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2023-12-07
By: Advocate Brokerage
As a business owner, you have many risks and liabilities. And that makes insurance a crucial part of your overall operation. But insurance is not a “set it and forget it” action. Instead, it’s a component of your business that deserves your attention at the start of each year.
Identify Risk And Liabilities
As you prepare for the new year, look at your business and conduct a thorough risk analysis to look for potential new threats or liabilities. Understand your vulnerabilities and adjust your insurance based on the types of coverage you need. This will help you best protect your people and assets.
Evaluate Your Portfolio
Now that you know the types of liabilities you might face, you can take this information and compare it against your current coverage limits, deductibles, and exclusions. Look for gaps in coverage and coverages that may no longer be needed.
Know Your Industry-Specific Risks
Each industry has a unique set of risks that can impact a business’s products, people, and operations. Depending upon your industry, you may have a higher probability of experiencing property damage or worker injuries.
Look Ahead At Growth
As you put your numbers together for the coming year, make sure that your insurance grows with your business. The last thing you want is to experience growth, have to file an insurance claim, and then find out your insurance hasn’t kept up.
Document Your Risk Mitigation Efforts.
Ask your insurance Advocate about how to best present your risk mitigation efforts to your insurance company. This may help lower your insurance premiums. Risk mitigation includes such things as safety programs, preventative maintenance, and additional security measures.
Call Your Agent.
Even if you don’t think you’re going to need to make changes to your business insurance for the coming year, there is never a wrong time to touch base with your insurance Advocate. We are your partners in helping to protect your assets, and we are always happy to provide an evaluation so that you can decide to leave your insurance as is or update as you upgrade your operations.
Contact Advocate Brokerage today for more information on business insurance that grows with you.
