As a business owner, you juggle countless responsibilities to ensure the success and longevity of your business. Often, new opportunities or ideas come up and are implemented at organizations without anyone considering the insurance implications.
Having the right insurance coverage in place is crucial to protect your business from potential losses. Maintaining regular communication with your insurance agent ensures that your coverage adequately meets your needs.
Here are some situations or reasons why you should talk to your agent:
1. Policy renewal
It’s likely you’ll talk to your insurance agent several times a year. But if you don’t, talking to them prior to your policy renewal provides you with an opportunity to review coverages, reassess your business plan, and make the appropriate updates to your policy.
2. Claim assistance
Damage to your business can be devastating. If this happens to you, contact your agent immediately. They can provide a calm approach to helping you navigate the claims process. They can also help you document the incident and suggest ways to prevent further damage.
3. Policy updates
The only constant in life is change. As a business owner, changes to your business happen all the time. Your agent can help you navigate this process to ensure you have the right coverages. They can explain how modifications to your policy affect coverages, reporting, and premiums. Here are some examples of policy updates:
- Updating your location, including adding or removing a location.
- Modifying operations or services: for example, adding a delivery component to the business.
- Adding or removing company vehicles.
- Changing legal classifications: for example, going from an LLC to a corporation.
- Signing a new lease or contract. Be sure to do this before the agreement is signed.
- Obtaining certificates of insurance.
4. Proactive risk management strategies
In addition to policy changes, your agent can help you identify and implement risk management strategies that can help to reduce the likelihood of losses. Some example focuses include:
- Health and wellness
- Emergency response
- Customer safety
- Employee safety
- Driver training
5. Industry compliance or regulatory changes
Depending on your business, staying informed about changes in regulations and compliance requirements is important. Discussing these changes helps ensure that the right insurance coverages are put in place to protect your business. In addition, your insurance agent may catch a change and can explain how the regulatory change affects your business and coverage needs.
6. New business ventures
When new opportunities arise, give your agent a call. Some examples of new opportunities include:
- Launching a new product or service.
- Entering a new market segment.
- Expanding geographically.
Effective risk management in your business requires open communication, a comprehensive approach to solving problems, and the right insurance program to meet your unique business needs. Contact your independent insurance agent today.
