The end of the calendar year is a great time to reflect back on all that you’ve accomplished in 2016 and prepare for 2017. This makes it a great time to perform a checkup of your commercial real estate insurance. Here are a few items for you to consider as you look back on the year and ahead into 2017:
1. Take Note of Property Additions and Improvements
Did you make any changes to your property in 2016? Did you remodel or add on to one of your buildings? Even something as simple as putting up a new sign or reconfiguring your parking lot can impact your property value, which impacts your insurance.
2. Check In With Your Tenants
Did your tenants make any changes to the building or their business that could impact your insurance liability? The end of the year is a good time to check in with them about changes they have made so you are not caught by surprise. This is also a good time to perform annual building checks and maintenance to ensure all systems work properly.
3. Assess Changes that Surround You
Has your insurance kept pace with the year’s property value changes in your area? Have there been building code changes that might impact your property? Have any natural disasters altered the physical landscape? Look at the changes that happened around you to make sure none of them impact you or your insurance coverage needs.
4. Double Check Your Records
Are you keeping good records? Do you keep copies of important records off site? This is a great time to make copies of vital documents and get duplicates of missing ones.
5. Follow Up With Us
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 next year. We look forward to working with you this year, next year, and beyond!