As we begin a New Year, many of you have put together some New Year’s resolutions. Of course this makes going into a New Year fun and helps a person develop some goals. This is also an excellent time to have a New Year’s Insurance Checklist. Here are a few questions to ask yourself that will help put your insurance in order.
- Are you interested in increasing your liability limits if available? Are your limits high enough? This includes general liability and commercial auto liability.
- Are you interested in increasing your uninsured motorist limits? (Uninsured Motorist coverage protects you from accidents with at fault drivers who have insufficient limits of liability or no liability coverage at all.)
- Would you like to consider an adjustment to your automobile collision or comprehensive deductibles? Higher deductibles save money and many business owners have higher deductibles on work trucks.
- Are all of the cars and licensed drivers at your business listed with your insurance carrier? Do you check MVR’s annually?
- Are all drivers listed on your auto policy currently employed at your business? Delete drivers who have moved on.
- Are all vehicles on your policy titled to your business and garaged at your business?
- Do you have vehicles furnished for your or your employees’ regular use including personal use? Do you limit the usage after hours?
- Do any of the vehicles on the policy have custom equipment attached? This may not be covered on your policy unless declared.
- Do you own any specialty equipment that may need special physical coverage?
- Have you added to, updated, and/or remodeled your business in the past 12 months? (ex: replaced roof, added on, updated wiring, heating, plumbing). Your property carrier will want to know.
- Has your business changed in type of operation or size of operation in the last 12 months? This may affect your premium up or down.
- You may have an exposure to damage from flood, which is not covered by your property policy. Would you like to receive more information about flood insurance coverage?
- Do you conduct any other business that could be combined or added to your existing coverage?
- Has your employ count changed? This could effect your workers compensation or group health program.
- Have you acquired or disposed of any assets or equipment during the past 12 months? There may be limitation on equipment not housed at your place of business.
- Earthquake coverage is not normally included on the policy. Would you want a quote for this type of coverage?
- Would you be interested in an umbrella or excess policy that extends your automobile and general liability coverage to $1 million or more?
- If you already have an umbrella or excess policy, would you like to get a quote to increase the limits of coverage?
- Would you be interested in a quote for health insurance or life insurance?
This is certainly not all inclusive of insurance questions and perils but may help to spur some thoughts for updates in 2017.
Be sure to contact us as you are assessing your insurance needs. We can help you evaluate what’s changed this year and make sure you are in great shape for 2017. We look forward to working with you this year, next year, and beyond!