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It was said one time that insurance is similar to taxes. Everyone wants to pay their fair share just not more than their fair share. Along those lines, just like taxes, there should be some items to check off before the end of the year. Here is a quick checklist for your use.
- Gather all of your insurance premiums paid, either by you or your business or business interests for your tax records. If you cannot locate them, contact your agent, they will have these details.
- A portion of your homeowners insurance may be deducted based on a home office.
- Was your personal vehicle used for work?
- Add up all of your deductibles or self-funded insurance costs. Any casualty losses that were not paid by your insurance may be deductible.
- Did anything change in your business that will affect your insurance?
- Are there any new locations that need to be added?
- Did your business building values change or did your stock or inventory increase?
- Have you added or deleted any vehicles? Make sure your auto schedule is up to date.
- Has your business grown? Do you need a review of your limits of liability? Maybe an umbrella policy?
- Is your health insurance compliant with the Affordable Care Act? Don’t wait to file your taxes to find out!
- Have you closed or sold any items that may need to be deleted from your insurance schedule?
Hopefully this list will be helpful as you enter the New Year.
