If you own a business, you know how critical having the right insurance can be. Throughout the year, you should be in contact with your insurance agent if you have any significant changes, such as buying or selling a vehicle, adding a piece of equipment, or even hiring more staff. However, before each renewal, it is prudent to discuss with your agent all aspects of your business to look for any needed changes that might not be obvious. A good way to do that is with the use of a checklist.
Business Insurance Checklist
As you know, a checklist is a great way to organize a big project. You can apply the same approach to renewing business insurance.
Following a checklist ensures you don’t miss any important areas of coverage. Having a document to refer to also makes it easier for everyone to stay on the same page, especially if you have complex insurance needs requiring input from several departments. Finally, a checklist provides a guide for insurance agents as they customize an insurance portfolio to fit your unique needs.
Review Your Existing Policies
The first step to finding the right business insurance is reviewing your current policies. Your independent insurance agent can help you to create a review summary so you can evaluate the following:
- Coverages, limits, and terms
- Deductibles
- Endorsements
- Premiums
Your agent should ask lots of questions that will help them to determine what coverage is important to you and will best protect you at the time of a loss. Making the time to discuss your insurance program with your agent is an important part of every renewal.
Assess Your Business’s Changing/Emerging Needs
Now that you have a clear idea of your current coverage, you can find and address any gaps. For example, if you’ve moved from hosting your intranet with a third party to managing your own servers, you may now need cybersecurity insurance. As your business grows and changes, you might find that your current insurance carrier may no longer be the best option for you. Some carriers specialize in certain classes of business. The experienced agents at Brooks, Todd & McNeil can help you to choose the carrier that best meets your changing needs.
As insurance counselors, we are able to help you identify the common and unique needs of your business.
Consider Your Budget
When choosing business insurance, it’s crucial to think long-term. While a cheaper policy may save money on premiums upfront, it can leave you paying substantially more out of pocket in the event of a claim that is not properly covered. Alternatively, paying a high price for a relatively low-risk coverage may not be the best investment. Fortunately, your agent at Brooks, Todd & McNeil can help you find coverage that makes the most sense for you. It is important to remember that as independent insurance agents, we may represent many carriers, but we work for you, and we will do our best to ensure that your needs are properly addressed.
About Brooks, Todd & McNeil
Since 1839, the independent agents at Brooks, Todd & McNeil have been pleased to offer our community the best and most affordable policies from a variety of providers. Our dedicated agents are ready to put their 75 years of combined experience to work on your claims. To learn more about our products and services, contact us today at (800) 448-4567.