Insurance is a significant expense for many small businesses.
Here are 5 tips to help you evaluate your business insurance, keep your costs under control and have the peace of mind that you have adequate coverage in place.
1. Review your options
Take some time to look through and understand the coverage options available to you. Add options benefit your company and meet your needs. Make sure there are no gaps in your policies or exceptions that could lead to a claim being denied.
2. Evaluate your deductibles
Compare your deductibles against industry norms to ensure that you are not setting your deductibles too high. If your deductible is high, it won’t cover the incident and you could pay out of your pocket.
3. Use good risk management approaches
Minimizing risk in your daily operations can work to save you on premium payments. A well-organized and realistic risk management system is an essential way to cut your overall cost for insurance. If the insurance company sees your commitment to managing risk, they will be more likely to offer lower payments.
4. Review your coverage annually
Businesses can change a lot in a year. That is why you should make sure to review your coverage with your agent each year. Make sure that your insurance is still applicable to your situation. Check that you are covered for any new risks that may have emerged due to changes in your business.
At John B. Wright, we take the time to identify your specific needs based on a thorough risk analysis. We then shop the nation’s best carriers on your behalf. Our coverage recommendations are geared to your business and yours alone. If you’d like to learn more about finding coverage customized to your business call us on 800-224-6693, email greg@johnbwright.com or contact us here.
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