansion, and profit.
