Business Insurance benefits
Is it time for an insurance tune-up for your business?
The theme of the articles this month are about change and protecting the business. We’ve touched on globalization and technology and how they impact a business. We’ve also talked about disasters and how we have little control if and when they happen. A natural extension to this conversation is something we can and have control over and its insurance.
Normally buying insurance is as enjoyable as a root canal; without Novocain. However, if and when you need it, it’s fantastic to have in place.
When was the last time you did a review of your personal and business insurance? Don’t have the time nor inclination? That’s fair, but when do you think you will get around to it?
On Saturday, July 09 at 9.30am I will be appearing on radio station AM 1380 KTKZ as a guest of Tom Bone. Tom is a professional insurance adviser and thought I would be a good guest to talk about some about selling a small business. From talking to Tom recently, he recommends a small business have an insurance tune-up; just like we do to our autos, on an annual basis. Insurance laws are constantly changing as do rates. And I found this interesting, rates not only go up as we’ve seen with health insurance, but they also go down as claims drop, for example, with auto insurance policies. Workers compensation premiums are in constant change and so it makes sense to do a review.
Here’s a list of some of the insurance products you may like to talk to your insurance agent about. The list includes both personal and business with other products available for your situation.
Personal Insurance
Property and Casualty
- Home; be it renters or property
- Auto
- Umbrella
- Disability
- Life
- Term
- Universal Life
- Annuities
- Whole Life Insurance
- Health
- Flood – if applicable
- Earthquake – if applicable
Business Insurance
- Business Owners Policies including business interruption and employer liability coverage
- Buy-Sell Agreement
- Executive and Employee Fringe Benefits
- Premises including operations and stored goods and material
- Auto
- Worker’s Compensation
- General Liability
- Life and disability
- Key Person
- Umbrella policies
- Errors and Omissions
- Flood – if applicable
The critical thing with either personal or business insurance is that it must be relevant and customized to your individual situation. If you have been paying your premium and have not spoken to your agent, pick up the phone and schedule a meeting today. The need for insurance doesn’t change with the seasons or the economy and it generally arrives when you have the least amount of time for it.
If you’d like more information, feel free to get in touch with me for a quick consultation. We’ll discuss your particular business, what’s important to you and make a plan for those first few steps.
