Doing business with others always involves a certain risk. You need office space, perhaps a car to visit your clients, and IT systems to send documents, make calculations, and the like. Cars can crash, systems can fail, people make mistakes. To cover all those risks, you're insured. But are your insurances today still the right ones to cover your risks of tomorrow? Read on and discover 5 reasons to evaluate your insurance portfolio. Today.
The Expiry Date is Approaching
Most expiry dates for insurance are January 1st. The approaching expiry date is an opportunity for you. Check to see if your insurance is still necessary or not. Maybe you can get the same coverage elsewhere at a lower price. It could well be that you've already decided to cancel your contract, for whatever reason. Then make sure you don't miss that deadline, or you'll pay for another year.
Regular Changes Pay Off
Many people may not know this, but it really pays to have your insurance reviewed every few years by a different broker than you're used to. The insurance world doesn't stand still: they also come up with new products that may better suit your needs.
What About the Deductible?
Perhaps a risk analysis will show that you'd better choose a different deductible amount. The higher your deductible, the lower the cost of your insurance will be. If you choose a (too) low deductible, you'll pay a good deal more annually. It's up to you to weigh up what you choose. But it's certainly something to take into account when you're going to evaluate your insurance portfolio.
Double Insured
An analysis of your current insurance and risks is definitely worthwhile. Perhaps it turns out that you're insured twice for certain risks. That happens quite often. And of course it's unnecessary. By doing that analysis and by comparing carefully, you can avoid being doubly insured, and thus paying too much for your insurance.
Is Your Insurance Still Up to Date?
Maybe you've had renovations done to your business premises that have an impact on your insurance. Is the changed risk still fully covered? That's also something you'd best check. If there are significant changes, it's best to let your insurer know. The amount of your insurance will then be adjusted to the new situation, so that your insurance will also fully cover the risk in the future.
Insurance is there to help you. You need it to be able to do business without constantly worrying about the risks. A number of insurance policies are also mandatory and there's a reason for that. So definitely check whether your insurance portfolio needs to be adjusted. If you're not familiar enough with it, you can of course also call on the specialists from Buyology.